Joint Venture Silicon Valley provides ANALYSIS, ACTION, LEADERSHIP


Joint Venture Silicon Valley provides




2023 State of the Valley Conference

Friday February 17, 2023
9:00 am to 12:30 pm

A hybrid event livestreamed from the Computer History Museum (CHM) featuring an in-depth briefing on the data contained in the Silicon Valley Index.

All in-person tickets have sold out, but there are still virtual tickets available for individuals and virtual tables of 20.

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Lead Sponsor:
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What's Happening Now

Joint Venture's Food Recovery Initiative is expanding

We are hiringJanuary 30, 2023 - Joint Venture's Food Recovery Team is growing. They are currently looking for an education and outreach coordinator who will help expand food recovery and reduce foodwaste in Santa Clara County. Thanks to continued funding through the Recycling and Waste Reduction Commission of Santa Clara County, Joint Venture is managing the SB 1383 edible surplus food requirements for all jurisdictions in Santa Clara County. Join a dynamic and energetic team who will help support this important effort for our region. 

Learn more

Institute: Silicon Valley unemployment edges down to 2.0%

cover imageJanuary 20, 2023 – The unemployment rate in Silicon Valley decreased in December to 2.0%, the largest drop in the unemployment rate since the period from March to April 2022, according to analysis by Joint Venture’s Institute for Regional Studies. Overall employment in the region increased by nearly 13,000 workers, while the number of unemployed persons decreased by more than 4,400. “Its the lowest level since May of 2022 after an increase over the previous one-month time period,” said Ryan Young, Research Manager for BW Research and an affiliated researcher at the Institute.

Read the release

State of the Valley 2023

2023 State of the Valley conference - February 17 at 9:30 AMJanuary 30, 2022 - The 2023 State of the Valley conference will be held at the Computer History Museum in Mountain View on Friday, February 17. The conference will feature more briefings on the data contained in the Silicon Valley Index and in-depth sessions featuring experts on major sectors: Silicon Valley Economy - Do widespread layoffs portend a major recession? Is our fabled innovation ecosystem under threat? Silicon Valley Community - What are our major issues as a community and how do we mobilize to address them? How can we create a just and sustainable community where opportunity is more widely available? Learn more

Sponsor a virtual table | Register for the livestream ($35)

Institute research brief tackles food insecurity, offers an approach to community need

cover imageJanuary 30, 2022 - Joint Venture’s research arm, the Silicon Valley Institute for Regional Studies, has released a research brief in partnership with Second Harvest of Silicon Valley and with Joint Venture’s Food Recovery Initiative. Entitled, Food Needs Terminology: History, Usage, and Limitations, the brief tackles the challenge of confusing nomenclature within this critical arena, and offers potential approaches to better define community needs in Silicon Valley and beyond. The objective was to examine a more sustainable way to calculate, discuss, and communicate food needs in Silicon Valley, with applicability in communities elsewhere.

Read the brief

Meet Ernesto Lucero

January 28, 2022 - Ernesto Lucero is acting deputy director for economic and community development for the City of South San Francisco. He believes in the power of collaboration for the betterment of the community. The City of South San Francisco, often called South City, has a population of about 67,000, boasts more than 250 biotech companies accounting for about 30% of the city’s jobs, it’s known as the Birthplace of Biotechnology. Ernesto will soon complete his term as chair of Joint Venture’s Silicon Valley Economic Development Alliance (SVEDA), a consortium of 25 city and county economic development professionals who bring together public and private resources to ensure the success of regional businesses.

Read Ernesto's profile

Institute names Annette Nellen as Fellow

January 30, 2023 - Annette Nellen is has been named a Fellow at Joint Venture’s Silicon Valley Institute for Regional Studies. Nellen is a professor in and director of San José State University's graduate tax program (MST), teaching courses in tax research, accounting methods, individual tax, property transactions, employment tax, leadership, ethics, and tax policy. No stranger to Joint Venture, Nellen was involved with the Joint Venture Tax Policy Group and chaired the panel from late 1990s through 2004. 

