Global Startup Ecosystem Report GSER 2020

The Global Startup
Ecosystem Report
GSER 2020
The New Normal for the Global Startup
Economy and the Impact of COVID-19
Copyright © 2020 Startup Genome LLC. All Rights Reserved. Learn more and get connected at startupgenome.com 1
Learn more and get connected at startupgenome.com

Table of Contents
3 About Startup Genome and Global 68 Ecosystem Deep Dives by Lifecycle 109 Telangana, IN 151 Paris, FR
Entrepreneurship Network 69 Activation Phase 111 Western Denmark, DK 153 Seattle, US
71 Atlantic Canada, CA 113 Early-Globalization Phase 155 Seoul, KR

4 Our Global Network
73 Bahrain, BH 116 Copenhagen, DK 157 Shanghai, CN
5 About Our Global Partners 75 Belgrade and Novi Sad, RS 118 Greater Helsinki, FI 159 Singapore, SG
77 Busan, KR 120 Jerusalem, IL 161 Stockholm, SE

12 Startup Genome Advisory Board 122 Kuala Lumpur, MY 163 Tel Aviv, IL
79 Cairo, EG
81 Calgary, CA 124 Melbourne, AU 165 Tokyo, JP
14 State of the Global Startup
83 Curitiba, BR 126 Montréal, CA 167 Boston, US
Economy
85 Edmonton, CA 128 Rhineland, DE 169 London, UK
26 Global Startup Ecosystem Ranking 87 Frankfurt, DE 130 Late-Globalization Phase 171 New York City, US
(Top 30 + Runners-up) 89 Georgia, GE 131 Austin, US 173 Silicon Valley, US
91 Ireland Mid-East Region, IE 133 Chicago, US

43 Top 100 Emerging Ecosystem 176 Methodology, Framework, and
93 Kampala, UG 135 Miami, US
Ranking Acknowledgments
95 Manila, PH 137 Toronto-Waterloo, CA
50 Save Your Startups: Using Policy to 97 New Zealand, NZ 139 Washington, D.C., US 177 Methodology
Kickstart the Post-Crisis Economy 99 Nur-Sultan, KZ 141 Attraction and Integration Phase 187 References
101 Québec City, CA 143 Amsterdam-Delta, NL
58 The Meteoric Rise of Seoul’s 205 Acknowledgments and Partners
103 Sharjah, AE 145 Beijing, CN
Startup Ecosystem 147 Berlin, DE
105 Sri Lanka, SR
149 Los Angeles, US
60 Understanding Your Startup Eco- 107 Taipei City, TW
system Lifecycle
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About About the Global
Startup Genome Entrepreneurship Network
Startup Genome is the world-leading policy advisory and research organiza- The Global Entrepreneurship Network (GEN) operates a platform of proj-
tion for governments and public-private partnerships committed to accel- ects and programs in 170 countries aimed at making it easier for anyone,
erating the success of their startup ecosystem. We have advised more than anywhere to start and scale a business. By fostering deeper cross-border
100 clients across 38 countries. collaboration and initiatives between entrepreneurs, investors, researchers,
policymakers, and entrepreneurial support organizations, GEN works to fuel
Startup Genome’s mission is to accelerate startup success and ecosystem
healthier start-and-scale ecosystems that create more jobs, educate individ-
performance everywhere, working together with global thought leaders to
uals, accelerate innovation, and strengthen economic growth.
define and execute robust policies and programs that drive lasting change.
Our impact is rooted in over a decade of independent research with data on
Our extensive footprint of national operations and global verticals in policy,
over a million companies across 150 cities.
research, and programs ensures members have uncommon access to the
Working side-by-side with more than 300 partner organizations, our frame- most relevant knowledge, networks, communities, and programs relative to
works and methodologies have become instrumental in building foundations size of economy, maturity of ecosystem, language, culture, geography, and
for startups to grow. Our efforts earned us the Research Champions award more. We help celebrate, understand, support, and connect entrepreneurs
at the Global Entrepreneurship Congress 2019. and those who champion them.
Many of the world’s leading governments and innovation-focused organiza-
tions have joined our knowledge network to cut through the complexities of Stay up-to-date on news and updates at genglobal.org.
startup ecosystem development and fuel sustained economic growth. Con-
sidered the new science of startup ecosystem assessment, we point to key
gaps in startup ecosystems and prioritize actions to take in addressing them.
Join us and boost startup success, economic growth, and job creation in your
region. Follow our work at startupgenome.com, and follow the company on
LinkedIn and Twitter.
Global Startup Ecosystem Report 2020
Our Global Network Ministry of Economic Aﬀairs and

