Global Startup Ecosystem Report 2023: Bengaluru Startup Ecosystem Ranks 20th

The recently released Global Startup Ecosystem Report 2023 (GSER 2023) by Startup Genome provides a comprehensive analysis of startup ecosystems worldwide. With data from millions of startups across various ecosystems, the report offers valuable insights into the global startup landscape. Bengaluru, known as India’s Silicon Valley, has secured the 20th position on the list, climbing two spots from the previous year.

Global Startup Ecosystem Report 2023: Top Ecosystems

The report highlights that the top three ecosystems—Silicon Valley, New York City, and London—have maintained their positions from 2020, securing the top spots. However, Boston and Beijing have slipped out of the top five, making room for Los Angeles to rise to #4 and Tel Aviv to #5.

Rise of Singapore and Miami:

Singapore has made an impressive entry into the top 10, climbing ten places to secure the 8th position. This significant improvement marks Singapore’s growing prominence in the global startup ecosystem. Additionally, Miami has made notable progress, advancing ten positions to reach #23, firmly establishing itself among the top 30 ecosystems.

Chinese Ecosystems:

The rankings show a decline for major Chinese ecosystems. Shenzhen dropped 12 places, Beijing slipped two spots, and Shanghai fell one position, currently standing at #35, #7, and #9, respectively.

Growth of Indian Ecosystems:

Indian ecosystems continue to rise, with Mumbai leading the way by climbing five places to reach a tie at #31. Bengaluru-Karnataka and Delhi both moved up two places, securing the 20th and 24th positions, respectively. The report attributes this progress to India’s growing digital public infrastructure, which has played a significant role in driving the country’s startup growth.

Emerging Ecosystems:

Pune, an emerging ecosystem in India, has made substantial progress, moving into the 31-40 range from 51-60 in the previous year’s rankings. This upward trajectory indicates Pune’s potential as a thriving startup hub. Other Indian cities have also witnessed notable advancements, reflecting the country’s overall growth in the tech sector.

Impressive Gains:

Melbourne, Australia, has seen remarkable progress, climbing six places to secure the 33rd position. The Australian ecosystem’s Ecosystem Value has grown by 43% since the GSER 2022. Zurich, Switzerland, has also made significant strides, rising ten places to reach #36, marking the most substantial year-on-year improvement in Europe.