"75% of Boston startups made a return to or exceeded their pre-crises MoM revenue growth rate in just 6 months time."

ABOUT THIS SURVEY

In May 2020, Venture Lane launched the Recession Readiness Survey to learn how COVID-19 impacted Boston startups and how Founders were preparing for the road ahead. We learned that initial impact on revenue growth was severe, but Founders were planning to tighten their belts on cash burn and make a return to pre-crisis growth rates within 6 months.

  In Oct 2020, we launched the Boston Startup Growth Survey with two goals in mind.

     Screen Shot 2020-11-12 at 2.19.24 PM Determine whether Boston startups returned to pre-crisis growth rates.

     Screen Shot 2020-11-12 at 2.19.24 PM Crowdsource the most effective strategies for driving growth - lead generation, conversion, customer retention, team motivation.

 

SCROLL ALL THE WAY DOWN TO ACCESS FULL REPORT

75% of Boston startups made a return to or exceeded their pre-crises MoM revenue growth rates in 6 months time.

 Screen Shot 2020-11-13 at 12.31.42 PM  Startups skillfully adapted their marketing plans to capture a flurry of top-of-funnel activity.

 Screen Shot 2020-11-13 at 12.31.42 PM  Conversion was a bit trickier with sales cycles ticking up in length, but startups in most industries are now generating double digit MoM revenue growth.

Screen Shot 2020-11-16 at 2.40.19 PM

THANK YOU TO OUR PARTNERS!

We're on a mission to create gold standard reporting for Boston's seed-stage startups. Grateful to have world class partners who share our vision!

Screen Shot 2020-11-13 at 3.30.33 PM

WHO TOOK THE SURVEY?

We had 51 startups participating. Here's a little about them... 

Screen Shot 2020-11-12 at 2.19.24 PM 100% provide software powered solutions

Screen Shot 2020-11-12 at 2.19.24 PM 75% are B2B SaaS

Screen Shot 2020-11-12 at 2.19.24 PM 63% are funded, from Pre-Seed to Series A

Screen Shot 2020-11-12 at 2.19.24 PM Top industries represented on the right

Screen Shot 2020-11-11 at 10.14.32 PM

FUNDRAISING PLANS WERE INTERRUPTED

Screen Shot 2020-11-16 at 2.37.26 PM

Screen Shot 2020-11-13 at 12.31.42 PM  In May 2020, 50% of startups planned to raise in the next 6 months. As of Sep 2020, only 33% had successfully closed a round. 

Screen Shot 2020-11-13 at 12.31.42 PM  Not only that, roughly one third of the rounds closed in the last 6 months were bridge funding - i.e. not planned.

Screen Shot 2020-11-13 at 12.31.42 PM  All this boils down to... only half of the startups who planned to raise 6 months ago did wind up raising. Have no fear - better news lies ahead!

STARTUPS CHANGED COURSE ON MARKETING AND WERE REWARDED

Screen Shot 2020-11-12 at 2.19.24 PM Lead generation was the most 'pivoted' strategy of the last 6 months, more so than sales strategy, product roadmap, target market, etc.

Screen Shot 2020-11-12 at 2.19.24 PM Change was a good thing, because startups in 13 of 15 industries are generating more monthly leads than they were before the crisis.

Screen Shot 2020-11-12 at 2.19.24 PM Founders ranked their most effective lead generation strategies to the right.

 

Screen Shot 2020-11-16 at 11.29.12 AM

REVENUE IS GROWING AS FAST AS PRE-CRISIS RATES

Screen Shot 2020-11-13 at 12.31.42 PM 75% of startups have a MoM revenue growth rate equal to or higher than their pre-crisis rate.

Screen Shot 2020-11-13 at 12.31.42 PM Startups in 7 of 15 industries have grown MRR by triple digit percentages in the same timespan.

Screen Shot 2020-11-13 at 12.31.42 PM Startups in the other 8 industries have had less success and a few may continue to face headwinds.

Screen Shot 2020-11-11 at 11.17.08 PM

THE FUTURE OF WORK IS HYBRID I.E. WFH AND IN-OFFICE

Screen Shot 2020-11-13 at 12.22.00 PM

Screen Shot 2020-11-12 at 2.19.24 PM No surprises here. Startups worked primarily in the office before COVID-19 and from home during COVID-19.

Screen Shot 2020-11-12 at 2.19.24 PM Once a vaccine is available, startups plan to take a hybrid approach with team members both in-office and WFH.

Screen Shot 2020-11-12 at 2.19.24 PM Venture Lane can help with that transition! Check out how we're helping teams go hybrid below.

LEARN ABOUT GOING HYBRID

Venture Lane launched a Hybrid Membership for teams working from home + in office. Check out the member benefits!

Screen Shot 2020-11-12 at 2.56.18 PM  Boston Mailing Address + Workspace 2 days/wk
Screen Shot 2020-11-12 at 2.56.18 PM  Access to Mentor Network & Impact Program
Screen Shot 2020-11-12 at 2.56.18 PM  $400K in AWS credit & add'l provider perks

VIEW HYBRID BENEFITS
Screen Shot 2020-11-13 at 12.03.27 PM

GET THE FULL REPORT