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

Joint Venture debriefs on Silicon Valley Poll

December 3, 2021 - Russell Hancock, CEO of Joint Venture, along with Lou Hansen of the Mercury News dissected findings of the Silicon Valley Poll on "Valley Politics," hosted by Terry Christensen. They address worries about housing costs, homelessness, income equity, and more with questions from Derecka Mehrens of Working Partnership USA, Kelly Snider of San Jose State University and San Jose City Councilmember Sergio Jimenez.

Watch the video

EVENT: Can we create a bicycle superhighway on the peninsula?

logoDecember 6, 2021 - The Managers Mobility Partnership (MMP), convened by Joint Venture is advancing the concept of a Peninsula Bikeway that envisions a north-south connection suitable for riders of all ages and abilities. To date, three corridors have been selected for a feasibility assessment; one was recommended as the most workable, cohesive, and connected. The details driving that recommendation will be shared at a virtual briefing on January 14. The MMP is comprised of city managers from Redwood City, Menlo Park, Palo Alto, and Mountain View, plus senior planners from Stanford.

Friday, January 14, 2022 at 9:00 am - 11:00 am, Via Zoom

Read the feasibility study | Learn more | Register

County Supes clear way for food recovery

foodNovember 30, 2021 - Joint Venture’s food recovery team will oversee the launch of the first county-wide food recovery program. In alignment with SB 1383, the ordinance is a model being adopted by many other cities within the county, and for potential adoption in other areas. The solution generates healthy food for Santa Clara County’s food-insecure population, minimizes waste, and reduces greenhouse gas production. “I am proud of the County’s leadership role and the partnerships with Joint Venture, County staff, food recovery organizations..." said Supervisor Otto Lee, who represents the County on the Recycling and Waste Reduction Commission.

Read the news release

Save the date: State of the Valley 2022 - February 18

logoDecember 6, 2021 - Save the date for the 2022 State of the Valley conference which will take place February 18 at Stanford University in the Arrillaga Alumni Center at McCaw Hall. The hybrid event will be held in person and also will be livestreamed via BrandLive. Ticketing will begin in mid December. 

Learn more

Silicon Valley unemployment rate down slightly in October

cover imageNovember 19, 2021 - Silicon Valley employers added 13,000 workers between mid-September and mid-October and the unemployment rate dropped slightly to 3.7%, according to analysis by Joint Venture’s Institute for Regional Studies. The drop in unemployment is much slower than the change experienced from August to September, when the unemployment rate dropped by 0.8 percentage points (from 4.7% to 3.9%). 

The drop in unemployment is much slower than the change experienced from August to September, when the unemployment rate dropped by 0.8 percentage points (from 4.7% to 3.9%). Since April 2020 and the initial job losses associated with the onset of the COVID-19 pandemic, Silicon Valley has recouped nearly 161,000 jobs, or job growth of 12.7%.

Read the release

Joint Venture board elects Karena Shackelford, City Manager of Fremont

Karena ShackelfordNovember 19, 2021 – The Joint Venture board of directors has added Karena Shackelford, City Manager of Fremont, as its newest member. Shackelford oversees the day-to-day operations as Chief Executive Officer of the fourth most populous city in the Bay Area and has over 20 years of experience in local government.

“I feel privileged to have been selected as Joint Venture Silicon Valley’s newest board member,” stated Shackelford. “Today, Fremont is well positioned as a strong leader in Silicon Valley, which is a direct result of the collaborative efforts and initiatives led by Joint Venture.”

Read the release

Meet Jennifer Chen, City of San Mateo

December 6, 2021 - Jennifer Chen arrived in New York from Taiwan at the tender age of seven, plopped into an entirely new world. Chen became the family interpreter and what she calls an “interloper” between cultures. Her origin story is a powerful influence for her, even today.

Chen learned to navigate her multi-cultural world with agility. She also developed a finely-tuned sense of empathy – a skill that she relies upon as the economic development manager for the City of San Mateo and as the chair of Joint Venture’s Silicon Valley Economic Development Alliance (SVEDA).

Read the profile

Joint Venture awarded $20K grant for diversity, equity, and inclusion

Bridge To Recovery logoDecember 6, 2021 -Bridge to Recovery (B2R), part of Joint Venture’s Building Back Better initiative, has received a $20,000 Grant from Santa Clara County, through its partnership with Catholic Charities. B2R is part of Joint Venture’s Building Back Better initiative. The grant, championed by Supervisor Susan Ellenberg, will be used to assess the internal and external diversity, equity, and inclusion needs of the network and make recommendations. The work is being carried out in partnership with Catholic Charities of Santa Clara County.

