PitchBook has ranked the top startup cities in the world, with San Francisco, New York, and Beijing topping the list.
Among the essential components propelling a startup ecosystem are a vastly interconnected network of IT talent, venture capital firms, and entrepreneurs.
These tech clusters are expanding globally as growth engines. Although America is home to the majority of the world’s top startup towns, other ecosystems, like Beijing and Seoul, are becoming more well-known as nations concentrate on advancing technology to promote innovation.
Based on information from Pitchbook, this graphic, courtesy of Dorothy Neufeld of Visual Capitalist, displays the top startup cities across the globe.
The Global Startup Ecosystem Rankings
Each city’s startup ecosystem’s size and maturity were evaluated over six years, concluding in the second quarter of 2023, to establish the rankings.
Fundraising activity, venture capital agreements, and exit value were some of the elements that were examined and used to get the total development score:
With $427.6 billion in capital raised over the six years, San Francisco leads the field.
Nearly 20,000 agreements closed despite a difficult fundraising climate, demonstrating its significant influence in the founding of new firms. The city’s large talent pool of tech professionals and venture capital organizations have allowed both OpenAI and rival Anthropic to establish their headquarters there. In 2023, the San Francisco Bay Area was home to 11,812 startups overall, or over 20% of all startups in the United States.
New York City comes next, having raised $179.9 billion in the same time frame. Two examples of firms with a base in the city are the machine learning startup Hugging Face and the cryptocurrency firm Gemini.
Beijing is home to ByteDance, the parent firm of TikTok and one of the most valuable private companies in the world. It is the highest-rated center outside of America.
Government-backed funds have been the main source of startup funding in China in recent years. Specifically, these funds are heavily favoring “hard tech” enterprises that support the government’s long-term strategic objectives, such as semiconductor manufacturers and electric vehicle manufacturers.
Singapore, another important location for technology, has the largest global per capita venture capital funding. This amounted to an astounding $1,060 in venture capital funding per person in 2023. In contrast, the United States has the second-highest per capita venture funding in the world, at $345.
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