By Laura Baverman, ExitEvent
Durham VC firm Bull City Venture Partners releases annual entrepreneurs survey, with three notable changes from 2016
The folks over at Bull City Venture Partners compile a survey each summer to get a read from entrepreneurs across the Southeast and Mid-Atlantic on the state of startups and venture capital mid-year. Topics range from growth forecasting to capital raising to hiring plans and big concerns for the remainder of the year.
And while this year’s survey shows similar sentiments around the ability to raise funds, there are a three striking differences from 2016. First, more than double the number of companies from a year ago are growing revenue by 75 to 100 percent.
Second, is the sheer number of companies planning to raise capital still in 2017. BCVP records a 400% increase in planned $500,000 to $1 million rounds.
70% of companies surveyed plan to raise between $5 million and $10 million.
Third is a shift in hiring from sales to marketing and executives.
The hundreds of companies surveyed are all in tech industries, with the majority recording less than $1 million in revenue, fewer than 10 employees and with only seed funding.
In a quick synopsis, the BCVP team theorizes that CEOs are staying focused on revenue, which is leading to fewer funding rounds but larger ones when the time comes. Check out a Slideshare of the results here: