Description: Existing firms and organizations must develop new and innovative approaches in order to keep their organizations competitive and growing. Transferring the technological developments from universities and existing firms into commercial applications creates the cycle of an innovation ecosystem-research, translated into applications, leading to entrepreneurial activity and new ventures that fund further research, innovation, and economic growth.
- Number of Research and Development Businesses Established in Fairfax County – measures the number of research and development businesses self-reported to the Fairfax County Department of Tax Administration.
- Percent of Research and Development Business Gross Receipts Over $1,000,000 – measures the percent of research and development businesses self-reported to the Fairfax County Department of Tax Administration that yielded gross receipts between $10,000 and over $1,000,000.
Interpretation: The number of research and development businesses operating in Fairfax County has increased by 20.5% between 2016 and 2017. Gross receipts yielding over $1,000,000 decreased from 56.6% in 2016 to 47% in 2017.