SVB's annual Innovation Economy Outlook surveys more than 1,100 executives from technology and life science companies worldwide, and offers insight into what’s on the minds of leaders in the global innovation economy today. Among the findings: - 71% Tech execs expect business conditions to be better in 2015 - 49% of tech companies raised capital in 2014, but 81% say current fundraising environment is challenging - 54% of companies who raised capital in 2014 received it from individual investors; 44% raised from VCs - 98% are maintaining or growing their workforces; 95% say it's challenging to find workers with the right skills - Cybersecurity is the single most important policy issue affecting innovation companies - Lack of action on tax, immigration and patent reform is still a problem. Read the full report at www.svb.com/ieo

1. Innovation Economy Outlook 2015 1
Innovation Economy Outlook 2015
Executives plan for growth
and want policies that
fuel their progress
Inside
Executives are bullish about
2015 and confident about
delivering results.
Capital is plentiful, but
fundraising remains a challenge.
The innovation economy is a
global engine for job growth.
Leaders need progress on key
policy issues.
Innovators seek collaboration,
not just regulation.
Direct support from the
government provides a boost.

2. 2
Entrepreneurs and executives around
the world expect higher revenues, larger
workforces and improving business
conditions in 2015. But they’re realistic
about the challenges ahead. Their
responses to SVB’s Innovation Economy
Outlook 2015 survey reveal that it’s
reality, not over-exuberance, that’s
driving their optimism.
And, they believe policymakers can
help. On issues including tax reform,
immigration and cybersecurity, business
leaders want government support.
Read and download our full reports at svb.com/ieo.

3. Innovation Economy Outlook 2015 3
71%expect business
conditions to be
better in 2015.
Entrepreneurs and executives are getting more
accurate in predicting their revenue targets, which
suggests more realistic expectations for growth.
76%say their company
met or beat revenue
targets in 2014.
Executives are bullish on 2015 and confident
about delivering results.
Even companies who beat or missed their
targets came pretty close to hitting the mark.
Global growth remains a core strategy.
Innovation-focused companies continue to look internationally for growth. Of the respondents
who generated revenue in 2014, more than two-thirds earned some revenue abroad.
41%expect to derive more than 20%
of their revenues from outside
their home country.
36%expect to derive 1%–20% from
outside their home country.
23%expect to derive no
revenues outside
their home country.
“The market is there, we simply need to execute.”
—Hardware executive

4. 4
of respondents
successfully raised
private capital last year.
Capital is plentiful, but fundraising remains a challenge.
Individuals and venture capital top the list of funding sources.
54%
44%
27%
15% 11% 11%
Individual
investors
Venture
capital firms
Angel investor
groups or
micro venture
capital
Bank debt
finance
Private
equity firms
Corporate
investors
85%
of pre-revenue companies
raised capital from
individuals, angel investor
groups or micro venture
capital funds.
Finding workers with the right skills is somewhat
or extremely challenging.
87%
2013
90%
2014
95%
2015
The innovation economy is a global engine for job growth.
As competition for talent intensifies, more and more
executives say they struggle to find employees with
the right skills to grow their business.
Sources of funding companies received in 2014
81%
say the current fundraising
environment is somewhat
or extremely challenging.
Almost all of the companies in our survey
are either stable or growing.
98%
49%
85+15
are maintaining
or expanding their
workforce.

5. Innovation Economy Outlook 2015 5
Leaders need progress on key policy issues.
As innovation hubs around the world gain traction, U.S. executives want government
on their side to help maintain a leadership position in the innovation economy.
Single most important policy issue affecting innovation companies
Cybersecurity
14%
Consumer
privacy
13%
Corporate
taxes
11%
Immigration
11%
FDA
regulation
10%
Patent
litigation
9%
$
Lack of action on tax and immigration
reform is still a problem.
The U.S. Congress hasn’t made meaningful
progress on either front, leading to frustration
among business leaders.
of executives concerned about
immigration reform say current
U.S. immigration laws affect their
decisions about where to locate
facilities or make acquisitions.
88%
of executives concerned
about tax reform say the U.S.
tax code has an impact on
their strategic decisions.
41%
Consumer privacy regulations
overwhelm without solving problems.
Keeping up with today’s maze of regulations
ties up resources that could be spent
developing better defenses, such as encryption
and tokenization.
71+29+F
85+15
41+59
of executives concerned about
consumer privacy say dealing with
the patchwork of data privacy
rules diverts resources away from
protecting consumers’ privacy.
71%

