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Venture Capitalist Confidence Up Ahead of Twitter’s IPO

Confidence among Silicon Valley’s venture capitalists rose to a six-year high in the third quarter, with more opportunities, “innovative and determined entrepreneurs” and a better environment for public offerings.

The index reached 3.92 on a 5 point scale, the highest since the third quarter of 2007, according to a September survey of 36 venture capitalists in the San Francisco Bay Area conducted by Mark Cannice, a professor at the University of San Francisco School of Management.

Twitter Inc., in the most-anticipated U.S. technology initial public offering since Facebook Inc.’s market debut last year, is seeking to raise more than $1 billion in a share sale by the end of the year, people with knowledge of the matter have said. That, along with the IPOs of software companies such as Workday Inc. and ServiceNow Inc. last year, is helping to lift confidence, according to Deven Parekh, managing director at venture-capital firm Insight Venture Partners.

“Venture capitalists’ confidence is certainly helped by a very strong tech IPO market,” Parekh said in a phone interview.

Investors are shaking off the uncertainty of the 2008-2009 global recession, finding more opportunities in innovative technologies and are able to exit their investments in a more favorable IPO environment, Cannice said.

“Momentum in innovation in growing market opportunities coupled with a better exit environment is supporting the venture business model and bolstering sentiment,” Cannice wrote in the report.

“The IPO market is a primary driver of confidence as well as venture capitalists’ investment trends which have gone up sequentially year over year, however, what is holding confidence from where it could be is fundraising ability compared to a few years ago,” Cannice said in an interview.

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