Abstract grid

Participants in the Innovation Economy navigated a challenging landscape in 2023 as the macroeconomic environment proved to be tumultuous and unpredictable. Looking ahead in 2024, similar uncertainties are expected to persist. Fundraising posed difficulties for both investors and founders, with valuations reaching a plateau. The pivotal question for the upcoming year revolves around whether exit markets will remain tight, as their dynamics play a crucial role in kick-starting the venture capital cycle. The report highlights:

  • The divergence between public markets and venture 
  • The flows of venture capital
  • Breakdown of valuation trends
  • Challenges facing business leaders
  • The state of the exit environment


Melissa Smith

Co-Head of Innovation Economy & Head of Specialized Industries J.P. Morgan Commercial Banking

John China

Co-Head of Innovation Economy J.P. Morgan Commercial Banking