Venture Capital Growth in Southern California: 2012 CSU Statewide Student Research Competition Winner
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Venture Capital Growth in Southern California: 2012 CSU Statewide Student Research Competition Winner
This is research about Venture Capital Growth in Southern California from California State University Dominguez Hills. This research is the 2012 winner of the CSUDH Student Research Competition. It is also the winner of the 2012 CSU Statewide Student Research Competition. Abstract: Student Author: Bree Nguyen, CSUDH Faculty Mentor: Dr. Tayyeb Shabbir, CSUDH Department: Accounting and Finance Venture Capital Growth in Southern California: Becoming Silicon Valley Venture capital is an important driver of technology innovation and entrepreneurial undertakings in the United States and is responsible for funding high profile, revolutionary companies such as Google, Microsoft and Facebook. While venture capital is typically associated with Northern California’s Silicon Valley, in recent years, many other U.S. regions have emerged as centers for venture capital investments including Southern California. The primary goal of my research is to conduct an analysis of venture capital growth in Southern California in terms of venture capital dollars invested in the region, its relation to Silicon Valley and the viability of creating a So Cal ”Silicon Valley”. Past efforts to “recreate” Silicon Valley have failed – these factors will be analyzed and I will argue that the young venture capital market in Southern California can succeed. My study analyzes the venture capital growth in Southern California by focusing on two of the most rapidly growing funded industries in the region, Internet and Energy, and identifying regional and industry specific determinants of growth. The results reveal that there are determinants of growth that are unique to Southern California and unique to its industries. These determinants have strong correlations when analyzed together at a regional-industry level rather than individually. This study illustrates a model of venture capital growth unique to Southern California’s Internet and Energy industries to offer a different view than by using Silicon Valley as a model and a benchmark alone.
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Venture Capital Growth in Southern California: 2012 CSU Statewide Student Research Competition Winner
- 1. By: Bree Nguyen Faculty Mentor: Dr. Tayyeb Shabbir
- 2. Source: Thomson Reuters/PricewaterhouseCoopers Region 2010 Silicon Valley $8,513,442,800 39.0% Boston/New England $2,537,238,000 11.6% Southern California $2,431,050,700 11.1% Total $21,823,380,100
- 3. Source: Thomson Reuters/PricewaterhouseCoopers 2000 2010 % Change Silicon Valley 32.2% 39.0% 21.1% Boston/ New England 11.4% 11.6% 2.13% Southern California 8.6% 11.1% 29.9%
- 8. Source: socalTECH Venture Database 2010 # Of Deals Average Deal Size Silicon Valley 1204 $6.93m Southern California 451 $4.87m
- 9. Distribution of Venture Deals Source: socalTECH Venture Database Seed/Early $0-1.5m Expansion $1-10m $10-50m $50m+ Silicon Valley 40.2% 41.9% 16.4% 1.5% Southern California 43.0% 44.8% 11.8% 0.4%
- 10. Distribution of Venture Dollars Source: socalTECH Venture Database
- 11. Growth of Early Stage Funding Source: socalTECH Venture Database Early stage funding in Southern California of total funding
Editor's Notes
- Title Slide
- Intro slide with table of the three top venture capital markets We’re in the middle of an exciting time right here in our home of Southern California Venture capital in the U.S. is most closely tied with technology start-ups and technology innovation And historically, venture capital has been tied with two major regions, Silicon Valley and Boston/New England Here, you can see how much of the funding is flowing into these regions. (So Cal just surpassed New York in 2009)
- Here you can see the growth in Silicon Valley since 2000, and the plateau of venture dollars to Boston. But So Cal is seeing a much faster rate of growth here, in fact it is the fastest growth rate out of all regions in the U.S. Something exciting is happening here in Southern California. So, what is driving this growth? Can we expect the same pattern as Silicon Valley, or the plateau of New England? To answer this we look at some determinants of VC growth
- Highlight the determinants Although overall growth is up in So Cal, is it’s nature/behavior the same as Silicon Valley, can we expect the same kind of growth here as Silicon Valley?
- The overview of the data source
- Why is the average deal size is larger in silicon valley
- Distribution of venture deals is very different. There is a higher percentage of deals happening with earlier stage companies, and angel rounds of funding in So. Cal To make sure, let’s look at the distribution of venture dollars
- Nearly 20% of Silicon Valley dollars went to a small percentage of companies. As opposed to So. Cal where you see the dollars are being spread around in early stage and expansion stage companies.