硅谷银行（SVB）：2024年下半年全球创新经济展望报告（英文版）（36页）.pdf

1、H2 202423Letter From the Authors4Investor Perspectives6Macro11VC Fundraising17VC Investment 24VC-Backed Tech Financial Trends30ExitsSTATE OF THE MARKETS H2 2024Recovery should hasten in the back half of the year,with anticipated cuts in interest rates and increased political clarity after the US ele

2、ction season.Those changes may grease the flywheel of innovation helping to support IPO markets,return capital to distribution-starved LPs,and spur fundraisings and investment.”The innovation economy is looking for some much-needed R&R recovery and recalibration.Theres been evidence of both in 2024.

3、First,on the recovery front,although US venture investment is half what it was in 2021,it is still higher than 26 of the last 30 years.1The broader innovation economy is recovering,but at different rates and timelines.Thats where recalibration comes in.While many companies are finding it harder to r

4、aise,the best are making it happen led by those capitalizing on the boom in AI.Yet some are being disproportionately affected,such as the seed-stage startups being hit by the Series A crunch or the record-breaking stable of unicorns waiting for exit markets to thaw and late-stage capital to return.E

5、xcluding AI,growth remains a challenge to many companies.CFOs continue to scrutinize spending.At the same time,venture capital(VC)-backed companies prioritized margins over growth,given a desire to extend runway and have a path to profitability.For many,the economics of burning cash to chase growth

6、when customer acquisition costs(CAC)are higher doesnt make sense.The end of zero-interest-rate policy(ZIRP),the tougher fundraising environment,and a disjointed economy have exposed companies that were buying growth but lacked strong underlying businesses.Now,more companies are shrinking while being