Global Startup Ecosystem Report 2024
When it comes to joining an IT company, the priority of a candidate is to shift to Bengaluru. Bengaluru is known as an IT hub where most top companies reside and give employees a huge package. However new research shows that Bengaluru has become a new startup hub, and most young entrepreneurs are turning their ideas into reality in this state. In the latest development, India’s IT hub is tied with Sydney at securing 21st rank in the list of top 40 global startup ecosystems. This rank proves that most entrepreneurs are choosing this state to start their venture and even the top companies are setting up their new offices in Bengaluru.
Speaking of the Global Startup Ecosystem Report 2024, Apart from Bengaluru, Delhi and Mumbai have secured the rank in the list of top 40 global startup ecosystems. Delhi is standing in the list with 24th rank and Mumbai is on 37th rank. These ranks of the metropolitan cities prove that people are now more interested in setting up their businesses rather than joining companies. The participation of these cities in the race for the top startup hubs is providing new opportunities for young people and exploring the business industry with their unique ideas.
Besides that, The list of the top 40 global startups shows stability in the top 5 global ecosystems as the rank of these places has not changed since 2020. Silicon Valley remains on top with 1st rank whereas New York City and London are standing on 2nd rank. Los Angeles and Tel Aviv, which were ranked 4th and 5th last year, are now standing in the 4th position. All these places are known as the top global startup hubs where one can find top companies that are revolutionising the business industry and different sectors.
The top five collectively account for $4.4 trillion in value, representing 54% of the total value of the top 40 ecosystems. Earlier, Tokyo was ranked in the 10th position but this year, it has increased its ranking by securing the 5th position. The changes in the rank showcased the changes adopted by Tokyo to increase the no. of startups in their region. Apart from Tokyo, Miami also showcased impressive progress, reaching the 16th position, an improvement of 7 positions from the previous year. The ecosystem value of Bangalore has witnessed a 22 per cent surge from July to Dec of 2021 to 2023 which makes the ecosystem value of Bengaluru $158 billion.
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From 2021 to 2023, Bengaluru reserved the 20th spot in the list of the top 40 global startup ecosystems. As per the definition of Startup Genome, the ecosystem value represents the economic impact based on the value of exits and startup valuation from the second half of 2021 to 2023. Companies established in the ecosystem between the second half of 2019 and 2021 and those discovered between the second half of 2021 and 2023 are compared to calculate the ecosystem value growth (CAGR). Bengaluru has converted into a technology hub, representing the global operations of capabilities centres, startups and tech companies of different scales.