Joint Venture Silicon Valley provides ANALYSIS, ACTION, LEADERSHIP


Joint Venture Silicon Valley provides




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

2022 Silicon Valley Poll Live Briefing: October 4 via webinar

September 26, 2022 - Joint Venture is pleased to announce an October 4 briefing on the results of the upcoming 2022 Silicon Valley Poll. The annual public opinion survey is placed in the field by Joint Venture’s research arm, the Silicon Valley Institute for Regional Studies, in partnership with The Mercury News and the Bay Area News Group. Tuesday, October 4 at 9:00 a.m. PDT.

The briefing will feature detailed analysis about the results of the poll as well as a probe into deeper questions about the tenor of our times. There is no charge to attend. The Poll Briefing event is generously supported by a gift from Kaiser Permanente. 

Learn more | Register now

Bay Area leaders release report card on transit

September 22, 2022 - Seamless Bay Area and Joint Venture, along with several Bay Area civic groups jointly released a Transit Transformation 1-Year Report Card tracking the region’s progress toward integrating the region’s 27 transit systems.The report card shows a mixed record of progress toward transforming Bay Area transit. “BART just celebrated its 50th anniversary. I’m convinced that in order for it to not only survive, but actually thrive for another 50, it must seamlessly integrate with the rest of the Bay Area’s dozens of agencies, to create a truly rider-focused network.” said Russell Hancock, President & CEO of Joint Venture Silicon Valley. 

Read the release

Joint Venture Board elects new co-chair

September 9, 2022 – The Joint Venture board elected John Tenanes to its body as co-chair at their quarterly meeting. Tenanes, vice president of global facilities and real estate at Meta, succeeds Dave Wehner as co-chair of the board. Tenanes leads a team responsible for Meta’s physical workplace footprint for their Bay Area headquarters and facilities across multiple continents. Russell Hancock lauded the selection. "Dave Wehner gave remarkably to our board, and in his final act of service he helped us recruit another Meta superstar to take the reins,” he noted. “John Tenanes brings an amazing array of on-the-ground experience in the Bay Area getting things done, and he will bring that same instrumentality to Joint Venture.”

Read the release

Meet David Witkowski

September 29, 2022 - David Witkowski is a quiet yet purposeful leader who works at the intersection of wireless telecommunications and regional governments. His own career path has followed the path of technology itself, from early key punch cards to 5G mobile connectivity. As Executive Director of Joint Venture's Wireless Communications Initiative, David agilely interprets the most technical scenarios down to understandable elements to make concepts palatable for novices. David approaches challenges in a non-traditional way — and people listen. Spend any amount of time with David and you’re likely to learn information you had no idea you needed. He has made thoughtful and strategic choices with jobs and affiliations over the years to stay engaged with technology.

Read David's profile

Institute: Silicon Valley unemployment edges up to 2.3%

cover imageSeptember 16, 2022 – Silicon Valley’s unemployment rate grew slightly to 2.3% in August, a 0.2 percentage point increase from July. Employment levels rose by nearly 4,300 workers, as did the number of unemployed workers by almost 3,100 reaching the highest (34,400) since March (36,100), and nearly 7,700 more than the most recent low in May. Overall, employers have added more than 53,600 workers since the start of the year, and nearly 94,400 since August 2021, according to analysis by Joint Venture Silicon Valley’s Institute for Regional Studies. “Despite losing 2,100 jobs, the Professional and Business Services industry remains healthy in Silicon Valley,” said Ryan Young, Research Manager for BW Research and an affiliated researcher at the Institute.

Read the release

Q2 Commercial Space Report: Uptick in leases outpaces LY

Commercial Space 2022 Q2 report coverSeptember 6, 2022 - Through the first half of 2022, Silicon Valley’s commercial space indicators paint a complex picture through diverging trends, according to the latest analysis from Joint Venture Silicon Valley’s Institute for Regional Studies, in partnership with JLL Silicon Valley in their third-quarter. Leasing volume within the region showed a surprising uptick, slightly outpacing last year’s figures and running counter to increasing vacancy rates. The pandemic-period trend toward leasing of smaller spaces continued. Asking rents have plateaued despite outsized levels of inflation reported this year, indicating a reluctance for landlords to raise rents in order to remain competitive in the market.

Read the report

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.

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:

Juniper logo Kaiser Permanente Santa Clara Medical Center logo city of Fremont 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.

Amazon Smile: Support Joint Venture while you shop

Amazon Smile logoJoint Venture is participating in the AmazonSmile program. Every time you shop at, 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, you’ll find the exact low prices, vast selection, and convenient shopping experience as, 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

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

September 27, 2022 - (San Jose News Bulletin) - The report raises questions about the integration of public transport in the Gulf region: The Bay Area has more transit agencies than other large metro areas like Boston and Chicago, said Russell Hancock, CEO of Joint Venture Silicon Valley. More

September 26, 2022 - (San Jose Spotlight) - Report raises questions about integrating Bay Area public transit: ...according to a recent report—authored by Seamless Bay Area, SPUR, Bay Area Council, TransForm, Silicon Valley Leadership Group and Joint Venture Silicon Valley... More

September 22, 2022 - (San Francisco Chronicle) - Bay Area transit agencies pledged to make sweeping reforms during pandemic. Are they doing it?  The report card, by Seamless Bay Area, the Bay Area Council and other business and transportation advocacy groups [including Joint Venture], comes a year after transit leaders committed to those across-the-board changes. More

