Virginia Commonwealth University and the VCU Health System generate $9.5 billion in economic activity and create or support 58,000 jobs in Virginia, according to a new report by VCU’s Office of Institutional Equity, Effectiveness and Success; Innovation Gateway, a division of the Office of the Vice President for Research and Innovation; and the Center for Urban and Regional Analysis in the L. Douglas Wilder School of Government and Public Affairs.

• The report also found that VCU and VCU Health’s economic impact within the Richmond city limits is $3.9 billion with 33,000 jobs created or supported. In the Richmond metropolitan area, the impact is $6.3 billion and 44,000 jobs.
• A section on innovation looked at VCU and VCU Health’s contribution to the innovation ecosystem. That work includes the scope of VCU’s research, its translation from the lab to the community, its promotion of entrepreneurship and business development among students, faculty, staff and regional employers and how the response to COVID-19 is advancing a whole new model of transformative innovation.
• VCU Innovation Gateway leads that effort. Last year, Innovation Gateway:
  • Supported 160 new invention disclosures — a 20% increase over the previous year and a more than 50% increase in licensing revenues, at $3.7 million.
  • Nurtured 14 start-ups based on university intellectual property, including seven that were formed last fiscal year.

“VCU research creates technologies and products that improve health and enrich the quality of life within our communities,” said Ivelina Metcheva, Ph.D., VCU’s assistant vice president for innovation and head of VCU Innovation Gateway. “We also know external partnerships are critical to our success, which is why we are focused on finding ways to collaborate with companies, investors, and entrepreneurial minds in our communities to nurture our IP and startups.”

For the full story, read the article on VCU News.