The 2017 Startup Ecosystem Ranking report, produced by the US-based Startup Genome project, has released the 17th list of the world’s top 20 startup ecosystems.
Sydney’s startup ecosystem performance has been ranked 17th, one place down from last year. Silicon Valley, New York, and London are ranked top three, while Beijing and Shanghai came in at rank 4 and 8.
The non-profit Startup Genome project aims at increasing the success rate of startups and facilitates the spread of the global revolution, thus enabling economies to benefit through job creation and economic growth.
According to the press release, the need for data and analysis is highlighted as a guidepost to help founders, employers, policymakers, and regional leaders to accelerate the growth of their local startup ecosystems, especially during the times when countries may feel lagging in the startup and innovation ecosystem.
The global report, the third one to date is based on interviews from uses 11,000 responses from startup founders from 55 cities and 300 partner organizations, other data on startup valuations and investment.
The cities were analyzed based on eight factors: funding, market research, global connectedness, technical talent, startup experience, resource attraction, corporate involvement, founder ambition, and strategy.
With regards to Sydney, additional data analyzed included performance, output, valuation, early-stage success, growth-stage success, and overall ecosystem value; ‘startup experience’; resource attraction; access to and quality of talent; market reach; and global connectedness.
Major highlights of the 2017 Startup Ecosystem Ranking report reveal that Sydney ranks 10th in funding, especially in early stage venture capital investors and angel funding. Sydney ranks 13th in global market research and at the bottom for financial performance in startup valuations.
Chief executive of TechSydney, Dean McEvoy said that Sydney’s startup scene is booming. He said,
It’s a critical time for our industry. This report proves Sydney has what it takes to be in the Top 10 ecosystems in the world. We just need to accelerate our growth and the size of the industry with a central hub for startups.