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.
“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,” said Governor Youngkin. “Through our Compete to Win strategy, we’ve driven innovation, fostered entrepreneurship, bolstered our talent pipeline, provided needed tax relief, and truly created an environment where startups and businesses can thrive. Our efforts over the past two and a half years have earned Virginia the accolade of top state for business. All startups should come to Virginia because we are fostering an environment of success!”
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.
“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 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.”
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.
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.
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.