Learn more about Annette Nellen

Investors Spotlight

Donors invest in Joint Venture with both general support and project-specific gifts. Support from the community enables us to provide innovative solutions to issues that confront our regional economies and quality of life. Here are just a few of our many investors:

Sobrato Development Companies logo South Bay Piping logo Silicon Valley Clean Energy logo

Joint Venture offers a variety of support and sponsorship opportunities for individuals, corporations, and public sector organizations. To inquire about becoming a member of our Investors Council, call (408) 298-9330 or visit our Become an Investor page. To see our current investors, visit our investors pages.

Silicon Valley Indicators

indicators home page Comprehensive information and data about the Silicon Valley ecosystem is always available at

Data and charts from the Silicon Valley Index (and more) are presented on an interactive website that allows users to explore Silicon Valley trends. Indicators are presented by the Institute for Regional Studies. Housed within Joint Venture Silicon Valley, the Institute provides data and analysis on issues facing dense metropolitan regions.

coverJust six IPOs in six months vs 22 this time last year

June 26, 2020 – Joint Venture’s Silicon Valley Institute for Regional Studies today released a snapshot of the region’s initial public offerings (IPOs) for the first half of 2020. Compared to last year’s 34 Silicon Valley and San Francisco IPOs (22 in the first half), there were a mere six over the past six months. Only one of those companies, ORIC Pharmaceuticals, went public between the start of the regional/statewide shelter-in-place mandate and the beginning of June. Note: First half data is through June 24.

While it is not uncommon for the first quarter to be a slow time for IPOs, Q1 of 2020 was even slower than usual. The effect of the pandemic and associated impacts on trade and economic uncertainty – as well as policy changes and other factors that enhance market volatility – led to many companies putting their IPOs on hold. Dozens of Silicon Valley and San Francisco companies may still go public later this year, including some in the stay-at-home market, such as DoorDash and Postmates, and long-awaited entrants like Airbnb. Palo Alto-based Houzz was expected to go public in 2020, but was among the more than 140 Bay Area startups that imposed layoffs since mid-March.1

Key Findings:

  • There were only six Silicon Valley and San Francisco IPOs compared to 22 this time last year
  • Four out of five Silicon Valley companies that went public in 2020 did so within the last two months
  • All IPOs were in the healthcare industry: Five were located in San Mateo County; one in San Francisco

Generally speaking ¾ and based on a dataset that includes the bust, the 2008 financial crisis, and other periods of enhanced market volatility resulting in prolonged IPO inactivity ¾ IPOs typically outperform the market as a whole in times of enhanced volatility (by nearly 25 percentage points over 90 days).2 There is no way to know whether this historical trend will occur post-pandemic; however, there was a significant increase in the number of IPOs toward the end of Q2, indicating an upward trend for the second half of the year. On average, the region’s six newly-public companies have increased their share prices by 36 percent since their respective IPO dates, and have all outperformed the S&P500 (by an average of 37 percentage points).

“Biotech and other healthcare companies have dominated our region’s IPOs since 2015…” -Rachel Massaro

Four out of five Silicon Valley companies that went public thus far in 2020 did so within the last two months. The five Silicon Valley IPOs were by companies located in San Mateo County; they, along with the one 2020 San Francisco IPO, are all in the healthcare industry: One Medical, Vaxcyte, AMT, Pliant Therapeutics, ORIC Pharmaceuticals, and Revolution Medicines. Nationwide, 58% of the 2020 IPOs thus far have been in healthcare.

“Biotech and other healthcare companies have dominated our region’s IPOs since 2015, and we’ve seen tremendous growth since then in terms of total employment levels and expansion into new commercial space,” said Rachel Massaro, the Institute’s Director of Research. “We see that trend continuing into the first half of 2020 – even amidst an uncertain market – because of the continued need and support for healthcare innovations. While the majority of the region’s newly-public healthcare companies are focused on cancer research and other therapies, I think we can all agree that now is a great time for healthcare innovations of all kinds.”

