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Governor McDonnell Announces Launch of the Commonwealth Innovation and Entrepreneurship Measurement System

Prior to leaving office, Governor Bob McDonnell announced 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.

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.

    The IEMS portal can be found here.