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Measure Last Modified
09-04-2019 03:18 p.m.
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Measure Last Published
03-26-2019 12:51 p.m.
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Status
Active
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Data Source and Calculation
This measure evaluates the effectiveness of the Center for Innovative Technology (CIT) Growth Accelerator Program (GAP) investments in terms of their ability to attract matching private sector investments. The measure is a ratio which is obtained by taking the total matching private sector investment dollars obtained by GAP companies divided by the amount of CIT GAP investments made.
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| Enterprise Priorities and Strategies |
| Initiative |
Priority |
Strategy |
| Economy |
Diversification |
Attract businesses to the Commonwealth that operate in new and growing fields in the 21st century economy. Targeted areas include cyber security and biosciences. |
| Service Area Code |
Service Area Name |
| 53415 |
Commonwealth Growth Accelerator Program |
| Name |
Date |
Result |
Note |
| Baseline |
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None |
|
| Short Target 2025 |
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None |
None |
| Long Target 2027 |
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None |
None |
| Year |
Result |
Note |
| 2008 |
5.00 |
|
| 2009 |
11.00 |
|
| 2010 |
13.60 |
|
| 2011 |
15.25 |
2011 Center for Innovative Technology (CIT) invested $4.63 million and leveraged $70.59 million of third party investments. The target ratio for 2012 has not increased since the number of investments made by CIT during 2012 has increased substantially (from $500k in 2011 to $5.8 million in 2012); therefore, the ratio will be lower since it takes a while for the companies to obtain additional investments. 2008 was first full year of data capture for productivity measure |
| 2012 |
12.24 |
Fiscal Year (FY) 2012 leverage ratio is down because more funding was leveraged in FY2012 compared to FY2011. Funding in FY2011 was $500k compared to $6.8 million in FY2012. Since these investments are made in emergying technology companies, it takes years before they mature to the point that they can attract other funding. So while investments are up, the ratio of 3rd party investments are down due to the increased numerator in the equation. |
| 2013 |
13.50 |
As CIT investments mature, so does the level of matching investments increase |
| 2014 |
16.20 |
CIT investment companies raised $233,364,187 of private sector investments with CIT investing $14,378,705 ($233,364,187/$14,378,705 = 16.2) |
| 2015 |
21.19 |
CIT investment companies raised $391,286,708 of private sector investment with CIT investing $18,465,101 ($391,286,708/$18,465,101) = 21.19 |
| 2016 |
20.67 |
CIT investment companies raised $424,890,841 of private sector investments with CIT investing $20,556,287 ($424,890,841/$20,556,287 = 20.67) |
| 2017 |
25.54 |
CIT investment companies raised $583,958,300 of private sector investments with CIT investing $22,866,287.29 ($583,958,300/$22,866,287.29 = 25.5) |
| 2018 |
30.61 |
CIT investment companies raised $770,660,443 of private sector investments with CIT investing $25,174,244 ($770,660,443/$25,174,244 = 30.61) |
| 2019 |
32.82 |
CIT investment companies raised $922,741,846 of private sector investments with CIT investing $28,113,645 ($922,741,846/$28,113,645 = 32.82) |
| 2020 |
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Data expected September 30, 2020 to coincide with legislative reporting. |
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| Measure ID |
93453415.001.003 |
| Measure Class |
Productivity |
| Measure Type |
Outcome |
| Year Type |
State FY |
| Preferred Trend |
Increase |
| Frequency |
Annually |
| Statistical Unit |
Leverage ratio |
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Report Filter
Performance Budgeting System Reports
