FASTEST GROWING STARTUP ECOSYSTEMS

In this article, we will focus on changes that happened between 2017 and 2019 in the startup ecosystems around the world. We will go over a hundred of cities and countries to signal the fastest growing startup ecosystems based on the Startup Ecosystem Rankings Report 2019 by StartupBlink that covers 1,000 cities and 100 countries worldwide. This article is not intended to give you a complete outlook of the situation in the startup ecosystems around the world but rather present the regional winners. If you want to dig deeper, Startup Ecosystem Rankings Report 2019 by StartupBlink is available for download here.

Countries and cities boasting with robust startup ecosystems are already enjoying the benefits that are equally relevant for various types of players. Active ecosystems create jobs, boost the economy, increase tax revenue, improve quality of life and urban innovation, as well as attract and retain talent. Some locations have higher potential turning into the next Silicon Valleys, while others strive to build a motivating environment for growth. Be that as it may, the latest rankings by StartupBlink has proved that both smaller and bigger startup ecosystems are capable of flourishing.

So, what are the locations that stood up this time in each region?

SOUTH AMERICA AND CARRIBEAN

As the rankings show, the South American region has experienced the most growth globally with 6 countries jumping up the ranking by 10 and more spots. Among the biggest increase is Bolivia that ranks in the top 100 list at 98th spot after passing over 19 countries and El Salvador that has also joined the top 100 club by leaping 18 locations over to the 91st place. Trinidad and Tobago comes 16 spots up as compared to the 2017 rankings when it stood at 110th. Another commendable regional boosts is Colombia, moving 13 spots up to the 34th place. Both the Dominican Republic and Paraguay increased by 11 spots; the Dominican Republic from 90th in 2017 has jumped to the 79th place, while Paraguay entered the top 100 zone from the 107 to the 96.  

As per city level, the region saw a substantial increase in several locations. Two Brazilian cities, Rio de Janeiro and Belo Horizonte ranked in 172 and 174 in 2017 moved up 108 and 104 spots and now stands at number 64 and 70 accordingly. Meanwhile, Monterrey, Guadalajara, and Mexico City in Mexico scaled up 83, 78 and 46 places up. Monterrey now ranks at 81 as compared to number 164 in 2017; Guadalajara stands 90th when compared to 168th in 2017, and the capital city takes the 47th spot in comparison to the 93rd two years ago. Another city worth to mention is Lima in Peru that rocketed 81 spots up the ranking and from number 149 in 2017 moved all the way up to 68!   

ASIA

Asia stands second as for the fastest growing startup ecosystems. 4 countries have increased in the top 100 list 10 and more spots. Pakistan has seen the biggest growth jumping 23 places up at number 61 as compared to 84th spot in 2017. Its neighbor, India, does not lag behind and rises to the top 20 after jumping 20 places up the ranking from 2017 when was taking 37th spot. Third, comes Lebanon- a tiny country in the middle east, showing its startup ecosystem potential and in 2019 ranking moving to the top 100 list, after having jumped 19 spots at number 82 from 101 in 2017. The substantial increase in Bangladesh ranking of 17 spots to the 87th place from 104 in 2017, made the country’s appearance among the fastest growing startup ecosystems in Asia.

Among the most commendable cities, there are Chennai, Hyderabad, and Pune in India, and Jerusalem in Israel. Indian cities have moved over 100 locations with Chennai jumping from number 217 to 74 in 2019, Pune leaping to 82th from 218 in 2017, and Hyderabad placing itself at number 75 as compared to 190th two years ago. Jerusalem is moving towards becoming an important regional hub after an increase by 57 locations that made it to the spot 58!   

OCEANIA

This Pacific Ocean region is the third fastest growing startup ecosystem. New Zealand, the Philippines, and Thailand have jumped over 15 places up the ranking. New Zealand has rocketed to the 26th spot after passing over 20 locations as compared to the previous 46th place in 2017. The Philippines jumped 16 spots and is getting closer to the top 50 list, standing at 54, while in 2017 it stood at 70th. Finally, Thailand has leaped 15 places up and now ranks at 33 in comparison to 48.

The region boasts with the most phenomenal city jump in the rankings. Manila Area in the Philippines moved from the 906th spot to the top 100, now ranking 84, after leaving 822 locations behind. It is important to mention that such a tremendous increase happened largely due to the clustering of the Manila area with various connected suburbs and cities, including Makati. Another fastest growing startup ecosystem is located in Jakarta (Indonesia) standing at number 39 after a 121 spot change as compared to 2017 when it ranked 160. The Australian city of Brisbane has also shown a lot of potential by moving 31 places up the ranking and is now 87 as compared to 118 in 2017.

EUROPE

Based on the Startup Ecosystem Rankings Report 2019 by StartupBlink, two European countries have increased more than 10 places in the global country list. Surprisingly, both Serbia and Luxembourg differ greatly economically but the two appear among the fastest growing startup ecosystems in Europe. Interestingly, Serbia is ranked 36th among 100 countries after moving 13 places up as compared to 2017 ranking when it stood at 49. Meanwhile, Luxembourg got closer to the top 50 list ranking at number 53, after a jump of 13 locations up from the 66th place in the previous ranking.

As per European city level, we can also observe some major changes in several locations that, to our surprise, are scattered all around Europe. The biggest increase has been seen in Lausanne (Switzerland) that is now 77 after a change by 115 spots from 2017 when it ranked at 192. The next on the list is Saint Petersburg that increased 52 places and now stands at 79th as compared to 131 two years ago. Moving on to the west, Manchester in the UK has moved all the way to the number 51 after leaping 47 spots. We also want to commend Kyiv in Ukraine that now stands at 34 as compared to 63rd place in 2017.

AFRICA

Just like in Europe, we have identified two the fastest growing startup ecosystems in Africa, including the biggest country change in all rankings by Rwanda that sky-rocketed from 136th place in 2017 to number 64. What a remarkable move of 72 spots! Another fastest growing startup ecosystem is located in Algeria. After leaping 19 spots up, Algeria startup ecosystem now ranks 99th as compared to 118th in 2017. As for the city, we want to give kudos to Lagos in Nigeria that has increased by a remarkable 120 spots and now stands at 99 in comparison to number 219 in 2017.

NORTH AMERICA

Both Canada’s and USA’s positions have not changed since 2017, the USA stands firm in the 1st place while Canada is in the 3rd. Nevertheless, we want to cover some North American cities that are among the fastest growing startup ecosystems. Raleigh Durham (USA) has leaped to the 47th spot after passing 48 places whereas Detroit has gone up to number 60 as compared to 96 in 2017. Two Canadian cities have also seen a major increase in rankings; Ottawa jumped 39 places up and now ranks at 63 while Edmonton moved from 129th spot in 2017 to 95th now.

For a more detailed overview of the fastest growing startup ecosystems, feel free to check the Startup Ecosystem Rankings Report 2019 that now ranks 1,000 cities and 100 countries worldwide and is available for download here.