Could you hazard a guess at what the best startup ecosystems in the world? If No, then see the comprehensive report from Startup Genome that also includes a very interesting Startup Ecosystem Index. This index ranks 20 most prominent hubs in the world across a range of index categories such as “Differentiation from Silicon Valley”, Mindset and Talent.
By combing the data of over 50,000 startups worldwide, Genome has rated the best 20 startup ecosystems in this index. The best part about this ranking is that three Canadian cities managed to become a part of this prestigious list, providing significant credibility to the good work the people and companies involved in all aspects of startup infrastructure do here in this great nation of ours.
The rankings in this Startup Ecosystem Index are as:
1. Silicon Valley
2. Tel Aviv
3. Los Angeles
4. Seattle
5. New York City
6. Boston
7. London
8. Toronto
9. Vancouver
10. Chicago
11. Paris
12. Sydney
13. Sao Paulo
14. Moscow
15. Berlin
16. Waterloo
17. Singapore
18. Melbourne
19. Bangalore
20. Santiago
As you can see, Toronto is ranked 8th in this index, while Vancouver is in the 9th spot. Both cracked the top 10 hub by leaving metropolitan areas like Paris and Sydney behind. Waterloo on the other hand sits a little bit behind Toronto and Vancouver at 16th spot. However, Waterloo still managed to remain ahead of Singapore and Santiago. On the whole, gaining three positions in the top 20 is a remarkable feat by a country that has a population of just 34 million.
In the range of index categories, Toronto grasped 3rd position, as it did well in both Support and Performance indexes. The support index calculates the quality of the support network of startup ecosystem along with service providers, prevalence of mentorship and different types of funding. Whereas, the performance index calculates overall performance as well as performance potential of early stage companies in a specific startup ecosystem by taking variables like job growth, potential growth of the firms and revenue into consideration.
In contrast to Toronto and Waterloo, Vancouver performed extremely well in range of index categories, as it clutched 2nd spot on the Mindset Index. Whereas, in the same category Toronto came 15th and Waterloo achieved 17th position. The Mindset Index calculates how many founders think like great moguls in a particular ecosystem and “where great entrepreneurs are visionary, resilient, have a high appetite for risk, a strong work ethic and an ability to overcome the typical challenges startups face.”
Unlike Toronto, Vancouver not only managed to shine in just one category, it also did great on the Talent Index by achieving 4th place. The Talent Index calculates the talent of the founders in a certain startup ecosystem by considering their age, startup experience, education, ability to reduce risk, expertise in industry domain and success rate of previous startup.
Waterloo remained feeble in this race as compared to Vancouver and Toronto, as its best grading overall was 11th. That was in the Funding Index, where Toronto and Vancouver failed to do well. The funding index category basically calculates how comprehensive and active risk capital is in a given startup ecosystem. Still one cannot take credit away from Waterloo, because in comparison to major cities like London and New York City this Canadian city is quite small.
Source: Tech Vibes
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