Techstars 2024 State of Innovation Survey 

Key Insights

State of the market

Entrepreneurs are no less ambitious, but those ambitions are less likely to include an IPO. Just 15% of founders say their primary long-term goal for their startup is to go public, while 34% say their goal is to be acquired, and 30% would opt to remain private.

Entrepreneur Life

Startup culture is nose-to-the-grindstone. This is reflected in the hours entrepreneurs work, with nearly one-third (31%) working at least 60 hours per week, and almost one in five (17%) working 70 hours or more.

Innovation Drivers

No single factor is the standout driver of innovation today, underscoring that it takes an ecosystem for innovation to soar. When asked for the biggest innovation driver in their sector currently, respondents' answers were spread evenly between VC and angel investors (22%), Accelerator programs (19%), and community and proximity to other startups (18%).

Most Innovative Sectors 

Even as AI proliferates, the majority of founders are still focusing on other tech. 60% of entrepreneurs say that AI is used only as an enabler of their product or service or that they do not use it at all.

Innovation Hubs

Silicon Valley still rules, but Asia’s on the march. Almost half (48%) of entrepreneurs and VCs believe the Valley will still be the world’s most innovative hub five years from now. However, Asian cities are gradually making up ground, thereby confirming the shift towards a more multipolar technology world. 

Innovation by Region

The U.S. is set to see the greatest spike in new startups this year, as Africa eclipses Europe. Nearly three times as many respondents predict that Africa will produce the most startups this year compared to Western Europe.