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So in the event you have been on social media this week, you in all probability noticed a ton of YC firms speaking about how they have been within the 2023 High Corporations.
SaaStr Fund has invested in a number of of the, from Algolia to Treasury Prime to RevenueCat and extra and it’s all the time enjoyable to see awards and related content material from leaders like YCombinator.
However past the nice tales of who’s breaking out, I discovered a quiet set of statistics much more attention-grabbing: the place they’re breaking out.
It seems that 58% of high YC firms are headquartered within the SF Bay Space … however on the similar time 82% are partially or totally distant.
This kind of summarizes the place I believe issues are in SaaS in 2023. The SF Bay Space is not the true HQ of SaaS, nevertheless it stays the clear #1 middle for founders. We seemingly won’t ever once more have 100s and 100s of AEs and SDRs sitting in places of work in SOMA in SF, however the founders, many execs, and the plurality of SaaS VCs are nonetheless based mostly within the SF Bay Space. Even when they aren’t all the time right here fairly as typically.
However the firms themselves are largely distributed.
And solely 18% are totally in-office.
That does appear to be the world at the moment in SaaS. I say nonetheless come to the SF Bay Space as founders in the event you can, if it is sensible. It’s value it to be among the many highest density of nice founders, in addition to ex-founders, those who have had huge exits and IPOs and extra. And it’s all the time simpler to fundraise if you find yourself near VCs.
I felt this so much after we spent 2 weeks in Singapore for SaaStr APAC. It was nice being there, and everybody from Sequoia to Bessemer to Lightspeed to Accel was there. However though in some methods Singapore felt like a extra futuristic, slicker model of a hybrid of SF and Miami, it was missing one factor … the density of late stage and exited founders. There simply weren’t a ton of parents that had gotten to $100m ARR, had exited, had IPO’d, and extra.
The Bay Space nonetheless has essentially the most density. Beneath the founder and exec degree, although it’s totally different.
You don’t want density to win. But it surely helps. At the very least, it helped me. It pushes you, it makes connecting and mentoring and partnering that a lot simpler.
Printed on March 2, 2023
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