This concept tracks the number of new businesses that have been created (or registered) in an economy. The Bloomberg U.S. Startups Barometer measures both the occurrence and level of historical and recent venture activity for U.S.-based startups excluding biotechnology. The index is a gauge of startup activity that equally considers capital raised, deal count, first financings, and exit count. Each of the input factors is normalized for its historical volatility and then the normalized factors are combined in equal proportions to form a normalized index for constructing this barometer.