In an April 28 Institute analysis of the region’s public company stock market performance amid COVID-19, the Institute noted that the two companies that gained the most market cap during the market decline (February 19 through March 23 ) were in the biotech sector: San Francisco-based Vir Biotechnology (+114%) and Brisbane-based Humanigen (+141%).

“We’ve had more Silicon Valley IPOs this year than in 2008 and 2009 combined; still, the number is low and concentrated in only one industry,” said Massaro. “We’ll just have to have to sit-tight and see which, if any, of the long-awaited tech IPOs materialize later in the year.”

Initial Public Offerings, by Industry chart

Initial Public Offerings, by Quarter chart


  1. Coronavirus Tracker
  2. Special Report: The Coming IPO Renaissance. Renaissance Capital, 2020

Data Source:

Renaissance Capital; Google Finance; IEX Cloud


IPO data is from Renaissance Capital. Locations are based on the corporate address provided to Renaissance Capital. Silicon Valley includes the city-defined region. First Half of 2020 is through June 24. S&P500 performance is from Google Finance. June 24 share prices and year-to-date growth are from IEX Cloud.

For further reference

To access Silicon Valley’s online data hub, visit

About the Silicon Valley Institute for Regional Studies

The Silicon Valley Institute for Regional Studies is the research arm of Joint Venture Silicon Valley, and is housed within the organization. The Institute provides research and analysis on a host of issues facing Silicon Valley’s economy and society. For more information, visit

About Joint Venture Silicon Valley

Established in 1993, Joint Venture provides analysis and action on issues affecting the Silicon Valley economy and quality of life. The organization brings together established and emerging leaders—from business, government, academia, labor and the broader community—to spotlight issues, launch projects and work toward innovative solutions. For more information, visit

In The News

 January 25, 2023 - (MarketWatch) - Why Big Tech is cutting thousands of jobs: "When people hear layoffs, its a highly-charged word." Russell Hancock, Joint Venture.   More

January 24, 2023 - (Mercury News) - Sal Pizarro: GATHER ROUND: The State of the Valley conference, the annual “town hall” organized every year by Joint Venture Silicon Valley, returns Feb. 17... More

January 24, 2023 - (MarketWatch) - It's an employer's market...Even Silicon Valley added nearly 13,000 workers in December and had an unemployment rate of 2% that month, according to an analysis by Joint Venture... More

January 23, 2023 - (Mercury News) - Pelosi mum on transit fiscal crisis as leaders tout $400 million for Golden Gate Bridge: if we don’t sustain basic service we’re completely undermining these federal investments,” said Ian Griffiths, who heads Seamless Bay Area...More

January 23, 2023 - (MarketWatch) - Despite tech layoffs, California and Silicon Valley added jobs at end of 2022: “The Bay Area added 13,000 jobs,” Russell Hancock, chief executive of Joint Venture Silicon Valley...More

January 21, 2023 - (MorningStar) - Big Tech layoffs are not as big as they appear at first glance: ...there was explosive growth during the pandemic, and all that growth was unexpected," Russell Hancock, chief executive of Joint Venture Silicon Valley...More

January 20, 2023 - (Silicon Valley) - Bay Area defies tech layoffs, powers to big job gains in December: So far, so good, in the view of Russell Hancock, president of Joint Venture Silicon Valley, a San Jose-based think tank. More

January 20, 2023 - (NBC) - Google to Lay Off 12,000 Employees: Interview with Russell Hancock, Joint Venture Silicion Valley More

January 10, 2023 - (San Jose Spotlight) -Tech layoffs won’t hurt downtown San Jose: Russell Hancock, CEO of think-tank Joint Venture Silicon Valley, said the numbers need to be kept in context. More

December 31, 2022 - (The Paradise) - Billionaires gone wild: Musk, Zuckerberg slash jobs, roll dice with future of Bay Area tech icons - Russell Hancock, CEO of think tank Joint Venture Silicon Valley, sees the ups and downs...More

