Joint Venture Silicon Valley provides ANALYSIS, ACTION, LEADERSHIP

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Joint Venture Silicon Valley provides

ANALYSIS

ACTION

LEADERSHIP

What is Joint Venture Silicon Valley?

Established in 1993, Joint Venture brings together Silicon Valley’s established and emerging leaders—from business, government, academia, labor and the broader community—to spotlight issues and work toward innovative solutions. In this short video see what Silicon Valley leaders have to say about the organization.

What's Happening Now

Institute: Silicon Valley multifamily housing rental rates up over 2020 dip

report coverSeptember 16, 2021 – Rental rates for multifamily housing in Silicon Valley have increased over the 2020 dip, with a large share of renters paying more than 30% of their income for housing, according to Joint Venture’s Institute for Regional Studies. The Silicon Valley Multifamily Housing report provides a snapshot of the trends in the region’s housing market for residential structures with more than one dwelling unit in the same building.

“With the amount of multifamily housing currently under construction, it’s clear that our region is prioritizing high-density development and working to increase the number of units available,” Rachel Massaro, the Institute’s Director of Research.

Read the report

Joint Venture champions expansion of 5G to City of Fremont

September 20, 2021 - The City of Fremont has new 5G wireless services thanks to Joint Venture’s. David Witkowski, executive director of Joint Venture's civic technologies inititiative, provided counsel and conducted informational events, underscoring the socio-economic benefits of wireless access. Fremont Mayor Lily Mei serves as public sector co-chair of the initiative.

This cutting edge technology will create opportunity and help bridge the digital divide with more affordable options for broadband access for consumers and households in the fourth largest city in the Bay Area. 

Learn more

Joint Venture tapped to lead food recovery program

stack of sandwichesSeptember 12, 2021 - The Implementation Committee of the Recycling and Waste Reduction Commission of Santa Clara County has awarded $250,000 to Joint Venture’s food recovery initiative to oversee the launch of the first countywide food recovery program. Executive director Robin Martin and her team will guide county jurisdictions toward implementation of SB 1383, the first law in the nation mandating certain businesses to donate the maximum possible amounts of their surplus food.

Read the news release

Institute awarded grant to study financial burden on families

familiesSeptember 20, 2021 - Santa Clara County has granted $54,000 to Joint Venture’s Institute for Regional Studies to conduct a two-part project focused on Silicon Valley families. The undertaking, championed by Supervisor Susan Ellenberg and pursued in partnership with the University of Washington, will model the impact of universal preschool on family finances and the greater regional economy. The project will also explore other aspects of early childhood education.

Learn more about the Institute

Meet Greg Kepferle, CEO, Catholic Charities of Santa Clara County

September 20, 2021 - The American writer and theologian, Frederick Buechner, notes that the English word "vocation" comes from the Latin word vocare, to call, which means the work a person is called to by God. Greg Kepferle, CEO of Catholic Charities of Santa Clara County cites Buechner as he reflects on his own calling. “If this job didn’t already exist, I would have invented it,” he says. Once on track to be a Jesuit priest, Kepferle now leads a staff of 460 people and 1,200 volunteers for the $41 million nonprofit that works to build economic self-sufficiency for the poor and vulnerable. The Bridge to Recovery program conceived and implemented at CCSCC has pivoted to Joint Venture’s new Building Back Better initiative.

Read the profile

Joint Venture, regional leaders, garner full release of gasoline data

close up of someone pumping gasSeptembr 13, 2021 - At the urging of Joint Venture and its board, the California Energy Commission (CEC) has agreed to publish data on gasoline consumption for 375 California cities. The data reveals that Los Angeles and San Diego consume the most gasoline annually. Among Bay Area cities, San José ranks fifth statewide, San Francisco twelfth, and Oakland twenty-second. “Giving the public access to city-level data allows residents to track their community’s progress on clean air and climate goals, and to hold themselves accountable,” said Janelle London, executive director of Joint Venture’s Beyond Gasoline initiative.

Read the list

Institute adds new research talent

September 20, 2021 - Joint Venture’s Institute for Regional Studies has added two new affiliate researchers to the team.

Alex Chen is a data scientist with Change Research, a Silicon Valley polling firm. He will manage the annual Silicon Valley poll and advise the Institute on survey research.

Ricky Manago a senior financial analyst for the JLL Transactions Team. He will advise the Institute on research and analysis related to commercial real estate.

Learn more about the Institute for Regional Studies

White paper details solutions to address homework gap, barriers to distance learning

apple on top of a stack of booksSeptember 13, 2021 - When the Bay Area implemented quarantines, school districts were faced with a massive challenge: how to support distance learning for students who lacked adequate broadband access. The pandemic didn’t cause the digital divide but it magnified a pre-existing condition.

The Santa Clara County Office of Education, in partnership with Joint Venture’s community broadband initiative, has published Broadband Networks for Addressing Distance Learning and Homework Gap Challenges. The paper examines the technology solutions available for rapid deployment, and makes recommendations.