6. 6
of leaders from
companies with more
than $25 million
in revenue say
cybersecurity is their
top policy concern.
23+77
Innovators seek collaboration, not just regulation.
Patent litigation is a growing concern.
2014
2015
10%
14%
Targets of patent claims
As cybersecurity threats increase,
cooperation is critical.
When asked where the federal
government should play a significant
role on cybersecurity issues, executives
were more likely to identify supportive
measures than regulations.
33%
Promoting
information
sharing
29%
Disseminating best
practices
29%
Funding research
27%
Creating tax/other
incentives to invest21%
Ensuring integrity
of the global IT
supply chain
19%
Setting technical
standards18%
Adopting
regulations for
companies
that control critical
infrastructure
14%
Supporting private
market insurance
mechanisms
14%
Imposing liability 12%
Adopting
regulations for
all private sector
companies
The number of innovation
economy executives who say their
company has been the target of
a patent infringement suit or
demand letter has increased by
nearly 50% since last year.
23%

7. Innovation Economy Outlook 2015 7
61+39+D
Direct support from the government provides a boost.
The innovators we surveyed say government agencies have worked with them in the following ways:
46% 20%34%
Neutral Negative
experience
Positive
experience
61%
38+62+D 25+75+D38% 25%
43% 15%42%
Neutral Negative
experience
Positive
experience
48% 3%49%
Neutral Negative
experience
Positive
experience
Selling products or services
to the government
Obtaining government grants Using government data
“The government should work with trusted investors
and advisors to help them deploy grant funding quicker
to the right startups.”
—Analytics software executive

8. About Silicon Valley Bank
For more than 30 years, Silicon Valley Bank (SVB) has helped innovative companies and their investors move bold ideas forward, fast. SVB provides
targeted financial services and expertise through its offices in innovation centers around the world. With commercial, international and private
banking services, SVB helps address the unique needs of innovators. Forbes named SVB one of America’s best banks (2015) and one of America’s
best-managed companies (2014).
Silicon Valley Bank is the California bank subsidiary and commercial banking operation of SVB Financial Group (Nasdaq: SIVB) and a Member of
the FDIC. Silicon Valley Bank and SVB Financial Group are members of the Federal Reserve System.
Learn more at
svb.com/ieo
©2015 SVB Financial Group. All rights reserved. Silicon Valley Bank is a Member of FDIC and Federal Reserve System. SVB, SVBFind a way, SVB Financial Group, and Silicon Valley Bank are
registered trademarks.
A third-party firm, Morpace, Inc., conducted the Innovation Economy Outlook 2015 survey online on Silicon Valley Bank’s behalf from December 6, 2014, to January 9, 2015.
The material, including without limitation the statistical information herein, is provided for informational purposes only and is compiled from the survey conducted by Morpace, a third-party
source. The material is based in part upon information from third-party sources that we believe to be reliable. However, the material has not been independently verified by us, and as such, we
do not represent that the information is accurate or complete. The information should not be viewed as tax, investment, legal or other advice, nor is it to be relied on in making an investment or
other decisions.
About the Innovation Economy Outlook 2015 survey
Our sixth annual survey of executives from innovative companies worldwide offers insight into what’s on the minds of leaders in the global
innovation economy today. In the Innovation Economy Outlook 2015 survey, we received more than 1,100 responses from executives in more than
30 countries, covering such topics as how innovation companies are faring, hiring projections and how government policies are affecting business
growth. We heard from executives in innovation hubs around the world, who represent companies ranging from startups to global enterprises.
17%
Industry sector Profitable
48% Yes
52% No
Ownership
76%
Technology
(net)
18%
Healthcare
(net)
6%
Other
Revenue stage
93%
Private
7%
Public
48+52+x
58%
25% Pre-revenue
Up to $25 million
in revenue
More than
$25 million
in revenue
Total
respondents
1,116
Primary place of business
79%
United States
11%
UK
10%
Other locations
worldwide