Virginia Ranked Top 5 State in Nation for Innovation & Research Ecosystem by Area Development

National ranking builds on record growth across Virginia's innovation ecosystem. 

RICHMOND, Va., Nov. 2, 2026 /PRNewswire/ -- The Virginia Innovation Partnership Corporation (VIPC) announced today that Virginia has been ranked #5 in the country for "Innovation and Research Ecosystem" in Area Development's 2026 Top States for Doing Business report. This latest recognition follows Virginia's Top 10 national ranking (#6) for "Technology & Innovation" in CNBC's 2026 America's Top States for Business study and builds on record growth across Virginia's statewide innovation ecosystem during the past five years. VIPC serves as the Commonwealth's nonprofit economic development authority dedicated to growing Virginia's innovation ecosystems through public-private partnership.

Area Development is a leading executive publication covering corporate site selection and business investment. Its 16^th annual Top States for Doing Business rankings are based on a survey of expert industry consultants who evaluated states across 20 categories. "Innovation and Research Ecosystem" was Virginia's second-highest ranked category. Virginia ranked #8 overall nationally, including #1 for "Workforce Training Programs."

"Virginia has cultivated a robust ecosystem that connects innovation, talent, and capital, enabling businesses of all sizes to build and grow in the Commonwealth," said Virginia Secretary of Commerce and Trade Carrie H. Chenery. "Through collaboration with Virginia Innovation Partnership Corporation and statewide partners, we are helping researchers and entrepreneurs transform ideas into companies that create thriving communities, good jobs, and create opportunities for all Virginians."

Over the past five years, Virginia's innovation ecosystem has accelerated, achieving record growth milestones across university research, high-growth startup formation, and venture capital investment. Annual university research expenditures in Virginia have increased more than 40% during this period, outpacing the national growth rate and climbing to an all-time high of $2.6 billion. Over 25,000 new high-growth startups have launched throughout the Commonwealth since 2020, representing a record five-year cumulative total. Venture capital investment in Virginia startups and early-stage technology companies has also nearly doubled since 2020, reaching a record-high $2.9 billion in 2025.

"Virginia is where innovation thrives, and our Top 5 national ranking reflects the tremendous momentum across our innovation ecosystem," said Joe Benevento, President and CEO of VIPC. "This shared success is driven by collaboration with partners throughout the Commonwealth, united by a vision to make Virginia the best place to launch, grow, and thrive."

Virginia is continuing to innovate. Last year, VIPC created Lab-to-Launch, a unique statewide collaboration with Virginia's leading R1 and R2 research universities to accelerate research commercialization, technology transfer, and startup spinouts. Designed to simplify and streamline technology transfer, Virginia's Lab-to-Launch offers a faster, easier, and less costly pathway for licensing university intellectual property (IP) and advancing innovation into the marketplace. This new initiative aims to help Virginia universities double their annual technology startup spinouts.

About Virginia Innovation Partnership Corporation
The Virginia Innovation Partnership Corporation (VIPC) serves as the Commonwealth's nonprofit statewide economic development authority dedicated to growing Virginia's innovation ecosystems through public-private partnership. For more information, visit www.VIPC.org.

CONTACT:

 Amber Salter
804-591-9591
[email protected]

SOURCE VIPC