Climate Policy, Techleap
Helsinki Business Hub

Tech
Edmonton Economic
Quebec International Nation
Development
Platform Calgary; Calgary
Corporation Digital Hub Denmark
Economic Development JSC “Zerde” National Seoul Business Agency, Seoul
Ville de Montréal;
Tel Aviv Global infocommunication Metropolitan Government
Centech; Real Ventures;
Bonjour Startup holding”
Busan Center for Creative
Montréal; Montréal Economy and Innovation;
International Georgia Innovation and Busan Metropolitan City
Technology Agency (GITA)
Meath Enterprise, Tokyo Metropolitan
Digital Serbia
Mid-East Region Jerusalem Development Authority
Initiative, Government
Ireland Tamkeen, Bahrain
Cabinet of the Taiwan Tech Arena
Innovacorp, Minister for
Atlantic Canada Sharjah Entrepreneurship Center
Houston Exponential Innovation Department of Trade and
and Abu Dhabi Industry, Philippines
Technological Global Market T-Hub Foundation
Knight Foundation, Miami NYC Economic Development
Corporation; Tech:NYC Development Information
Technology Malaysia Digital Economy Corporation
TechQuartier, Industry
Frankfurt Development
Agency, Cairo Enterprise Singapore
North-Rhine Westphalia
State Government International Trade Ministry of
Information and
Centre, United Nations Communication Business,
Existing Members Technology Agency Innovation and
of Sri Lanka Employment,
New Members SEBRAE Paraná New Zealand
LaunchVic,
Melbourne
About Our Global Partners

