Methodology

About the list

What Is in
Enterprise Tech?

Enterprise Tech 30 uses a broad definition of enterprise tech, including not only traditional products/services sold to corporate CIOs/CTOs but also newer investment themes of vertical SaaS, line- of-business SaaS, and SMB tech. We exclude distinct themes such as life sciences, crypto, cleantech, and adtech and distinct geographies such as China and India.

The design principles for the Enterprise Tech 30 are to be institutional, exhaustive, and collaborative.

The methodology has two phases: 1) a research phase, to identify the universe of potentially interesting candidates at three different stages of development, and 2) a voting phase, to tap into the judgment of the 73 venture capital investors to determine the leaders.

The research phase started with a database of 3,600 private companies, sourced from 1) enterprise tech-related queries in Pitchbook and 2) a secondary literature review of financings over the prior six months.

We narrowed the database to 778 companies based on 1) financing and business metrics available in secondary research and 2) recommendations from the venture capital participants. Each recommended company from the participants was included, although we requested participants to recommend top companies only to maintain a quality list.

Investors in the voting phase reviewed the 778-company list and marked up to ten most promising companies per stage—no more than three of which were from their portfolio. As a result, the data signals include both the highest rankings within portfolios and the unbiased rankings outside portfolios.

The results were aggregated and anonymized, and the top 10 per stage formed the inaugural Enterprise Tech 30.