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Improving Economy Spurring Optimism Among U.S. Startups

Published on Apr 25, 2011


Read 'Improving Economy Spurring Optimism Among U.S. Startups' at 'Time to Start Up,' the small business blog by BizFilings.
Startup activity in the U.S. is taking off, according to a report released Friday by Silicon Valley Bank, spurred largely by rising optimism throughout the sector. The Startup Outlook 2011 survey was released this week, noting greater confidence among the 375 U.S.-based, private, venture capital-backed software, hardware, clean tech and life science firms that participated. Specifically, 83 percent of respondents claimed they plan to hire this year - up from 73 percent last year. Additionally, three out of four startup executives believe business conditions will continue to improve over the next 12 months. "This new data … clearly shows that technology companies met or beat their 2010 revenue targets, are still experiencing improved business conditions and are creating U.S. jobs," said Greg Becker, CEO of SVB Financial Group and Silicon Valley Bank, in a statement. Friday's report was complemented by news from what is currently one of the most active sectors in the tech startup scene: the blossoming cloud computing industry. On Thursday, Forrester Research reported that the cloud computing market is expected to reach $241 billion by 2020, compared to $41 billion this year. While cloud computing is merely one segment of the U.S. tech sector, its potential is vast and may contribute to new business filings and tech corporations from Palo Alto to Boston.