Venture capitalists express confidence in latest WTIA survey |
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Venture capitalists express confidence in latest WTIA survey
Venture capital investments dropped by 40 percent in the state last year. And just one venture-backed company completed an initial public offering. Despite those troubling numbers, venture capitalists in the state are optimistically looking forward to 2010, according to a survey released today by the Washington Technology Industry Association.
Ninety percent of the respondents predicted revenue growth for their portfolio companies in the first quarter of 2010, the survey found. Meanwhile, 27 percent of the VCs said that their portfolio companies would increase hiring during the quarter -- the most optimistic forecast since the third quarter of 2008.
"Judging by our latest survey, the technology sector in Washington could very well be rounding the corner from stabilization to growth," said outgoing WTIA president and CEO Ken Myer in a statement.
Those comments were echoed by Madrona Venture Group's Matt McIlwain in the release. "There is significantly more optimism heading into 2010 than there was heading into 2009," he said. "While the uncertainty around consumer demand remains, there are legitimate reasons to expect that the technology sector will return to growth in 2010 and both start-up funding and M&A transactions will improve as a result."
The survey found that 30 percent of VCs expect an M&A deal during the first quarter, while just 10 percent expect an IPO.
Sixty percent of respondents said that investments would be in the range of $3 million to $6 million during the quarter. Ten percent of the deals are expected to be in the $6 million to $10 million range, while none anticipated deals of $10 million or more.
Source: WTIA
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