The UK capital was the only European city to make the top ten in Startup Genome’s ranking, tying with New York in second place for the second year in a row.
London is Europe’s number one start-up city, according to a recent report by Startup Genome. The research and advisory body which specialises in start-ups released its ‘Global Startup Ecosystem Report 2021’ report today (22 September).
The report identified London and New York as joint second-best cities in the world for start-ups. London was the only European location to make it into the top ten. The city is attractive to founders thanks to its educated workforce and tax incentives, the report found.
Silicon Valley in California took the top spot, unsurprisingly. This year’s global rankings were dominated by the US, with half of the top 30 ecosystems coming from this region, followed by Asia with 27pc and Europe with 17pc of the top performing ecosystems globally.
Silicon Valley, New York City, Boston, and Los Angeles alone contributed more than 70pc to the US’s total ecosystem value.
Paris made the top 20, coming in at number 12. The Amsterdam-Delta region followed in thirteenth place. Dublin improved its rank from the previous year’s report, coming in at number 36 this time.
Beijing, Boston, Los Angeles, Tel Aviv, Shanghai, Seattle and Stockholm also made the top ten best start-up cities.
The global start-up economy is currently worth more than $3.8trn in ecosystem value. There are 79 ecosystems generating over $4bn in value, which is more than double the number identified in 2017. This time last year, 91 ecosystems had achieved unicorn status.
Also in 2020, Startup Genome published a report indicating its concerns over the future of the start-ups ecosystem during Covid-19. The report suggested that 42pc of start-ups were in what it called ‘the red zone,’ meaning they had three months or fewer runway ahead of them.
“Entrepreneurs, policymakers, and community leaders in Europe have been working hard to build inclusive innovation ecosystems that are engines of economic growth and job creation for all,” commented JF Gauthier, founder and CEO of Startup Genome on the report’s release.
“The Global Startup Ecosystem Report is the foundation of knowledge where we, as a global network, come together to identify what policies actually produce economic impact and in what context,” Gauthier added.
Don’t miss out on the knowledge you need to succeed. Sign up for the Daily Brief, Silicon Republic’s digest of need-to-know sci-tech news.