Despite Pandemic, 75% of Boston Startups Are Doing Better than Ever

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Early-stage companies rallied to drive triple-digit revenue growth, Venture Lane report shows

Through powerful data-driven storytelling, this survey captures the strength of Boston’s innovation ecosystem and unlocks important insights and growth strategies for startups everywhere.

Boston startups are thriving and finding new ways to drive growth in the post-COVID era, according to a new report published by startup hub Venture Lane in partnership with data analytics pioneer Toucan Toco. In total, 75% of Boston startups have rebounded to or exceeded their pre-pandemic revenue growth rates in the six months since the outbreak of the coronavirus crisis.

While 50% of Boston startups anticipated closing new financing in the 6 months from May 2020, only 33% successfully achieved their goals, the survey found. Most of the region’s early-stage companies responded to the coronavirus crisis by successfully developing new lead generation strategies. Firms generated almost 3X more monthly leads in September 2020 than in Feb 2020, with monthly recurring revenues climbing by triple digits in 7 out of 15 industries.

The report is part of an ongoing review of Boston’s startup ecosystem, spearheaded by Venture Lane with the support of regional leaders including TechStars Boston Accelerator, BostInno, Underscore VC, MassChallenge Boston, and First Republic Bank. As the exclusive tech partner for the project, Toucan Toco is responsible for transforming raw survey data into engaging and easy-to-understand visualizations to reveal key trends affecting Boston’s innovation economy.

“Our survey demonstrates the incredible resilience and adaptability of Boston’s startups. They have weathered an unprecedented crisis, and emerged stronger than ever,” said Ross Palley, Venture Lane’s General Manager. “By driving new leads and exploring new ways of working, and supported by Venture Lane’s new programs for remote and hybrid teams, these startups are building a brighter economy for our whole region.”

“We chose Boston as our U.S. headquarters because of the city’s best-in-the-nation startup ecosystem and talent pool,” said Charles Miglietti, Toucan Toco’s CEO and co-founder. “Through powerful data-driven storytelling, this survey captures the strength of Boston’s innovation ecosystem and unlocks important insights and growth strategies for startups everywhere.”

The survey polled 51 Boston-based startups, of which 75% were B2B SaaS providers and almost two thirds were pre-Series A. To receive more details and obtain insights into Boston founders’ most effective lead generation strategies, download the full report, including interactive data visualizations powered by Toucan Toco, via this link: https://blog.theventurelane.com/bsgs2020.

About Toucan Toco:
Toucan is a data communication software company committed to the belief that data has to be coupled with an intuitive user experience to generate actionable insights. It offers streamlined reporting for non-techies, which SaaS companies can white-label and embed into their own product to wow users and gain a competitive advantage. Toucan is trusted by 130 clients worldwide, from global corporates to fast-growth tech companies. For more information, visit: https://toucantoco.com/en/.

About Venture Lane
Venture Lane is committed to being the best startup hub for founders growing early stage tech companies in Boston, the fifth largest startup ecosystem in the world. To create measurable value for early-stage tech companies, Venture Lane brings together the most beneficial elements of coworking spaces and accelerators, offering Boston’s most promising early-stage startups access to mentors and world class advisors, educational programming, a collaborative environment and a beautiful, flexible space to work. To learn more, visit http://www.theventurelane.com.

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