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Startups Bullish on 2020 Despite Global Volatility, According to Silicon Valley Bank's 11th Annual Startup Outlook Report
Wednesday, February 12, 2020
67% of entrepreneurs expect business conditions to be better than 2019
Vancouver, BC, February 12, 2020--(T-Net)--Silicon Valley Bank (SVB), a bank for some of the most innovative startups and tech companies and their investors, today released the 11th edition of its Startup Outlook Report.
Kicking off the new decade, the report found that most startups are optimistic about global business conditions amidst economic and political uncertainty, with 67% of entrepreneurs expecting that conditions will improve this year compared to 2019.
However, the report finds that despite this optimism, startups are concerned about raising capital and hiring talent. Amid calls for greater diversity in the startup community, the report underscores the large gap that must be closed before reaching gender, ethnic and racial parity in tech leadership roles.
The report is based on a survey of 1,100 startup founders and executives in the US, the UK, China and Canada.
Greg Becker, CEO, Silicon Valley Bank
"The 2020 results underscore a few key themes: There's rarely been a better time to be an entrepreneur. Two-thirds of the startups we surveyed are optimistic about improving business conditions, almost all are planning to hire, and most of those who are attempting to raise capital report they are successful," said Greg Becker, CEO of Silicon Valley Bank. "We know economic and political events are hard to predict, especially how they may affect access to capital and the skilled talent needed to fuel growth. Still, startup founders and innovators are resilient. Survey results of the last three years generally describe a steady level of confidence, even in the face of continuous market shifts."
Global Findings
Following are the key findings from the global survey, which was conducted between October and November 2019. Most Startup Outlook 2020 respondents are founders or executives of companies with fewer than 25 employees and less than $25 million in annual revenue.
The full report is available at https://www.svb.com/startup-outlook-report-2020.
Business Conditions and Hiring
Exits
Raising Capital
Diversity in Leadership
Public Policy
For additional survey results, please visit: https://www.svb.com/startup-outlook-report-2020. SVB will publish an in-depth report on Women in US Technology Leadership in Q1 2020.
About Silicon Valley Bank
For more than 35 years, Silicon Valley Bank (SVB) has helped innovative companies and their investors move bold ideas forward, fast. SVB provides targeted financial services and expertise through its offices in innovation centers around the world. With commercial, international and private banking services, SVB helps address the unique needs of innovators. Learn more at svb.com.
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