Virginia Achieves “Day One Goal” – Reaches 10,000 New High-Growth Startups

“At the beginning of my administration, I pledged to reinvigorate job growth and foster an environment for 10,000 new startups in Virginia and we’ve achieved it in record time. Through our Compete to Win strategy, we’ve reached this incredible milestone by driving innovation, fostering entrepreneurship, bolstering our talent pipeline, providing needed tax relief, and truly creating an environment where startups and businesses can thrive. Our efforts to bolster our business environment over the past two and a half years have earned Virginia the top state for business accolade. All startups should come to Virginia because we are fostering an environment of success!” said Governor Glenn Youngkin.

Governor Youngkin joined the Virginia Innovation Partnership Corporation (VIPC) in announcing the milestone achievement of 10,000 new high-growth / high-wage startups in Virginia on Thursday, August 1st at ZEBOX, a startup accelerator and innovation hub in Arlington.

“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.”

“It’s exciting to celebrate Virginia’s success in driving new startup growth and attracting venture capital investment,“ said President and CEO of the Virginia Innovation Partnership Corporation (VIPC) Joe Benevento. “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.”

In Virginia, 10,337 new high-growth and high-wage startups have been created in Virginia during 2022-2023 as of December 31, 2023, according to the Chmura consulting team. The accelerated growth of new high-growth / high-wage startup companies has been broad-based positive across all nine Go Virginia regions of the Commonwealth compared to the historical decade.

Chmura’s consulting team and the National Venture Capital Association (NVCA) also report that Virginia was ranked #8 in the country for highest venture capital investment dollar activity during 2023. This is Virginia’s highest national ranking, and the first time it has reached the top 10, during at least the past 10 years since 2014. Capital from the private sector supports both the launch and growth of startup companies in Virginia.

VIPC operates as the 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 in the Commonwealth of Virginia through research, commercialization, and technology advancement; entrepreneurship, start-up, and venture capital growth; tech hub, innovation ecosystem, and industry sector expansion.

As part of its operations, VIPC manages internal investment funds which make direct equity investments in tech-/innovation-led, early-stage/growth startup companies and in venture capital fund managers, provides research commercialization grants to universities and entrepreneurs, and offers resource and funding support for entrepreneurial ecosystems, innovation networks, and public-private partnerships at local, state, federal levels.

For more information, visit www.VIPC.org .