San Francisco – The confidence of Silicon Valley venture capitalists rose sharply during the first quarter, according to new report by Mark Cannice, professor of entrepreneurship and innovation at the University of San Francisco School of Management.

Based on a survey of 34 Bay Area venture capitalists, the new Silicon Valley Venture Capitalist Confidence Index came in at 3.79 on a scale of five (with five indicating high confidence and one indicating low confidence).

The index rose from 3.27 a quarter ago.

“Venture capitalists… pointed to a more welcoming public financial market that is providing more liquidity opportunities for their portfolio firms, along with technology convergence in mobility, cloud and social platforms, which is fostering the development of a wide range of entrepreneurial endeavors,” wrote Cannice.

The entire report can be downloaded here [PDF].

This article was also published in Bay Area Tech Wire.

Photo by Flickr user RambergMediaImages, used under Creative Commons license