TNW is a global brand that informs, inspires, and connects people who love tech through media, events, and spaces. TNW has a track record
of attracting startups and talent, as well as helping ecosystems become more visible to the tech world via its custom-made programs.
Provides actionable advice on private capital challenges. Combining rigorous academic approaches with real world industry expertise, our
expert team focuses on complex, customized projects that require thorough analysis, whether quantitative or qualitative in nature, to help
our clients assess or design strategies, improve performance, and chart winning strategies for the future.
Crunchbase is the leading platform for professionals to discover innovative companies, connect with the people behind them, and pursue
new opportunities.
Provides data-driven intelligence on high-growth companies.
A global non-profit organization on a mission to unlock the potential of deep technologies to solve the world’s toughest challenges by high-
lighting, empowering and connecting the most promising deeptech entrepreneurs across the globe with the right enablers.
Tech Nation (formerly Tech City UK) empowers ambitious tech entrepreneurs through growth programmes, digital entrepreneurship skills,
a visa scheme for exceptional talent and by championing the UK digital sector through data, stories and media campaigns.
Note from a Founder
A few months ago, we all woke up to a new reality as locally, we were going to do much better if we learned
COVID-19 changed everything. Personally, I shut down from each other — our global peers — and candidly
one of my startups while one of my portfolio’s startups discussed what policy worked and what was failing.
boomed and a close friend — who had closed a large
Series B in January — fired a third of her employees. Startup Genome sprung to action by launching new
global research to quantify the impact on startups
Then I saw community members rise to the occasion, (here), collecting global policies enacted across more
taking action to help others, and governments acting than 50 countries (here), developing in-depth policy
faster than ever to enact bold and effective policy. recommendations with clear arguments based on a
Clearly, we are the ones we’ve been waiting for. It’s in practical analysis of the 2008 crisis (here), and contin-
our hands as a global community to shape how this uing research to show what policies have had the most
will play out. impact vs. what had failed.
During the first week of lockdown, the Startup Genome Since 2011, if there’s one thing we learned as we went
Advisory Board (now called the Global Senior Policy- from the largest global startup research firm to becom-
maker Forum) — with leaders from NYC, London, Singa- ing the world’s leading startup policy advisors, it is that
pore, Africa, South America — met to discuss the crisis, most startup policies fail. They fail to have an impact
and to share and learn from each other. We realized despite the deep expertise and drive of the local public
that while we enacted policy at an accelerated speed and private leaders. They fail because when we don’t
learn from others, we repeat the mistakes of others shared benefits. Our platforms can support democracy learn from one another. Reach out to join us and your
and waste literally millions of dollars. in countries while hurting it in others. We can only solve peers, and let’s work to achieve a much bigger impact
these issues by working together. together.
It has been central to the mission of Startup Genome
to build a global knowledge platform for you to learn I also know that entrepreneurship and innovation can
from others, where we discuss real outcomes — includ- provide and have been providing solutions to many
ing policies that failed and why they failed — behind problems. And it is unstoppable. The economic recov-
closed doors. ery of 2009 was built not in small part upon technology
entrepreneurship. In 2020, most political leaders know JF Gauthier
From research to policy we have now created a global the recovery depends on our startups, as much as solu- Founder and CEO of Startup Genome
movement, working with The Global Entrepreneurship tions to the climate crisis do.
Network, The World Economic Forum, The World Bank,
and other like-minded teams. Join our global knowledge platform to learn the proven
policies and programs that will accelerate the growth
This movement provides an offer to help you, and it is of your ecosystem, produce scaleups and be an engine
also an offer for you to help and to spread the benefits of economic recovery and growth for your population
of the global startup revolution to more countries. It for the next decade. It is time to invest in the right way.
will have an increasing impact on our economies and
our lives. The COVID-19 crisis has only accelerated the To coincide with our launch of the GSER 2020, on June
transition to a digital economy and, like every crisis, 25, 2020, we are bringing together the leading policy-
has called entrepreneurs to innovate faster and in new makers and ecosystem leaders in the world to talk and
ways. share during the Ecosystems Couch Conference we
produced with The Financial Times, The Next Web and
But as I wrote in last year’s GSER, the global startup FDI Intelligence.
revolution is not without problems. As a community
we need to step up to our responsibilities, as we have Next, we will be organizing a set of policy workshops
become a driving force in nearly every aspect of life. We that will go deeper, where a global community of poli-
create wealth but also produce disparity rather than cymakers and ecosystem leaders will discuss policy and
Foreword
The continued In the first half of 2020 we have witnessed how fragile
and exposed our global systems and structures are to a
multi-stakeholder involvement, public-private collabo-
ration, and mentorship networks that nourish innova-
urgency for
major global crisis. As we come to terms with the global tors are all key to a healthy innovation ecosystem.
pandemic and look to the future, we have an oppor-
public-private
tunity for a global reset — to build a better, greener, The World Economic Forum, as the International Or-
and more resilient and inclusive future. Innovation, ganization for Public Private Collaboration, is commit-
collaboration
new technologies, and scientific discoveries are critical ted to improving the state of the world by providing
