2019 Best of the Northwest

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2019 Best of the Northwest 2019 BEST OF THE NORTHWEST Top Investors, Professionals, Service Providers, and Support Organizations Adding Value To Organizations In Greater Seattle’s Innovation Economy 1 February 15, 2019 2019 BEST OF THE NORTHWEST Dear Readers, Now in our fifth year, the collaboration between Iinnovate and the University of Washington takes a snapshot of the innovation economy in 2019, and identifies through investor and peer surveys and interviews the leading individuals and organizations supporting Life Sciences and Tech entrepreneurship and growth. The initial impetus for this report was to help entrepreneurs in the Puget Sound Region (Greater Seattle) understand the resources available to them as tech and life sciences start-ups and scale-ups. Over time, we have expanded the report with the belief that a healthy innovation economy can improve companies, communities, and lives. There is no doubt that the trends we saw in 2019 will be majorly impacted by the Coronavirus. It will be difficult to project how WA State’s innovation economy and entrepreneurial companies will rebound. With that said, our goal is to maximize learning about how to build a great innovation economy, and, from the Coronavirus, we will gain insights that, hopefully, will help our State and entrepreneurs weather a major, difficult, and sad disruption. This year’s report focuses on an index to top investors, professionals, service providers, and support organizations adding value to tech and life sciences organizations in Greater Seattle as reported by peers. As a result we have renamed the report, “The best of the Northwest”. We also take a snapshot of the changes to our innovation economy since last year. A big thank you is due to the University of Washington Bothell, and the Greater Seattle innovation community of leaders, investors, service providers, and professionals for making this year’s report possible. We hope you find this to be a valuable resource and look forward to receiving your feedback at info@ innovatenetwork.com so we can improve future reports. Wishing you and your families a safe and healthy 2020! R. Joe Ottinger CEO of Iinnovate Leadership Network P.S. Although this report is not a Covid 19 resource, we would like to send our heartfelt thanks to the healthcare workers and individuals making huge sacrifices to keep essential services open to make life better for the rest of us. 2019 BEST OF THE NORTHWEST 2 ABOUT THE AUTHORS Iinnovate Leadership Network (pronounced “I innovate”) is a management consulting firm focused on helping companies succeed in today’s innovation economy. Iinnovate’s consulting services focus on preparing leaders and companies for innovation and growth, including innovation strategy, goal- setting using OKRs, management, execution, and culture. Iinnovate was founded by R. Joe Ottinger, a former management consultant with Harvard Business School professor John Kotter, tech executive with public and private technology companies, and author of books and articles on innovation and leadership. He is also a co-founder of OKR Advisors, providing training, content, community, and consulting for the future of work, now. Joe cares deeply about transforming companies, communities, and lives through innovation. Iinnovate along with the University of Washington, has published the Greater Seattle Innovation Ecosystem Guide, now titled “The Best of the Northwest”, for the last 4 years, providing insights for entrepreneurs, investors, professionals, service providers, and support organizations. The University of Washington Bothell is a rapidly developing UW campus just north of Seattle. Its School of Business focuses on top quality research, excellence in teaching, and community engagement. The School’s undergraduate and MBA programs inspire business excellence by ensuring that current and future leaders have the skills needed to be successful in a constantly changing business world. UW Bothell is known for providing a participatory student experience grounded in hands-on learning, close relationships with faculty as teachers and mentors, and the personalized support of staff who are dedicated to student success. The campus is also distinguished by its focus on cross- disciplinary research and creative practice, connected learning and community engagement. The primary researchers this year were Geneva West and Chi Do. The Professor sponsor was Denis Trapido. 