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 unveils new Equity Metrics Dashboard

August 5, 2022Joint Venture’s Institute for Regional Studies has made a key addition to its Silicon Valley Indicators website, a comprehensive collection of longitudinal data and other resources measuring community health. Now live, the Equity Metrics Dashboard is a resource to better understand our region’s race and ethnicity disparities. The dashboard was created in collaboration with the Silicon Valley Community Foundation’s Equity Forward partnership. The new dashboard presents indicators showing demographics, physical and financial wellbeing (education, employment and housing), leadership and voice, safety, and connection to one’s community.

Visit the Equity Metrics Dashboard

Ciara Low named program manager for food recovery

August 5, 2022 - Joint Venture’s food recovery initiative has added Ciara Low, to manage a county-wide program Joint Venture is tapped to lead. Low most recently served as Regional Food Systems Coordinator for the Safe & Abundant Nutrition Alliance in Colorado and co-founded UpRoot Colorado. “I am thrilled to welcome Ciara who brings a wealth of experience to the table,” said Robin Franz Martin, executive director of the initiative. “Her work will reduce our county's climate footprint and feed those most in need.”

Learn more about Ciara
Learn more about Joint Venture’s food recovery initiative

Santa Clara County awards new research funding to Institute

August 5, 2022 - Joint Venture’s Institute for Regional Studies is the recipient of two research grants from the County of Santa Clara via Supervisor Susan Ellenberg’s office that will illuminate critical issues of financial wellbeing and mental health support services. The first grant funds a project modeling the impact of Guaranteed Basic Income (GBI) on Silicon Valley families. Using the model, analysts will run comparisons by racial and ethnic group, citizenship status, educational attainment, family composition, and more. The second grant funds a study of the capacity of local higher-education institutions to train mental health and substance abuse treatment professionals.

Learn more about the Institute

Silicon Valley unemployment edges upward to 2.2%

cover imageJuly 25, 2022 – The unemployment rate in the Silicon Valley region increased to 2.2% in June, which was higher than the rate in both April and May. Silicon Valley employers decreased their workforce by just over 4,600 employees between mid-May and mid-June, while the labor force increased just slightly (+900 individuals) in the same time frame. The total labor force in the region is still over 44,000 below the February 2020 level. “Seasonal cycles have meant that declining jobs in Educational Services and Local and State Government Education have contributed to the growth in the unemployment rate in Silicon Valley,” said Ryan Young, Research Manager for BW Research and an affiliated researcher at the Institute.

Read the release

Joint Venture-sponsored legislation makes strides

August 5, 2022 - Senate Bill 917, co-sponsored by Joint Venture, is making headway. The Bill sets meaningful deadlines for fare and wayfinding integration, and establishes service integration policies for the Bay Area’s 27 transit operators over the next three years. On June 28, the bill passed unanimously through the Assembly Transportation Committee and on May 23 it cleared the Senate 29-2. BART and VTA boards fully backed the bill with amendments. SB 917 now moves to the Appropriations Committee for approval.

Meet Kara Gross

August 5, 2022 - At Joint Venture, Kara is Director of Public Sector Climate Initiatives and Executive Director of the Silicon Valley Economic Development Alliance (SVEDA). And recently, she  stepped up to serve as Chief Program Officer, a critical role to help guide Joint Venture’s array of initiatives. When someone has been with an organization 15 years, that’s the definition of a good fit. So it is with Kara Gross, who has logged more time with Joint Venture Silicon Valley than any staff member save CEO Russell Hancock. What makes this individual and this non-profit an effective pairing? She believes in local government as a force for good and an effective means towards greater equality and a healthier environment.

Read Kara's profile

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:

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 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

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

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

June 17, 2022 - (Mercury News) - Bay Area, California both gain jobs in May, but slowdown intensifies: Companies are anxious to hire workers, but prospective employees aren’t necessarily rushing to apply for jobs, said Russell Hancock, president of Joint Venture Silicon Valley...More

June 17, 2022 - (Mountain View Voice) - I would like to support a new business tax: ...you were sent an analysis by Joint Venture Silicon Valley's research group comparing your proposed tax with those in neighboring cities. More

June 15, 2022 - (MarketWatch) - From Great Resignation to Forced Resignation: Tech companies are shifting to layoffs after a huge ramp up in hiring - The market cap aggregate of about 300 publicly traded tech companies is at its lowest now...says Rachel Massaro, vice president of research at the Silicon Valley Institute for Regional Studies. More

June 15, 2022 - (Slash Gear) - Inside The End Of Silicon Valley's Dynasty: Joint Venture Silicon Valley and the Institute for Regional Studies (opens as a PDF) say Silicon Valley spans four counties, Santa Clara, San Mateo, Alameda, and Santa Cruz. More