Learn more

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:

American Leadership Forum – Silicon Valley logo American Tower logo UC Santa Cruz Silicon Valley Extension 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

December 3, 2021 - (MarketWatch) - A crystal ball to make sense of the real-estate market right now: We’re definitely not in the frenzied days of lockdown-induced homebuying anymore, says Issi Romem, economist and founder of MetroSight [and affiliated researcher at Joint Venture] More

December 2, 2021 - (Mercury News) - Meta, Apple mega leases, huge property deal counter exodus fears: “We count a sum total of four Silicon Valley companies that have moved their headquarters in the past 18 months...,” said Russell Hancock, president of Joint Venture Silicon Valley. More

December 1, 2021 - (Valley Politics) - Valley Politics December 2021: Silicon Valley Poll with Russell Hancock and Lou Hansen More

November 20, 2021 - (Industrial Real Estate News) - SILICON VALLEY’S COMMERCIAL REAL ESTATE SALES HIGHEST SINCE 2015 - The latest analysis by the Institute for Regional Studies of the Silicon Valley joint venture shows that investment activity increased between July and September More

November 19, 2021 - (KRON4) - Analysis: Silicon Valley’s commercial real estate sales highest since 2015 - Institute for Regional Studies shows increased investment activity between July and September More

November 19, 2021 - (MCU Times) - Analysis: Silicon Valley’s sales of commercial properties highest since 2015 - The latest analysis from the Joint Venture’s Institute shows increased investment activity between July and September More

November 19, 2021 - (Mercury News) - Bay Area job market rallies in October with biggest employment gain in eight months: “This is more in line with what we have been long expecting,” said Russell Hancock, president of Joint Venture Silicon Valley, a San Jose-based think tank. More

November 19, 2021 - (San Jose Spotlight) - Commercial real estate investments soar in Silicon Valley: That’s the highest sales volume for the region since 2015, according to Joint Venture Silicon Valley’s Institute for Regional Studies. More

November 19, 2021 - (X99News) - Silicon Valley Commercial Real Estate Sales Highest Since 2015 - Institute for Regional Studies shows investment activity increased pushing the volume of commercial real estate sales to a total of $6.3 billion — the highest since 2015. More

November 19, 2021 - (Newsbreak) - Commercial real estate investments soar in Silicon Valley: the highest sales volume for the region since 2015, according to Joint Venture’s Institute for Regional Studies. More

November 18, 2021 - (KALW) - Santa Clara County adopts food recovery program: The non-profit Joint Venture Silicon Valley will manage the food recovery program through 2024. More

November 17, 2021 - (NBC) - Santa Clara County Supes Approve Ordinance to Recover, Donate Surplus Edible Food: The countywide food recovery program will be managed by the nonprofit Joint Venture Silicon Valley through 2024. More

November 16, 2021 - (City M.M.) - Four Silicon Valley CAs on why its status as the world’s tech capital will remain unchallenged: According to a story published earlier this year by Joint Venture Silicon Valley, investment in Bay Area tech firms increased by 8% in 2020 More

November 16, 2021 - (California Development & Planning Report) - CP&DR News Briefs November 16, 2021: A new poll from Joint Venture Silicon Valley and the Bay Area News Group demonstrates that 71% of Bay Area residents find quality of life to be worse than it was five years ago More

November 14, 2021 - (Mercury News) - Is the remote work revolution here to stay in the Bay Area? Russell Hancock, CEO of Joint Venture Silicon Valley, said the reluctance to give up remote work is “a really major finding.” More

November 14, 2021 - (World Journal) - 70% of Silicon Valley employees love long-distance: Russell Hancock, CEO of Joint Venture Silicon Valley, pointed out that the popularity of remote work in this epidemic is an eye-opener. More

November 4, 2021 - (San Jose Inside) - San Jose Poll Finds Great Frustration Over Housing and Homelessness: A recent Joint Venture Silicon Valley poll indicated that 56% of Bay Area residents expect to leave the Bay Area in the next few years. More

November 3, 2021 - (East Bay Express) - Crime Troubles Oaklanders: In the latest Oakland Power Poll, violence and public schools top the list of woes of those sick of The Town - Following on the heels of a shocking recent poll from the Bay Area News Group and Joint Venture Silicon Valley...More

October 31, 2021 - (Mercury News) - These Bay Area politicians bring a new perspective to the housing crisis: They were homeless - 89% of area voters view homelessness as an extremely or very serious problem, according to a recent Bay Area News Group and Joint Venture Silicon Valley poll. More

October 31, 2021 - (Mercury News) - Bay Area retirement: ‘I’m going to have to move away — and I’m actually wealthy’: ...the region is a poor place to retire, according to a recent poll by the Bay Area News Group and Joint Venture Silicon Valley. More