September 25, 2023 - On October 4, this year’s Silicon Valley Poll Briefing at Evergreen Valley College will dissect the results of the annual public opinion survey overseen 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. The effort, in its third year, has become one of the most closely watched surveys in the region. Joint Venture will host an in-person briefing featuring detailed analysis as expert panelists probe deeper questions about the Bay Area. Russell Hancock, CEO of Joint Venture, will host.
September 18, 2023 - Join Egon Terplan, an expert in place-based economic development, downtown revitalization, regional planning, land use, transportation policy, and government reform, at the Silicon Valley Poll Briefing on October 4. As downtowns grapple with the aftermath of the pandemic and evolving work models, Terplan and other experts will delve into public sentiment and offer invaluable insights into this pressing issue. Register now for an opportunity to gain a deeper understanding of the challenges facing Bay Area downtowns.
September 18, 2023 - Join Joint Venture on October 4 at Evergreen Valley College for the Silicon Valley Poll Briefing, featuring a distinguished panel discussion moderated by Bert Robinson. As the Senior Editor of the Bay Area News Group, Bert Robinson brings journalistic expertise, including a Pulitzer Prize for breaking news and the Norwin S. Yoffie Career Achievement Award from the Society of Professional Journalists. Robinson is a co-creator of the Poll. Don't miss this opportunity to engage with top-tier insights and analysis at this essential event.
September 25, 2023 - Is homelessness a top concern for Bay Area residents? Find out what the public thinks October 4 at the third annual SIlicon Valley Poll Briefing event at Evergreen Valley College. Delve more deeply into the subject with Jennifer Loving, CEO of Destination: Home, a San José-based nonprofit that advocates for strategies to reduce and prevent homelessness. With more than 25 years working in a variety of shelter, street and housing programs, Loving has spent her career working to solve homelessness in Silicon Valley.
September 25, 2023 - When Dontae Lartigue turned eight, the County became responsible for his welfare. He lived most of his life in shelters, group homes, and multiple foster placements. To counter that, he founded Razing the Bar to help young people develop long lasting relationships with adults who can mentor them and change outcomes. Join Dontae on October 4 when he joins a panel of experts at the Silicon Valley Poll Briefing to shed light from an insider’s perspective on the challenges of the system. How will the public perceptions revealed in the Poll compare to lived experiences for someone like Dontae?
September 25, 2023 - Join Ian Griffiths, Co-Founder and Policy Director of Seamless Bay Area (SBA), at the Silicon Valley Poll Briefing on October 4. With over 15 years of experience in urban and transportation planning, Griffiths will serve as a panelist and provide valuable insights into the alignment—or disconnect—between public perceptions, as revealed by the newly-released Poll. SBA's mission is to revolutionize the Bay Area's fragmented transit system into a world-class, unified, and equitable network. Discover if this vision resonates with the broader public at this enlightening event.
September 15, 2023 – The unemployment rate in Silicon Valley increased to 3.7% in August from 3.4% in July, mirroring the 0.3 percentage point increase in unemployment throughout the Bay Area (3.7% to 4.0%). This follows a decrease in the rate from June to July, according to analysis by Joint Venture’s Institute for Regional Studies. So far in 2023, the unemployment rate has increased five times when measuring month-to-month estimates and has only decreased twice (between March and April and between June and July). For comparison, the unemployment rate decreased five times (month-to-month) between January and August 2022.
September 20, 2023 - Community engagement drives transformation. When businesses, nonprofits, and citizens hold authorities accountable, progress is possible. And sometimes, when the community is very fortunate, people like Adina Levin view civic engagement as fun. Adina Levin is Advocacy Director and Co-Founder of Seamless Bay Area (SBA), a nonprofit organization whose mission is to transform the region’s fragmented and often-inconvenient public transit into an equitable and united system. As is the case with many community activists, Adina’s parents also were involved in their community.
Just 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.”
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.