December 30, 2022 - (SDX Central) - Bridging the Digital Divide in 2022: during a panel...IEEE Senior Member David Witkowski addressed the potential impacts the technology may have on the already pervasive digital divide. More

December 28, 2022 - (San Jose Spotlight) - San Jose is No. 1 metro area for immigrants: Joint Venture Silicon Valley CEO Russell Hancock said Silicon Valley’s tech industry attracts residents from across the nation...More

December 22, 2022 - (Streets Blog) -2022 – A Seminal Year for Safe and Livable Streets: Seamless Bay Area will continue its push to get better transit services...More

December 22, 2022 - (Local Today) - Offices in Silicon Valley less empty than in other regions: ...according to a recent report from joint venture Silicon Valley...More

December 21, 2022 - (KPIX) - Tesla Troubles: Russell Hancock, CEO of Joint Venture speaks with KPIX regarding Tesla layoffs. More

December 21, 2022 - (San Jose Spotlight) - Silicon Valley offices less empty than other regions: Rachel Massaro, director of research at Joint Venture’s Institute for Regional Studies, noted that...the region is still churning out more new commercial space. More

December 19, 2022 - (Silicon Valley Business Journal) - Silicon Valley's unemployment rate rose 0.2% in November: The jobless rate for the region...rose 0.2 percentage points from the middle of October to the middle of last month...[per] Joint Venture Silicon Valley's Institute for Regional Studies...More

December 19, 2022 - (San Francisco Business Times) - San Francisco was fastest-growing large county in U.S. in 2021: Much of the region's economic success was...created by the Covid-19 pandemic, said Russell Hancock, CEO of Joint Venture Silicon Valley More

December 18, 2022 - (SRF) -The carefree times in Silicon Valley are over: Internet giants would have to get used to the new situation after the corona boom, says Russell Hancock, Chairman of the Board of Directors [sic] at Joint Venture Silicon Valley. More

December 16, 2022 - (Silicon Valley) - Bay Area, California add jobs — but the gains are slowing greatly: To be adding to our total number of jobs even during a rash of layoffs just shows you that the underlying fundamentals are there,” said Russell Hancock, president of Joint Venture Silicon Valley...More

December 14, 2022 - (Mountain View Voice) - Food donations rise after implementation of new law: ...the program's managing partner, Joint Venture Silicon Valley Food Recovery Initiative...More

December 13, 2022 - (Government Technology) - Tech Counties Boomed in Pandemic, New Data Shows - “It was a spike, and it came back down. We’re adjusting,” Russell Hancock said. More

December 13, 2022 - (Pew) - Tech Counties Boomed in Pandemic, New Data Shows: “When the pandemic came along, we all thought it was going to be a crippling blow to our economy...” said Russell Hancock, CEO of Joint Venture Silicon Valley...More

December 13, 2022 - (Waste 360) - Santa Clara County Businesses Donate Nearly 5 Million Pounds of Food Under New State Law: The implementation in Santa Clara County is managed by nonprofit Joint Venture Silicon Valley’s Food Recovery Initiative...More

December 13, 2022 - (KCBS Radio) - Santa Clara County tackles food waste in a big way: interview with Joint Venture's Robin Franz Martin, executive director of the Food Recovery Initiative  More

December 12, 2022 - (Palo Alto Online) - Food donations rise after implementation of new law: Businesses in Santa Clara County donated 4.9 million pounds of food through the program's managing partner, Joint Venture Silicon Valley Food Recovery Initiative...More

December 9, 2022 - (RTS) - Twitter, Amazon, Meta, Silicon Valley giants cut posts by the thousands: Interview with Russell Hancock on Swiss television More

December 6, 2022 - (Government Technology) - Tech Workers React to Ongoing Industry Layoffs With Shock: Their industry was going gangbusters until it wasn't, with think-tank Joint Venture Silicon Valley in February...More