Governor Glenn Youngkin recently announced a significant Virginia startup success, with the creation of 10,000 new high-growth and high-wage startup companies in the state. This achievement, reached faster than any previous administration in 15 years, was celebrated at the startup accelerator ZEBOX. Secretary of Commerce and Trade Caren Merrick and Joe Benevento, President and CEO of the Virginia Innovation Partnership Corporation (VIPC), expressed positivity about the state’s progress in driving startup growth and attracting venture capital investment. This startup growth has had a positive impact on Virginia’s economy and has led the state to rank 8th in the country for highest venture capital investment dollar activity in 2023.
Governor’s Milestone Announcement
By Tim Ryan
In a historic achievement, Governor Glenn Youngkin announced today that his administration has fulfilled a Day One goal of creating 10,000 new high-growth and high-wage startup companies in Virginia. This remarkable milestone has been reached faster than any previous Virginia governor’s administration in the past 15 years.
Celebration at ZEBOX
The milestone achievement was celebrated at ZEBOX, a startup accelerator and innovation hub in Arlington, with Governor Youngkin joining the Virginia Innovation Partnership Corporation (VIPC) to mark the occasion.
Secretary of Commerce’s Perspective
“It’s exciting that so many entrepreneurs, innovators, and investors are choosing Virginia to launch and grow startups,” said Secretary of Commerce and Trade Caren Merrick. “It is phenomenal to see 10,000 new high-growth and high-wage startups created in Virginia just during the last two years, and I look forward to thousands more in the future.”
President and CEO’s Vision
“It’s exciting to celebrate Virginia’s success in driving new startup growth and attracting venture capital investment,” said Joe Benevento, President and CEO of VIPC. “We look forward to continuing to build upon and expand our collaborative partnerships with both public and private stakeholders to grow innovation and entrepreneurship opportunities throughout the entire Commonwealth.”
Impact on Virginia’s Economy
In 2022-2023, a total of 10,337 new high-growth and high-wage startups were established in Virginia, according to the Chmura consulting team. This accelerated growth has positively impacted all nine Go Virginia regions compared to the previous decade.
National Recognition
Virginia’s efforts have not gone unnoticed. The National Venture Capital Association (NVCA) reports that Virginia was ranked #8 in the country for highest venture capital investment dollar activity during 2023, marking the state’s highest national ranking and its first time in the top 10 in the past decade. This ranking underscores the robust support from the private sector, fueling the launch and growth of startups across the Commonwealth.
About VIPC
The Virginia Innovation Partnership Corporation (VIPC) operates as an independent non-profit corporation on behalf of the Virginia Innovation Partnership Authority (VIPA). VIPA/VIPC is Virginia’s designated authority for leading innovation and economic development through research, commercialization, and technology advancement; entrepreneurship, startup, and venture capital growth; and the expansion of tech hubs, innovation ecosystems, and industry sectors.
VIPC manages internal investment funds, makes direct equity investments in tech- and innovation-led startups, provides research commercialization grants, and supports entrepreneurial ecosystems, innovation networks, and public-private partnerships at various levels.
Question & Answer
1. What milestone did Governor Glenn Youngkin recently announce?
Governor Glenn Youngkin recently announced the creation of 10,000 new high-growth and high-wage startup companies in Virginia.
2. Where was the milestone achievement celebrated?
The milestone achievement was celebrated at ZEBOX, a startup accelerator and innovation hub in Arlington.
3. What positive impact has the startup growth had on Virginia’s economy?
The startup growth has positively impacted all nine Go Virginia regions compared to the previous decade, according to the Chmura consulting team.
