If the words “strong,” “vibrant” and “supportive” spring to mind when asked to describe the city’s startup community, you would be in the majority of Boston-based entrepreneurs—89 percent of whom are happy with their overall lives here in the Hub, according to a new report published Thursday by the New England Venture Capital Association.
With the help of independent research firm HawkPartners, NEVCA surveyed 140 local entrepreneurs to gauge the perception of the city and its startup community. The response was overwhelmingly positive. Despite having to contend with the aftermath of the recession, 66 percent of entrepreneurs claim they are “happy” with the performance of their companies, while another 79 percent do not foresee moving within the next year.
“We could not have imagined launching our startup in any other city besides Boston,” said Sravish Sridhar, founder and CEO of backend-as-a-service startup Kinvey, in a release. “The city’s unique combination of amazing technology and talent, and smart and accessible VCs, made Boston the perfect city for us.”
And dozens of other entrepreneurs would agree. Survey respondents lauded Boston’s VC community, describing the group as “smart, warm and hard-working.”
When asked how attainable funding is here in the Hub, 64 percent of entrepreneurs report seed and Series A funding is the most accessible, with another 15 percent laying the same claim to Series B and C financing. Forty-four percent of entrepreneurs call Boston’s VC community supportive. On the flip side, however, 19 percent of respondents described VCs as “not very or not at all supportive,” leaving the rest to hover around “somewhat supportive.”
“Boston is such a hotbed of new ideas turning into new companies, because local entrepreneurs are supported by a deep and diverse startup ecosystem,” said NEVCA Executive Director C.A. Webb in a release. “In particular, we are fortunate to have a wide variety of local funding options, from seed investors willing to take a risk on disruptive new technologies, to experienced VCs who are constantly searching for the next category leaders.”
Categories currently blossoming in Boston include biotechnology (89 percent), big data (71 percent), education technology (68 percent) and application software (67 percent), according to survey respondents, who described the four as the most “attractive and vibrant” sectors in Boston.
The remaining downside is that only 27 percent of the survey’s respondents were female—a disheartening trend that continues to reverberate throughout the city’s startup community.
In July, NEVCA published a separate survey that stated 70 percent of local entrepreneurs think Boston’s startup community is either sometimes or not at all inclusive to female entrepreneurs. Although there is a growing list of venture capital- or angel-backed companies spearheaded by women, the bottom line is that more needs to be done in terms of providing females access to funding.
Moving forward, NEVCA will be tracking the number of local female entrepreneurs receiving venture financing and continue the conversation about how to attract and retain more women in tech.
After taking a look at NEVCA’s infographic below—one highlighting all that’s driving innovation in New England—it’s encouraging to think about how the already positive statistics would change with the addition of more female entrepreneurs.
