硅谷银行-2025年风险投资支持的首席财务官状况（英）

While runway metrics have contracted, more companies are trending favorably toward profitability. Hiring was slow in 2024, but so were layoffs. Only 27% reported reductions in headcount, down from 52% in 2023. The shift suggests a maturation in the ecosystem, with companies responding to market pressures by accelerating their path to self-sustainability.”STATE OF THE VC-BACKED CFOWith a hazy economic outlook in 2025, adaptability feels like the only sure bet. For finance leaders in the innovation economy, that means ratcheting belts that are already cinched tight and planning for optionality wherever possible. To better understand how executives are navigating this new landscape, we surveyed more than 200 finance leaders from top-performing venture capital (VC)-backed companies. Our inaugural State of the VC-Backed CFO report dives into the operations, tools and growth trends that are top of mind for CFOs. The narrative emerging from our data shows an ecosystem in flux. Now more than ever, top CFOs are doing more with less — and they’re getting the job done. While runway metrics have contracted, more companies are trending favorably toward profitability (page 16). Hiring was slow in 2024, but so were layoffs. Only 27% reported reductions in headcount, down from 53% in 2023. The shift suggests a maturation in the ecosystem, with companies responding to market pressures by accelerating their path to self-sustainability. Amid volatile markets, a shifting regulatory landscape and tectonic disruptions in AI, venture-backed CFOs face unparalleled complexity. Macro concerns dominate CFO mindshare. Inflation and AI disruption rank as two of the universally shared concerns. However, priorities vary greatly by sector (page 10). Hardware-dependent sectors such as frontier tech and climate tech face distinct challenges. Tariffs, government regulations and supply chain resilience represent critical pain points. For enterprise software companies, AI adoption represents the most impactful macro factor, followed by inflation and interest rates.AI usage and integration is a complex picture. Two-thirds of employers said they encourage AI usage at work (with 30% neutral and only 3% opposing). Despite that encouragement, spending on AI tools is still low among this group, with the median AI spend at $2K per year (page 11). The gap between strategic intent and financial commitment suggests companies are still figuring out how to translate theoretical value into measurable return on investment (ROI).When it comes to vendors, software utilization data offers unmatched visibility into the tools and brands winning the battle for market share across VC-backed companies (pages 18-19). Our analysis shows that tools change significantly as companies mature, underscoring the necessity for adaptability as needs change over time. As you explore the data, we hope the practical insights and strategic perspectives prove useful as you navigate your own challenges throughout the yea