VIPC taps Benevento as permanent president and CEO

Joe Benevento will remain as the Virginia Innovation Partnership Corp.’s president and CEO permanently after serving in the role on an interim basis since September 2023, VIPC announced Wednesday.

Benevento took over as interim CEO when Bob Stolle announced he was stepping down. A not-for-profit corporation created in 1985 by the General Assembly as an economic development organization for the tech sector, VIPC provides strategic commercialization and funding support to Virginia-based tech startups.

“Joe Benevento brings tremendous leadership talent and investment experience that will greatly serve the Commonwealth of Virginia,” Gov. Glenn Youngkin said in a statement. “A robust innovation-driven economy that accelerates R&D commercialization, catalyzes private investment capital and spurs entrepreneur startup growth will unleash opportunity throughout the entire Commonwealth. I know Joe will hit the ground running as CEO of VIPC and I look forward to working closely together to achieve a ‘Day 1 Goal’ of my administration to create 10,000 new high-growth startups in Virginia.”

Benevento previously served as deputy secretary of commerce and trade since 2022, helping to develop Virginia’s “Compete to Win” and “Innovative Framework” strategies for driving economic growth across the commonwealth, according to a VIPC news release . He also oversaw a state commerce portfolio of industries including technology, life sciences, aerospace and defense, semiconductors, advanced manufacturing, cybersecurity, unmanned systems and other sectors.

“VIPC is well-positioned to lead Virginia in developing, attracting and retaining talent, capital and innovation which expands investment, growth and opportunity across the entire commonwealth,” Benevento said in a statement. “I look forward to collaborating broadly and inclusively with the governor’s administration, General Assembly, entrepreneurs and startups, university research leaders, venture capital investors, entrepreneur support organizations, regional ecosystem leaders, industry corporate partners and other valued stakeholders. I am honored to serve the Commonwealth of Virginia and excited to lead VIPC into an ambitious future.”

Benevento has 20 years of business strategy and investment management experience across direct equity investing, business operations growth and executive board advisory positions spanning early-stage startups, small and midsized businesses and Fortune 500 companies. He began his career at New York-based investment banking company Goldman Sachs and Boston-based private equity firm THL Partners.

Before he joined state government, he was managing director of a Richmond-based investment firm. He has advised, invested, managed or monitored more than $10 billion in enterprise value and contributed to raises of newly-closed investment funds ranging from $250 million to $20 billion, according to VIPC.

He earned a bachelor’s degree in economics and management from Cornell University and his MBA from Harvard Business School.

Benevento serves on the boards of several regional technology and entrepreneurship organizations including the Northern Virginia Technology Council; Verge (the Roanoke-Blacksburg Innovation Alliance); Virginia Biosciences Health Research Corp.; Virginia Alliance for Semiconductor Technology; and the Virginia Space Grant Consortium.