components in this reset. the platform for multi-stakeholder engagement and
impactful action that shapes global agendas for a sus-
If we want to take advantage of this opportunity, we tainable and responsible future. In the midst of the
need to make sure advanced technologies produced pandemic we launched a COVID-19 action platform,
through innovation form not only the cornerstones of and we created Industry and Regional Action groups to
national economic competitiveness, but also embody support the agenda for a global reset which can pave
the social shift toward digital and entrepreneurial life- the way for a better future.
styles. They create a wealth of possibilities, inspiring
generations, enhancing growth and providing critical The World Economic Forum continues to support inno-
solutions to pressing issues from healthcare to climate vation ecosystems across the globe, through initiatives
change. At the same time, innovation ecosystems, like like Digital ASEAN, Digital Europe, and the Schwab Social
any ecosystem, needs support to flourish and grow. Entrepreneurs community. Digital Europe, for example,
The regulatory environment, access to resources, true promotes a pan-European approach to innovation,
building bridges between founders, investors, and ac- growth prior to the pandemic. But there is also hope ty, and, with their talent for innovation and inspiration,
ademics as well as policymakers and corporate execu- — no crisis comes without opportunity, and over half build a more resilient world.
tives, enabling hubs to thrive from Berlin to Bratislava. of today’s Fortune 500 companies were created during
Europe hosts ecosystems of varying maturity, with a bear market, with 50 tech unicorns founded between
some of the world’s most advanced locations just a 2007-2009.
short flight from those still catching up on develop-
Martina Larkin
ment. This creates a unique opportunity to observe The Global Startup Ecosystem Report (GSER) provides
Head of Regional Strategies, Europe
ever-changing dynamics and to promote both local and an important barometer of development across 100+ and Eurasia; Member of the Executive
global connectedness, which Startup Genome research cities globally, which, for the first time, are all facing Committee, World Economic Forum
shows as critical to success. the common challenge of rebuilding as strict lockdown
measures subside. Some of these hubs will see new
Now is the time to support such development. In digital companies coming out on top, with sectors pre-
the months following COVID-19 lockdowns, Startup viously in decline, like gaming and online education,
Genome research showed that only 28% of startups resuming unparalleled growth. Others may struggle,
have seen their funding proceed as normal, and over and realise they need to take decisive action to avoid
74% have had to terminate full-time staff. These effects being left behind as the whirlwind of change sweeps
are even more palpable where connectedness is lower, away antiquated and analog routines.
and government support not be as readily available
and accessible. Above all, it is critical that each hub and its startups,
regardless of where they may fall in the ranking, remain
Public sector support, in close alignment with private connected, vibrant communities that can play a critical
investment, will be critical to restoring the vitality of role in this reset.
startup ecosystems around the globe, as seen by the
hefty stimulus packages already announced by some As startups are a main driver of job creation and in-
governments. In Europe, the unwavering commitment novation, their survival will be essential to both the
of the European Commission under President Von der social and economic COVID recovery. The World Eco-
Leyen to both the digital and green agenda has aimed nomic Forum is pleased to support the work of Startup
to preserve the flourishing innovation which the 2019 Genome in ensuring that startups continue to create
Global Startup Ecosystem Report (GSER) praised for prosperity and employment, contribute to sustainabili-
A Word from GEN
Our mission at the Global Entrepreneurship Network eliminating structural barriers that make it harder for
(GEN) has always been to build — through program- more entrepreneurs to iterate ideas and figure out
ming in 170 countries and 80 GEN affiliate national better ways of doing things. As governments focus on
operations — one global entrepreneurial ecosystem economic recovery, they are looking to ecosystems
that makes it possible for anyone anywhere to start or around the world for models and guidance.
scale a business. In the wake of the coronavirus crisis
this work has never been more important. Entrepreneurs are the leaders. The rest of us — gov-
ernments, universities, corporations, investors, accel-
The pandemic was a global crisis tailor-made for a erators, nonprofits — are here to support them. To do
global response. Astoundingly, it never got one. When that effectively, we must understand what entrepre-
it comes to rebuilding our economies in the wake of neurs really need from us and what interventions are
this crisis, we must work collectively rather than in iso- effective. That’s why as one example GEN is building the
lation. You may not hear it very often from our elected Startup Nations Atlas of Policies (SNAP), a knowledge
leaders, but all boats rise, or sink, together. We’ve all portal that gathers next generation policies govern-
seen national borders are porous to viruses. They are ments are deploying to unleash their entrepreneurial
equally porous to innovation. capacity. It’s also why the 2020 Global Startup Ecosys-
tem Report (GSER), which illuminates what levers to pull
Most net new jobs come from firms less than five years and what trends to act on, is so vital.
old. Regenerating jobs after COVID-19 depends on
Make no mistake, we’ve had a massive shake up not
just to the global economy, but to the structure of life.
There will be winners and losers. Tough adjustments
will need to be made. Some business models will no
longer be viable. But this crisis has also shown systemic
change is possible. Changes that once seemed impos-
sible due to politics or inertia now look possible in a
matter of weeks. That disruption isn’t to be feared. It’s
to be embraced.
I thank Startup Genome and all our report partners