September 19, 2022 - (Mass Transit) - Can we ride all 27 Bay Area transit agencies in one day? Experts doubt it, but #TotalTransit2022 hopes to find out: Seamless Bay Area...seeks to turn the Bay Area's fragmented transit system into a world-class, widely used one. More

September 16, 2022 - (Mercury News) - Bay Area and California job markets slow in big way as economy wobbles: “Thank goodness for tech,” said Russell Hancock, president of Joint Venture Silicon Valley, a San Jose-based think tank. More

September 15, 2022 - (Financial Advisor iQ) - New York is the World’s Wealthiest City, Study Says: The Bay Area includes Silicon Valley, in which the wealthiest 25 percent of households hold 92 percent of the wealth, according to Joint Venture Silicon Valley More

September 12, 2022 - (StreetsBlog) - This Week: Megaprojects, AC Transit Board, BART Board - Join Seamless Bay Area, East Bay Transit Riders Union, Transport Oakland, SPUR, BikeEastBay, Streets for People, and East Bay YIMBY for a candidate forum. More

September 12, 2022 - (Mass Transit) - Where will BART take us 50 years from now? These simple quality-of-life measures are long overdue and will make it easier for people to ride BART... said Ian Griffiths, policy director for the Seamless Bay Area...More

August 22, 2022 - (Silicon Valley Business Journal) - Unemployment dips slightly in July while number of new jobs added is most in a year, study finds: Silicon Valley's unemployment rate dipped slightly in July, dropping 0.1% to hit 2.1% for the month, according to an analysis released Monday by the Silicon Valley Institute for Regional Studies. More

August 19, 2022 - (Mercury News) - Job boom: Bay Area, South Bay, California post big July hiring gains: “It’s important for our region to focus on the quality of the jobs and the quality of life we’re providing for our residents,” said Russell Hancock, president of Joint Venture Silicon Valley. More

August 17, 2022 - (StreetsBlogSF) - Op-ed: SB 917 Fails — Yet it Succeeds: Numerous collaborative meetings were held between transit agencies, Senator Becker’s office, and bill cosponsors, which included SPUR, Transform, Bay Area Council, Silicon Valley Leadership Group, and Joint Venture Silicon Valley. More

August 5, 2022 - (San Jose Spotlight) - Silicon Valley sees slight uptick in unemployment: A report by Joint Venture Silicon Valley shows unemployment rates increased by 0.4% in Santa Clara and San Mateo counties More

July 28, 2022 - (San Jose Spotlight) - How many jobs does it take to pay rent in San Jose? “There is no family who can sustain themselves on minimum wage...,” Rachel Massaro, vice president and director of research of Joint Venture Silicon Valley...More

July 27, 2022 - (Courthouse News Service) - Twitter the latest tech company to cut office in San Francisco, nixing plans to expand to Oakland: Russell Hancock, CEO of Joint Venture Silicon Valley, said...More

July 26, 2022 - (San Jose Spotlight) - Survey says San Jose #1 for millennials. Experts disagree.: A Joint Venture Silicon Valley report also found “shocking wealth disparity” with the top quarter of Silicon Valley earners ...More

July 26, 2022 - (Silicon Valley Business Journal) - Unemployment rose in Silicon Valley for the first time in five months: the jobless rate for the region including Santa Clara and San Mateo counties hit 2.2% last month from 1.8% in May according to the Silicon Valley Institute for Regional Studies. More

July 22, 2022 - (Mercury News) - Bay Area powers to biggest job gains in three months but California falters: Overall, the job trends in the Bay Area point to both hopeful and troubling signs for the region’s economy, said Russell Hancock, president of Joint Venture Silicon Valley...More

July 22, 2022 - (Silicon Valley Business Journal) - It Sure Ain't Worth What it Used to Be: ...small businesses is affected not just by government regulation, inflation or supply chain costs, but the health of the region's dominant tech industry, said Russell Hancock, CEO of Joint Venture Silicon Valley. More

July 21, 2022 - (California 18) - Silicon Valley: The Highest Paying Companies in the U.S. Region in 2021 - San Francisco Chronicle reported that according to an annual report by Joint Venture Silicon Valley, a non-profit company, it found that 25% of Silicon Valley’s population holds 92% of the region’s wealth. More

July 3, 2022 - (Mercury News) - Rare vortex of economic troubles descends on Bay Area residents, businesses: Though rising consumer prices are often accompanied by increases in wages, such raises are rarely distributed equally across income levels, said Russell Hancock, CEO of think tank Joint Venture Silicon Valley. More

June 29, 2022 - (Mercury News) - Adina Levin founded the nonprofit Seamless Bay Area in March 2020 to try to unify different forms of transit across the region. More

June 24, 2022 - (Streets Blog) - BART Endorses Fare Integration, Ferry for Western Alameda: Seamless Bay Area...scored a major victory Thursday when the BART Board unanimously voted to endorse Senate Bill 917 More

June 20, 2022 - (San Jose Spotlight) - Inequity in Silicon Valley persists for people of color: “The data speaks for itself, and it says that we have profound disparities that are getting worse, not better,” Russell Hancock, CEO of Joint Venture Silicon Valley...More