硅谷银行（SVB）：2910Q2市场状况报告(英文版)(33页).pdf

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1、State of the Markets Inside Views on the Health and Productivity of the Global Innovation Economy First Quarter 2019 2 2 State of the Markets: First Quarter 2019 As Good as it Gets? With all the dire headlines, lets not forget the epic run that venture has been on. Were now approaching a full decade

2、 of compounding tailwinds, with low rates and abundant capital bringing in risk-incentivized asset managers from around the globe. Weve only just begun harvesting this decade of innovation investing. Yet some investors are left pondering: Is this as good as it gets? For starters, it appears we have

3、entered into a new era of higher volatility in public markets. Trade turmoil, anti-globalization rhetoric and fears of a slowing global economy are also giving investors pause. And the US is no longer alone in shaping the future of technology or regulating its changing landscape. But much of what go

4、t us here will take us further. After a decade of support from private markets, the caliber of IPO candidates approaching 2019 is unmatched. The unicorns of today have raised nearly 4x the historical average for venture-backed tech companies at IPO. And new opportunities continue to open for entrepr

5、eneurs, as technology takes hold in long-unaffected industries. So while acknowledging the risks coming into focus, we also know that change and disruption are inherent to the venture economy. Its what we do. No matter what the future holds, its unlikely that innovation will be stifled. Bob Blee Hea

6、d of Corporate Finance Silicon Valley Bank State of the Markets: First Quarter 2019 3 3 State of the Markets: First Quarter 2019 4 Predictions: SVBs 2019 Outlook for Venture 5 US Venture: A Decade of Capital 9 IPO Conditions: Ample Opportunities, Few Takers 14 Exit Readiness: The Unicorn Generation