for helping us learn and improve together at a time
when the performance of the global entrepreneurial
ecosystem has never been more vital to the future of
all citizens around the world.
Jonathan Ortmans
President, Global Entrepreneurship
Network (GEN)
Startup Genome Advisory Board

The Advisory Board is made up of leading ecosystem development experts from our Members across the world, with a mix of
officials from different levels of government and leaders of public/private innovation and ecosystem development agencies.
North America Africa & Middle East UK & Europe

• Cheryll Watson, YEG Innovation Leader, Former Head • Eytan Schwartz, CEO, Tel Aviv Global, Tel Aviv, Israel • Gerard Grech, CEO, Tech Nation (fka Tech City UK),
of Innovate Edmonton, Edmonton, Canada United Kingdom
• Fabian Vandenreydt, Advisor to the Chairman, Abu
• Dan Herman, Co-founder MyJupiter Inc. and former Dhabi Global Market, Abu Dhabi • Ruben Nieuwenhuis, Co-Founder, StartupAmster-
Head of Strategy, Innovation Canada, Toronto, dam, The Netherlands
• Jean Phil Nsengimana, CEO Idex Africa Former Min-
Canada
ister of ICT, Rwanda • Santtu von Bruun, Vice-Director of Economic Devel-
• Justin Kreamer, Senior Vice President, New York opment, City of Helsinki, Greater Helsinki, Finland
• Karim Sy, President, Digital Africa, Senegal
City Economic Development Corporation, New York,
United States • Yogavelli Nambiar, CEO, Allan Gray Orbis Founda-
Asia-Pacific Region
tion, South Africa
• Patrick Gagné, CEO, OSMO & Co-Founder, Bonjour
• Edwin Chow, Asst. CEO & Director, Enterprise Singa-
Startup Montréal, Montreal, Canada
LATAM pore, Singapore
• Raul Moas, Director, Knight Foundation, Miami,
United States • Kate Cornick, CEO, LaunchVic, Melbourne, Australia
• Felipe Matos, Founding Board Member, Dínamo-Bra-
zilian startup advocacy group, São Paulo, Brazil • Surina Shukri, CEO, Malaysia Digital Economy Cor-
poration, Malaysia
State of the Global Startup Economy
The global startup economy remains large, creating But despite these challenges, we did not expect the
nearly $3 trillion in value, a figure on par with the GDP major threat of the COVID-19 crisis to global ecosys-
of a G7 economy.1 Seven out of the top 10 largest com- tems. Since the crisis hit:
panies in the world are in technology — the highest
• Layoffs among startups are rampant, with just over
concentration of any industry sector among the top
a third of startups globally not laying off staff nor
global companies — and 2019 saw close to $300 billion
cutting hours, and with the typical startup with full-
in venture capital investments around the world.2
time layoffs letting go an average 33% of the staff;
Nonetheless, even at the end of 2019, not all was well. and
Inclusion remained a fundamental challenge for tech
• Startups are facing a double whammy with a drop in
ecosystems, with only 14.1% of founders globally being
consumer demand at the same time VC investments
female, as our Startup Genome research shows.3 Value
are dropping, leading to a crunch for capital. In fact,
creation by ecosystems remains concentrated, with
about 74% of all value produced being concentrated in
the top 10 performing cities globally. Tech giants like 1. 2017 to first half of 2019
2. https://news.crunchbase.com/news/the-q4-eoy-2019-global-vc-re-
WeWork and the stable of unicorns funded by Softbank
port-a-strong-end-to-a-good-but-not-fantastic-year/
began to falter — ranging from major crises, as in the 3. https://startupgenome.com/reports/global-startup-ecosystem-re-
case of WeWork; to a capital crunch for others.4 port-2019
4. https://www.bloomberg.com/opinion/articles/2020-05-18/the-uni-
corns-fell-into-a-ditch
four out of every 10 startups have 3 months or fewer The Calm Before the Storm
of capital runway, meaning they will die if they do The $4 Billion Barrier
not raise additional money and their revenue and In the lead up to the crisis, the dominating trend for
In 1964, Roger Bannister became famous as the
expenses remain the same. ecosystems globally has been the growing democrati-
first person to ever run a 4-minute mile — break-
zation of tech across geographies.
While we see early signs of a rebound in Asian ecosys- ing a barrier that had stood for decades and many
tems — nothing like a return to normal, but a slowdown thought humanly impossible to reach.7 Once he
Democratizing the Tech Economy showed it could be done, the same barrier was
of the drop — the startup economy is going through a
major transition. Despite the concentration of value in tech ecosystems, broken by John Landy, an Australian runner, only
access to the tech economy is increasingly democra- 46 days later. And as Bill Taylor relates in a Harvard
In 2020, the State of the Global Startup Economy can
tized. Business Review article, just a year later three
be seen through two main angles: the calm before the
runners broke the barrier in the same race.8
storm, up to Dec. 2019, and the consequences of the In 2013, tech unicorns became a phenomenon, with the
COVID-19-triggered crisis. term popularized by Aileen Lee from CowboyVC.5 6 The Once Bannister showed the possibility, that level of
name alludes to the rare and nearly mythical quality performance that had never been done for decades
of these companies. But became achievable. Since then, over 1,000 runners
while still powerful they have completed a 4-minute mile.
are not so rare anymore.
As more cities around the globe become viable
When we analyzed com- startup ecosystems, we think a similar thing might
panies in the billion-dol- be happening, as we wrote in the 2019 Global
lar club — exits or private Startup Ecosystem Report.
companies in technology
As of 2020, we have identified and studied nearly
with over $1 billion in val-
uation — in 2013-2019 we
see that in 2013 only four 5. https://www.investopedia.com/terms/u/unicorn.asp#:~:text=Uni-
ecosystems produced corn%20is%20the%20term%20used,by%20venture%20capitalist%20
Aileen%20Lee
unicorns or billion-dollar
6. https://techcrunch.com/2013/11/02/welcome-to-the-unicorn-club/
exits. Today, a cumula- 7. https://startupgenome.com/reports/global-startup-ecosystem-re-
tive 80+ ecosystems have port-2019
done so, astoundingly. 8. https://hbr.org/2018/03/what-breaking-the-4-minute-mile-taught-

