As Boston prepares to host the 2017 Entrepreneurial Summit, the numbers don’t look good for the city’s entrepreneurial sector.
The Boston Business Journal reported Friday that the number of companies seeking venture capital funding dropped to 7,700 in the first quarter of this year from 9,300 in the same period in 2016.
That’s down from the previous year’s 7,100 funding rounds.
Boston’s startup market also saw its overall market value drop by $1.5 billion, the Journal reported.
The drop in funding for the startup sector comes as more people are moving to cities like Boston.
And the state’s economic recovery has led to a surge in the number and size of companies, according to a report from the Massachusetts Venture Capital Association.