Innovation and Entrepreneurship Measurement System Launches
Tuesday, January 7, 2014
Bob McDonnell announced today 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.
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,” said Governor
McDonnell, 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.”
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:
Pipeline – the degree to which the educational system is developing the skills
needed to support entrepreneurism and innovation in the Commonwealth.
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.
– the level of university-based technology licensing and company formation in
Dynamics – tracking outcomes and other elements of an innovative and
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.
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.
IEMS portal can be found HERE.