STATE OF THE MARKETS
Q1 2019 Report
State of the Markets Q1 2019
As Good as it Gets?
With all the dire headlines, let’s not forget the epic run that venture has been on. We’re now approaching a full decade of compounding tailwinds, with low rates and abundant capital bringing in risk-incentivized asset managers from around the globe. We’ve 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 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 got us here will take us further. After a decade of support from private markets, the scale and 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 entrepreneurs, 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. It’s what we do. No matter what the future holds, it’s unlikely that innovation will be stifled.
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