usabout-the-limits-of-conventional-thinking
70 ecosystems creating over $4 billion dollars in Top 30 Global Startup There Will Be No “Next Silicon Valley.”
Ecosystem Value — a measure capturing the value Ecosystems and Runners-up There Will Be 30
of startups funded and exited in an ecosystem over
Ranking 2020 Change from 2019 Change from 2017
two and a half years (2017 to first half of 2019).9 Silicon Valley 1 0 0 “Instead of one new center or two new centers (of
This is 48% more ecosystems than we identified last
New York City 2 (tie) 0 0 entrepreneurship, besides Silicon Valley), there will
London 2 (tie) 1 1
year, and nearly double what we identified three Beijing 4 0 0 be 30, and there will be clusters in different places
Boston 5 0 0
years ago. Tel Aviv - Jerusalem 6 (tie) 0 -1
that don’t quite get to the density of the Bay Area but
Los Angeles 6 (tie) 0 3 get beyond critical mass.”
While historical data on this is tricky, it is hard to Shanghai 8 0 0
Seattle 9 3 1
imagine more than a few startup ecosystems cre- Stockholm 10 1 4
Sam Altman, Y Combinator and OpenAI
Washington DC 11 8 NEW
ating that level of Ecosystem Value in the 1990s. Amsterdam 3 7
12
As Pitchbook data shows, Boston had about $900 Paris 13 -4 -2 In the 2019 Global Startup Ecosystem Report we wrote
Chicago 14 3 4
million in VC investments in 1998, New York City Tokyo NEW NEW
about our belief that in the future, there will be no “Next
15
had $800 million, and both Seattle and London Berlin 16 -6 -9 Silicon Valley,” but instead at least 30 global centers of
Singapore 17 -3 -5
had only about $200 million in investments in the Toronto-Waterloo 18 -5 -2 entrepreneurship that are either: regional (e.g., Sao
same year.10
Austin 19 -3 -6
Paulo in South America or Jakarta in Southeast Asia) or
Seoul 20 NEW NEW
San Diego 21 -1 NEW sub-sector leaders (e.g., Shenzhen, with its world-class
In 2019 we predicted that 100 cities would cross the Shenzhen 22 NEW NEW
Atlanta 23 5 -1 performance in Advanced Manufacturing and Robotics).
$4 billion threshold in Ecosystem Value by 2029. It Denver-Boulder 24 -3 -3
looks like we might hit that milestone even earlier. Vancouver 25 -1 -10 In last year’s report, we published the ranking of the top
Bangalore 26 -8 -6
Sydney 27 -4 -10
30 global ecosystems and also highlighted 12 Challeng-
Hangzhou 28 NEW NEW er ecosystems: those ecosystems that were not part of
Hong Kong 29 -4 NEW
Sao Paulo 30 NEW NEW the Top 30 at the time but had the potential to become
31-35 and 36-40 are alphabetical order
Bern-Geneva -12 NEW
so in the future.
Dallas NEW NEW
Miami 31 (ties) -5 NEW Of the 12, seven (or 58%) are now part of the Top 30
Munich -5 NEW
Salt Lake-Provo NEW NEW
Global Ecosystems and Runners-up lists, and three
Copenhagen NEW NEW (25%) are among the top five Emerging Global Ecosys-
Delhi NEW NEW
Dublin 36 (ties) -10 NEW
Melbourne NEW NEW
9. 68 ecosystems have hit this benchmark as of 2019
Montreal NEW NEW
10. 2019 Global Startup Ecosystem Report
tems — a new ranking Startup Genome is debuting
this year that includes 100 ecosystems in total — those
outside the top 30 and runners-up global that are none-
theless seeing impressive performance and growth.
The Rise of Asia-Pacific

