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While rebound talk is current, survey results released this week by the National Venture Capital Association report nearly four in 10 venture capital investors believe 2010 will be worse than 2009.
Just slightly over half of venture capital respondents told the NVCA they believe VC investing will grow in 2010. Eleven percent said they think it will remain flat. The remaining number said they thought VC would decline in the coming year. One third of venture capital respondents said their firm will invest in the same number of portfolio companies in 2010, and nearly half said the number would increase. Eighteen percent said their firms would back the same number of companies.
While VC investment for 2009 remains down over the year-ago period, the category has grown, quarter to quarter, since its bottom in the first quarter of 2009. However, as of third quarter, the industry was on track to invest less in 2009 than it has since 2003, when the technology economy was recovering from the Internet bubble.
Among VC sectors, only cleantech garnered a majority of optimists among VC respondents to the NVCA survey, with 54 percent saying they expect the sector to grow in 2010. The Internet sector was the runner-up, with 46 percent predicting growth in VC dollars invested.
Early-stage startups are predicted to have the hardest fundraising row to hoe. According to the NVCA survey, only 45 percent of VCs predict 2010 to improve over 2009 in terms of early-stage investing, and 55 percent predict an increase in growth equity investing.
Full survey results are available from the NVCA.
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