2019 BEST OF THE NORTHWEST 3 TABLE OF CONTENTS EXECUTIVE SUMMARY 6 Methodology 6 Major Highlights 6 Recognition and Thanks 7 SNAPSHOT OF GREATER SEATTLE’S 2019 INNOVATION ECONOMY (IN 10 CHARTS) 8 Chart 1 2019 State Rankings By Percentage Growth in GDP 8 Chart 2 2019 Ranking Of Most Attractive Metro Areas For STEM Jobs 9 Chart 3 WA State Employees By Sector 9 Chart 4 2019 State Rankings Of Venture Capital Deals and Investment 10 Chart 5 2019 State Ranking Of Life Science Sector 11 Chart 6 Venture Capital Trends (Deals and Investments) In WA State 2014-1019 12 Chart 7 Capital Raised By Tech Investment Firms 2018 and 2019 13 Chart 8 Largest Tech Startup Capital Raised 2019 v. 2018 14 Chart 9 Largest Commercial Office Tenants In Greater Seattle 2019 v. 2018 14 Chart 10 States with the most aggressive measures in Limiting Corona Virus Exposure 15 BEST OF THE NORTHWEST INDICES 16 ACCELERATORS, INCUBATORS, CO-WORKING SPACES & MEETUP GROUPS 17 INDEX 1 Accelerators 17 INDEX 2 Incubators 18 INDEX 3 Coworking spaces 19 INDEX 4 Tech Meet-Up Groups 20 INVESTORS 22 INDEX 5 Angel Networks, Start-Up Labs & Start-Up Studios - Tech 22 INDEX 6 Angel Networks - Health & Life Science 24 INDEX 7 Venture Capital Firms - Tech 24 INDEX 8 Venture Capital Firms - Health & Life Science 26 INDEX 9 Strategic Corporate Investors 28 INDEX 10 Family Offices and Closely Held Private Equity Investors 30 2019 BEST OF THE NORTHWEST 4 PROFESSIONALS (LAWYERS AND ACCOUNTANTS) 32 INDEX 11 Corporate Lawyers Tech 32 INDEX 12 Corporate Lawyers Health & Life Science 34 INDEX 13 Patent Lawyers 35 INDEX 14 Accountantas 35 SERVICE PROVIDERS 36 INDEX 15 Alternative Financing 36 INDEX 16 CEO Networks 36 INDEX 17 Commercial Banks - Servicing Health & Life Science 36 INDEX 18 Commercial Real Estate Brokerage Firms 37 INDEX 19 Executive Coaching and Leadership Development 39 INDEX 20 Financial Consulting/Outsourcing Firms 39 INDEX 21 HR Consulting/Outsourcing Firms 40 INDEX 22 Insurance Advisors 40 INDEX 23 Investment Banks 40 INDEX 24 Marketing Firms 41 INDEX 25 Venture Debt 42 INDEX 26 Sales Consulting & Outsourcing 42 INDEX 27 Strategy & Strategic Change 42 WOMEN IN TECH RESOURCES 43 INDEX 28 Top Women Angel Investors 43 INDEX 29 Women-Focused Angel Networks & VC Funds 45 INDEX 30 Women’s Organizations For Tech and Life Sciences 46 INDEX 31 Tech Support Organizations 51 SUPPORT ORGANIZATIONS 51 INDEX 32 Health & Life Sciences Support Organizations 51 INDEX 33 Major Health & Life Science Institutions 53 INDEX 34 Major Government and Academic Organizations 55 TALENT-RELATED ORGANIZATIONS 57 INDEX 35 Talent Recruiting Firms 57 INDEX 36 Offshore Resources 57 INDEX 37 Staffing/Hiring Solutions for Employers 58 MEDIA 59 INDEX 38 Media - Tech & Life Sciences 59 ENTREPRENEUR REPORTS AND TOOLS 61 INDEX 39 Reports, Tech Tools, and Resources for Entrepreneurs 61 2019 BEST OF THE NORTHWEST 5 EXECUTIVE SUMMARY - Each year Iinnovate gathers a list of the top tech and life sciences investors, professionals, service providers and support organizations as recommended by their peers and research conducted by the University of Washington. The goal is to help entrepreneurs connect with the “best of the Northwest”, and to support them in identifying the individuals and networks that exist to help them succeed. Whether tech and life sciences entrepreneurs are looking for capital, talent, professionals, or service providers, Iinnovate’s Best of the Northwest Guide is here to connect them with the best the Northwest has to offer. METHODOLOGY The methodology that was used to create this report involved over 50 interviews and 100 surveys with investors, professionals, service providers, and support organizations for the Tech and Life Sciences sectors in WA State. In addition, research was conducted using Pitchbook, Crunchbase, Geekwire, and other Internet and media outlets. We use the term “Greater Seattle” rather than Puget Sound, because most of the country and rest of the world does not recognize the differences between Seattle, Greater Seattle, and Puget Sound. MAJOR HIGHLIGHTS Recognizing the Coronavirus has changed everything, 2019 was a banner year for WA State, and especially for the tech sector. Here are some of the major highlights: The information, communications, and technology (ICT) sector grew faster than any other sector of Greater Seattle’s innovation economy. Seattle continues to be home to two of the largest, global tech powerhouses, Amazon and Microsoft, and both companies grew their market cap and footprint in Greater Seattle. Major Silicon Valley and SF companies, such as Salesforce, Google, Apple, Facebook and others, continued to expand in Greater Seattle. Venture capital firms raised record funds over the last 2 years, and VC deals and investments grew significantly over 2018. Greater Seattle ranked #1 in attractiveness for STEM jobs among all major metro areas. Greater Seattle was particularly responsive to combat the Coronavirus. 2019 BEST OF THE NORTHWEST 6 RECOGNITION AND THANKS Erik Benson, Kevin Cable, Frank Chang, Teague Collins, Trent Dykes, John Cook, Andy Dale, Chris Devore, Trent Dykes, Nick Ellingson, Sonya Erickson,
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