Changes

These reports use data from Thomson–Reuters VentureXpert to examine growth venture capital (VC) investment in the United States for each year (or part of a year) and generate a ranking for U.S. startup cities. The overall ranking is based on equally weighting cities’ ranks for growth venture capital invested, the number of new growth venture capital deals(i.e., first growth VC investments into a startups), and the number of active growth VC-backed startupstartups.

The difference between growth and transactional VC is described in [https://www.bakerinstitute.org/media/files/files/52cdbe0c/bi-brief-030518-mcnair-growthtransvc.pdf Egan and Carranza (2018)]. Essentiually, growth VC is seed, early or later stage investments in predominantly high-growth high-tech startups.  We follow the academic convention and define a firm as an active recipient of venture capital if not more than 5 years have elapsed since the last round of investment and the firm has not experienced an IPO or an acquisition. This definition overstates reality -- perhaps as many as half of all "active" firms will be either dead or living-dead in a given municipality.