Why Is Venture Development Important?
Venture-backed firms now account for a significant portion of current jobs in the U.S. economy.
- Employees from venture-backed companies represent 9 percent of all private sector U.S. employment and the revenues from venture-backed companies represent 17.6 percent of U.S. GDP
- U.S. companies that received venture capital resources from 1970-2006 now account for 10.4 million jobs and $2.3 trillion in revenue in the U.S. economy
- Venture-backed companies also grow much faster (revenues and employees) versus non venture-backed companies (11.8 percent versus 6.5 percent in revenues and 3.6 percent versus 1.4 percent in employment between 2003 and 2006)
As a result of these existing and on-going trends, the economy of communities that do not have a significant set of venture-backed firms will suffer on a competitive peer basis when evaluating economics such as job growth and per-capita income.
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