A major beneficiary of this democratization of tech is
the Asia-Pacific region, which has gone from having
20% of top ecosystems in 2012 to 30% of them today.
When it comes to the rise of Asia-Pacific, there are five If we were publishing this report in December 2019, our manifests itself in three key statistics:
key findings to highlight: reporting on the state of the global startup economy
First, four out of every 10 startups today are in the
might have stopped there. But the COVID-19-triggered
1. Seoul and Tokyo have broken into the top 30 global red zone: they have three months or fewer of capital
economic crisis has hit — the worst global downturn
startup ecosystems, in no small part due to their runway. This means that they will collapse if they do
since 1929 — and the startup economy is being severely
strength as R&D powerhourses. We cover more about not raise additional capital and their revenues and ex-
affected by it.11
the story of Seoul and their massive investments of penses remain unchanged, risking a mass extinction
$1.6 billion in the next three years in a special feature event for startups globally.12
on this report. The Post-COVID-19 Crisis and the
2. Melbourne joins the select group of top global eco- Impact on Global Ecosystems
systems as a runner-up, getting closer in perfor-
11. https://blogs.imf.org/2020/04/14/the-great-lockdown-worst-eco-
mance with Sydney over the years. While Sydney is
Risk of a Mass Extinction Event for nomic-downturn-since-the-great-depression/
still ahead of Melbourne, in some key metrics Mel-
bourne is catching up. For example, Sydney was Startups 12. The figures by continent exclude Sri Lanka from the Asian average,
which was an outlier in terms of survey responses
the first city in Australia to have a unicorn, but now As the COVID-19 crisis hit
Melbourne has two: Airwallex and Judo Capital (a across the world, startups
challenger bank). have found themselves
in a double bind, being
3. Continental China has gone from having two of the
hit hard from two main
top 30 global startup ecosystems in 2017 to having
shockwaves: capital shock
four of the top 30 in three years: Beijing, Shanghai,
and demand.
Shenzhen (the robotics and advanced manufacturing
powerhouse), and Hangzhou (home to Alibaba).
Shockwave #1:
4. Delhi joins Bangalore in the list of top ecosystems,
bringing the number of Indian cities represented up Capital
to two. On the capital side of the
5. Singapore and Hong Kong continue to perform well, equation, there is a crunch
but now have more regional competitors than they for capital across the
had before. world. This capital crunch
If we focus on startups on Series A+ only, we see that it dropped even more
35% of startups have 6 months or fewer of capital — a sharply. China, the first
troublesome figure given how long it takes to raise a country hit by the crisis,
Series B or later round, especially in the current envi- had funding drop by over
ronment. 50% relative to the rest
of the world, as we have
Second, the fundraising process has been dramat-
written for the World Eco-
ically disrupted. Even for startups that already had
nomic Forum.13 While the
term sheets from investors before the crisis, signed or
country is experiencing a
unsigned, three out of every four startups have had
rebound in investments in
the fundraising process disrupted. A dramatic 18% of
March, it still faces lower
those startups with term sheets have had a funding
activity than it had in De-
round canceled by the investor, and 54% have had their
cember 2019.14
funding round delayed or the lead investor become
unresponsive.
Third, total VC funding has dropped dramatically across

