Governor McAuliffe announces updates to the Commonwealth Innovation and Entrepreneurship Measurement System

Governor Terry McAuliffe announced Friday updates 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.

“As we continue to build the new Virginia economy, we know that innovation is the premier path to economic expansion both domestically and globally,” said Governor McAuliffe. “Here in Virginia, the drivers of this innovation 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.”

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. It creates a dashboard and an important path to new opportunities in the innovation economy by using key indicators that can assist lawmakers, industry leaders and other stakeholders with determining public-private investment priorities and policies.

Key measures include research and development; the “talent pipeline”; access to capital; business dynamics; and research commercialization.

The IEMS was developed by the Center for Innovative Technology (CIT) in partnership with the University of Virginia’s Center for Economic and Policy Studies in the Weldon Cooper Center for Public Service, and the Council on Virginia’s Future.

“The IEMS provides a very useful snapshot of key metrics related to building the New Virginia Economy,” said Secretary of Technology Karen Jackson. “As we seek to advance the Commonwealth’s innovation posture, having access to this type of data will allow us to baseline activities and track progress.”

Jane Kusiak, Executive Director of the Council on Virginia’s Future, said, “It is an honor to be a partner in developing and maintaining the Innovation and Entrepreneurship Measurement System. It greatly complements our work to identify and track key indicators on Virginia’s highest priorities for its citizens.”

For the latest information on the IEMS, go to: http://www.cit.org/initiatives/iems/measurement-system/.