Virginia’s Innovation Dashboard
Tracking Virginia's Innovation Economy
Welcome to the Commonwealth Innovation and Entrepreneurship Measurement System (IEMS), a web-based portal that uses key metrics and outcomes to track the performance of Virginia’s innovation economy. Innovation is widely recognized as the premier path to economic expansion both domestically and globally – and it is clear that an important driver of innovation in our domestic economy are entrepreneurs of emerging, high-growth technology companies. According to the Kauffman Foundation, a leader in advancing innovation and entrepreneurship: “Entrepreneurs who launch new businesses are the driving force behind a vibrant society when they create new jobs, renew the economy and expand human welfare.” (Kauffman, http://www.kauffman.org/key-issues/job-creation-and-the-economy).
The IEMS creates a dashboard and strategic path to new opportunities in the innovation economy using key indicators that can assist lawmakers, industry leaders and other stakeholders with determining public-private investment priorities and policies. Information about the latest indicators, including benchmark states and Virginia’s regions, is available here.
The latest indicators demonstrate Virginia’s continued strength in many areas essential to a thriving innovation and entrepreneurship ecosystem. These include Workforce Education Level, STEM Degrees, and Fast Growing Firms, along with University Commercialization, Entrepreneurship Experience and University Environment. Virginia’s universities are providing vibrant environments for faculty and students to pursue entrepreneurism and innovation and complement those in many communities and regions around the Commonwealth. The Kauffman Foundation’s 2016 Index of Growth Entrepreneurship ranked Virginia as #1 among large states based on the rate of startup growth, share of scaleups, and high-growth company density. The indicators also reflect that access to capital remains a challenge in Virginia.
The IEMS was established by the Virginia General Assembly to further the work of the Commonwealth Research and Technology Strategic Roadmap, which links funding for research commercialization projects to Virginia's strategic technology priorities. The original IEMS indicators, announced in January 2014, are available here. A comprehensive review of indicators announced during the 2015 update is available here.
CIT acknowledges the important contribution of The Center for Economic and Policy Studies in the Weldon Cooper Center for Public Service (WCC) in preparing this FY2017 IEMS update. The WCC is part of the University of Virginia.
Click on category headings and individual performance metrics below to learn more about Virginia’s I&E metrics and outcomes
View a one-page version of the Innovation Dashboard: PDF
View the IEMS in a comprehensive document that includes all category headings and individual performance metrics: PDF
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