Read the white paper

Amazon Smile: Support Joint Venture while you shop

Amazon Smile logoJoint Venture is participating in the Amazon.com AmazonSmile program. Every time you shop at AmazonSmile.com, a portion of your sales (0.5%) goes to support our work. AmazonSmile is a simple and automatic way for you to support Joint Venture every time you shop, at no cost to you. When you shop at smile.amazon.com, you’ll find the exact low prices, vast selection, and convenient shopping experience as Amazon.com, with the added bonus that Amazon will donate a portion of the purchase price to support Joint Venture’s work in your community.

Support Joint Venture with Amazon Smile

Silicon Valley Indicators

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

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.

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:

Alaska Airlines logo All Stars Helping Kids logo U.S. Geological Survey 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.

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 dot.com 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

References:

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

Data Source:

Renaissance Capital; Google Finance; IEX Cloud

Note:

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 www.siliconvalleyindicators.org.

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 www.siliconvalleyindicators.org.

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 www.jointventure.org.

In The News

September 17, 2021 - (Palo Alto Online) - Judy Kleinberg, former mayor and community leader, to receive Athena Award from Palo Alto Chamber of Commerce: former vice president of Joint Venture Silicon Valley... More

September 15, 2021 - (Mercury News) - Bay Area prices jump: Food, meat, gasoline, electricity costs soar - “Inflation is the last thing we need,” said Russell Hancock, president of Joint Venture Silicon Valley, a San Jose-based think tank. “The cost of living needs to hold steady. This is very unfortunate.” More

September 8, 2021 - (Los Altos Town Crier) - Decision clears hurdle impeding Los Altos Hills internet access: ...council members vowed to safeguard the town’s interests by appointing Tankha as an LAHCF liaison and to retain Joint Venture Silicon Valley’s Community Broadband Initiative as an intermediary that will help steer the association’s expansion. More

August 30, 2021 - (KRON4) - Silicon Valley records slight decrease in unemployment numbers: According to an analysis released by Joint Venture Silicon Valley, Silicon Valley’s unemployment rate decreased by 0.2 percentage points More

August 27, 2021 - (ABC7) - A new initiative to reduce #pollution & food insecurity: @SCCgov is working w/@JointVentureSVN &; allies such as @2ndharvest to repurpose healthy food that supermarkets, #restaurants & others discard. It will feed the hungry instead of creating #methane at landfills. More

August 20, 2021 - (CMS Wire) Is Austin Emerging as the New American Technology Hub? And it's hard to compete with these numbers from the 2021 Silicon Valley Index report by Joint Venture Silicon Valley...More

August 20, 2021 - (NBC News) - Blue-collar workers at Silicon Valley companies hope for better future: Margaret O’Mara, a history professor at the University of Washington (and Distinguished Fellow at Joint Venture), said the blue-collar workers are essential to the functioning of massive tech campuses. More

August 20, 2021 - (Washington Monthly) - Opinion: Let’s Redistribute Tax Incentives to Buy Electric Cars: According to our research, the drivers in the top 10 percent of gasoline consumption, whom we call “gasoline superusers,” each burn upward of 1,000 gallons of gasoline per year. Item penned by Jannelle London, Joint Venture. More 

August 17, 2021 - (Mecklenburg Times) - Study Shows Small Wireless Communication Facilities Do Not Depreciate Residential Real Estate:  Joint Venture Silicon Valley today announced the publication of Economic Impacts to Residential Real Estate from Small Wireless Facilities. More

August 6, 2021 - (Silicon Valley Business Journal) - Silicon Valley has an 'unprecedented' 11M square feet of commercial space in the pipeline — even as its office vacancy rate has hit 13%: office vacancy rates in the region have risen to their highest level in seven years, Joint Venture Silicon Valley's Institute for Regional Studies said in the report. More

July 30, 2021 - (Microgrid Knowledge) - Sunnyvale, California, and Others in Silicon Valley Exploring Microgrid Projects: Moffett Park Business Group and Silicon Valley businesses signed a memorandum of understanding with Joint Venture Silicon Valley, a nonprofit group, to explore building a microgrid in the Moffett Park area. More

July 29, 2021 - (KRON4) - Santa Clara County unemployment numbers rise: According to a recent analysis by Joint Venture Silicon Valley, the region’s unemployment rate increased from 4.6% in May to 5.1% for the month of June. More

July 28, 2021 - (Illinois News Live) - Biden-Harris needs to go all-in to mobile broadband to meet its fairness and connectivity goals: Treatise I Co-author Wireless expert David Witkowski compares the economic forecasts of wireless technology with the price and performance of spectrum allocations. More

July 23, 2021 - (Inside Towers) - Study Shows Small Cells Have “Zero” Negative Effect on Real Estate Values: A recent study conducted by Joint Venture Silicon Valley, found that small cell infrastructure had no negative effect on real estate values. More

July 22, 2021 - (San Jose Spotlight) - ‘In love with San Jose’: Gary Dillabough’s vision for revitalizing downtown: “He’s not just a guy who’s trying to build units. He’s actually thinking more broadly,” said Russell Hancock, CEO of Joint Venture Silicon Valley, an economic think tank. More

July 21, 2021 - (San Jose Spotlight) - Santa Clara County leads in job losses as unemployment rate rises: The regional unemployment rate increased from 4.6% to 5.1% between mid-May and mid-June, according to a study released this month by Joint Venture Silicon Valley, a nonprofit that analyzes the economy and quality of life...More