StartUpHire has compiled a granular listing of venture capital job creation data, the first of its kind. This is by far the broadest aggregate directory of jobs at venture backed companies in the US, and we expect these numbers to grow as companies not yet represented on the platform post their open positions.
Even in times of economic headwind, venture-backed companies continue to be a vibrant hiring engine which is critical to our nation’s economic health. These initial statistics provide a snapshot of hiring activity across more than 2000 companies. The geographic distribution is weighted towards regions receiving the largest share of venture capital dollars; however, jobs exist in 48 states plus Washington, DC. 37% percent of the jobs listed are in California; 15% in the Mid-Atlantic stretching from PA to CT; and 10% in New England, predominantly in Massachusetts. We all expected California to the lead the pack, but who would have guessed PA-to-CT at number two?
Open positions as of May 15, 2009 – - By Region
The underlying job descriptions indicate that skill levels for these new jobs span the entire spectrum from machinist to nursing to sales to engineering to cancer research. It is really quite impressive. Companies across all sectors are hiring, from software to biotech to semiconductors to cleantech. The software industry houses a robust 31% of available jobs, followed by 18% in IT services, and 8% in business products and services. Could it be that these are the least capex intensive industries and thus the best positioned to keep hiring in a challenging economy?
Open positions as of May 15, 2009 – - By Industry
To get ourselves out of this economic dip, it’s going to be startups, small businesses, and venture backed companies that lead the way. Historically (or at least according to the SBA), small businesses (< 500 employees) have generated 60-80% of net new jobs annually over the past decade. That intuitively makes sense. Venture funded companies are the fastest growing subset of this segment so they are vitally important to our economic future.
What do you think? Did you anticipate this volume of hiring at venture backed companies in today’s economic climate?