Gov. Bob McDonnell announced Tuesday the launch of 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.
“This system, which is available to the public, provides a dashboard and strategic path to new opportunities in the innovation economy using key indicators that can assist lawmakers, industry leaders and other stakeholders determine the best public-private investment priorities and policies. This program is an excellent example of how we can utilize creative solutions to empower the emerging economy and help create the jobs of the future,” McDonnell said.
The IEMS was developed by the Center for Innovative Technology (CIT) 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. The IEMS measures five key performance areas of Virginia’s Innovation Economy, as well as the economic impact of innovation and entrepreneurship.
The key performance areas are:
- · Talent Pipeline – the degree to which the educational system is developing the skills needed to support entrepreneurism and innovation in the Commonwealth.
- · Research and Development – the level of targeted innovation taking place through research and development activity occurring in the Commonwealth.
- · Access to Capital – the amount of public and private funding deployed to support company formation and taking new ideas to the marketplace.
- · Commercialization – the level of university-based technology licensing and company formation in Virginia.
- · Business Dynamics – tracking outcomes and other elements of an innovative and entrepreneurial ecosystem.
A final category, Outputs, measures the economic impact of innovation and entrepreneurship in Virginia’s economy, especially as they affect employment and wages in key industries.
Data feeding the IEMS come from federal, state and private sources, with economic performance indicators identified by CIT, the Council on Virginia’s Future, the Virginia Chamber of Commerce’s Blueprint Virginia and other sources.
Jane Kusiak, Executive Director of the Council on Virginia’s Future, said, “Fostering innovation and entrepreneurship are essential elements of Virginia’s global competitiveness strategy. The Innovation and Entrepreneurship Measurement System will enable our leaders to discuss quantifiable ways to enhance innovation and entrepreneurship in the Commonwealth. The Council on Virginia’s Future is proud of its partnership with the Center for Innovative Technology on the IEMS and is launching a new indicator on innovation and entrepreneurship on Virginia Performs to showcase this system.”
Gov. McDonnell thanked Sen. Bryce Reeves and Del. Charles Poindexter for sponsoring legislation in the 2013 session that led to the creation of the IEMS.
The IEMS portal can be found HERE.