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Otherwise, all companies are independent. Note: One company, EyeVerify, was acquired in September, around the time the list was being made. The final list was shaped by some preset parameters: Biotech was excluded, and 10 of the companies were from outside the U.S. Quid declined to disclose numeric scores or exact formulas that it used to rank companies in the final stages. Goodson also excluded companies that had had extensive press coverage already. QuidвЂ™s Goodson also made subjective decisions about which companies seemed most promising, just as he did with the 2009 list. The list was then narrowed to 50 by looking at such other metrics as whether the founders had worked together before (considered a plus), where the founding team had gone to school and how many employees the company had.

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Quid narrowed the list from 5,000 to 200 by ranking the companies according to a series of metrics: time between funding rounds, number of rounds, quality of investors and amount raised. (The list of top venture capital firms comes from a top fund-of-funds that declined to be named for compliance reasons.)

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Quid found these market opportunity areas by analyzing the company descriptions of startups and finding what sectors were most popular among companies founded in 20, plus which sectors raised the most money from the top five venture capital firms. Quid narrowed the list down to around 5,000 companies by keeping those that fell into one of three categories: 1) early-stage startups with low valuations that raised money quickly from a set of top venture capital firms 2) higher-valuation companies that already showed traction in their industry and 3) companies that were in a sector that Quid determined was an expanding market opportunity. The data on investment received, investors, location and founding year came from S&P Capital IQ and are current as of September 2016. Quid began with a list of around 50,000 private companies that had received venture capital or venture debt in the past three years. The average business had already raised three rounds. The companies, all founded in the past six years, have been raising money at an impressive clip-typically once every nine months, suggesting heavy interest among investors. So we asked QuidвЂ™s chief executive officer, Bob Goodson, to make a new list. If YouNoodleвЂ™s list had been a venture portfolio, it would have been one of the best-performing funds of the last two decades. Cloudera, Palantir, Evernote, Twitch and Spotify all increased at least 30 times in value since 2009. Almost eight years later, it turns out that the list had its share of flops-companies that shut down or lost value-but some notable home runs as well. This isnвЂ™t QuidвЂ™s first attempt to do this: In 2009, Businessweek asked Quid, then named YouNoodle, to pull together a list of 50 promising startups that were flying under the radar. While venture capitalists often try to assess startupsвЂ™ potential one by one-at the moment they hear a pitch-some market researchers such as Quid are trying to crunch data on tens of thousands of startups to come up with their own set of best bets. There are a few early clues that a startup will be successful, according to market researcher Quid: Have the companyвЂ™s founders worked together before? Is the business in a hot sector, one where many other new startups are also focusing? Has it raised funding at a quick pace? Based on those criteria and others, Quid looked at more than 50,000 companies and chose 50 it deemed the most promising.

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