Silicon Valley Bank Reveals Financing and Hiring Trends within Global Innovation Economy

According to the 2014 Innovation Economy Outlook study, almost 80 percent of executives in the global innovation sector (e.g. software, hardware, cleantech, and healthcare) plan to grow their workforces in 2014. However, more than 90 percent report challenges in finding the talent they need in order to do so. In addition to the high rate of job creation, the study also uncovered widespread optimism with strong intentions to access international markets for sales plus efforts to obtain equity capital.

“Innovation is happening globally, and it is driving a rapid pace of new company formation, an international exchange of ideas and alternative sources of capital,” said Greg Becker, president and CEO of Silicon Valley Bank. “We are helping to pave the way for innovation companies to succeed, and we believe that the regions that build talent pools of motivated workers with relevant skills through education and appropriate policies have the chance to become destinations of choice for rapidly growing companies and high-quality, well-paying jobs.”

Summarized highlights from the global report include:

• Two thirds of responding companies met or beat revenue targets in 2013
• 82 percent of respondents think that business conditions have improved over 2013, the highest level of optimism in five years
• 77 percent expect to grow their workforce with a median growth rate of 30 percent
• The top three challenges reported in the study include scaling operations, talent acquisition, and access to equity capital
• 80 percent of companies based outside of the U.S. are selling overseas
• Hiring is a global challenge but even more so outside of the United States