Richmond, VA – Governor Glenn Youngkin announced that his administration has achieved a major goal: creating 10,000 new high-growth and high-wage startup companies in Virginia. This milestone was reached faster than any other administration in the last 15 years.
Governor Youngkin expressed his commitment to boosting job growth and creating a supportive environment for startups. He credited the success to the “Compete to Win” strategy, which focuses on innovation, entrepreneurship, developing talent, providing tax relief, and creating a thriving business environment. As a result, Virginia has been recognized as the top state for business.
On August 1st, at ZEBOX, an innovation hub in Arlington, Governor Youngkin and the Virginia Innovation Partnership Corporation (VIPC) celebrated the creation of 10,000 new startups. Secretary of Commerce and Trade Caren Merrick praised the achievement and looked forward to more startups being launched in the future. Joe Benevento, President and CEO of VIPC, highlighted the importance of continuing to build partnerships to support innovation and entrepreneurship.
According to Chmura Consulting, 10,337 new startups were created in Virginia during 2022-2023. Virginia’s growth in startups has been positive across all nine Go Virginia regions. The state also ranked #8 in the country for venture capital investment in 2023, its highest ranking in the last decade.
About Virginia Innovation Partnership Corporation (VIPC)
VIPC is an independent non-profit organization representing the Virginia Innovation Partnership Authority (VIPA). It leads innovation and economic development in Virginia through research, technology advancement, and support for startups and venture capital growth. VIPC manages investment funds, provides commercialization grants, and supports entrepreneurial ecosystems and public-private partnerships at various levels.