every single continent. Globally, it is down by 20% in
the three months of 2020. In some regions of the world
13. https://www.weforum.org/discom?bobulate=e%2B9TU9KHU-
xwgQdkVl69g64ckL4%2Bj9RblNs46g96WtfDYzGwDxELg-
J87Q9v2s%0A1U9CyK9N8n38QQWBcEbReLlP1g%3D%3D%0A
14. https://startupgenome.com/reports/global-funding-im-
pact-covid-19-startup-ecosystems
Shockwave #2: Demand
The other side of the equation on the shocks affecting
startups is we have seen demand drop like a rock for
most companies.
About 72% of startups saw their revenue drop since

the beginning of the crisis, with the average startup
experiencing a decline of 32%. Shockingly, almost 40%
of companies of the companies saw their revenue drop
by 40% or more, and only about 12% are experiencing
significant growth.
The impact is uneven between different sectors and

regions, as we show below.
The Downstream Effects of the Corona- Some of the types of job cuts are exactly what you would Cost-Cutting and Expectations
expect given drop in demand and even operational
virus Crisis Relatedly, 71% of startups have reduced their expenses,
availability of selling: jobs in Direct Sales (36% of com-
for an average cost cutting off 22%.
The downstream results of these two shocks are dra- panies with job cuts) and in Marketing (29%). But a sig-
matic: nificant number of jobs cut are particularly troublesome When we look at what founders expect for their com-
because they hurt a company’s long-term innovation panies in the next two months, 31% expect they will
Over 60% of startups have laid off employees or reduced
capacity. Roughly 31% have cut jobs in R&D, and 32% have to do salary cuts, and 13% of startups expect
salaries. For startups reducing FTEs, an average of 33%
have cut jobs in Product (e.g., software engineers). This they will have to terminate more employees. In terms
of jobs were cut, as the Startup Genome COVID-19
is a major problem not only for the post-crisis prospects of revenue, only 10% of startups expect their revenue
Impact Insights survey shows.
of startups, but also for their ecosystems. As tech talent will grow a lot. 40% expect it will stay about the same
This is also reflected in crowdsourced data about startup is laid off, they might be absorbed by large corporates, or grow a little, and a dramatic 28% think their revenue
layoffs globally, with the number of employees laid leaving the startup ecosystem altogether. And for tech will still drop a lot further.
off identified in these crowdsourced lists growing 5x hubs that are less mature, such as the ones we cover in The combination of drop in expenditures, salary cuts,
between March and May 2020. our Emerging Ecosystems Ranking, these scientists and and layoffs have downstream effects for the rest of
engineers might end up society, not just today but also tomorrow’s potential
leaving the city altogeth- for economic growth and innovation capacity.
er for the more robust
startup labor markets in When startups suffer, the whole economy suffers.
places like Silicon Valley,
London, and New York. Tech Economy Will Be Crucial for the
Recovery
The unstoppable march of the economy becoming in-
creasingly reliant on digital and technology products got
accelerated by the crisis triggered by COVID-19.15 This
means that, even more than in the previous crisis, the
tech economy will be fundamental for recovery.
15. https://startupgenome.com/reports/global-startup-ecosystem-re-
port-2019
First, as about a decade of research has shown, most of
the net job creation in the economy comes from new
young companies, especially those that scale.16 17
Second, when we compare dollar for dollar, startup jobs

are cheaper to save than traditional small business jobs
by government programs — about 41% cheaper, as we This is not only because these jobs pay high wages, but contributed strongly to the economic recovery. By 2011,
cover in a recent funding policy paper.18 Some govern- also because they create new products, innovations, employment in the “Computer Systems Design and
ments even believe these investments can generate and are such big exporters for the economy.20 Notice Related Services” industry was growing by 2.6% per
positive returns on taxpayer money, as does Israel now. that the tech jobs are cheaper to save through govern- year, while in job creation the overall economy was neg-
ment action even without taking into consideration the ative, at -1.2%. In fact, between 2007-2011, job growth in
Third, in addition to creating most of the net new jobs,
employment multipliers and the higher average wages Computer Systems (a subset of the larger “Professional
tech companies have impressive job multipliers. The
(and contribution to tax base) of tech jobs. Services” sector) was larger than job growth in all major
best estimates we have suggest that for every high-tech-
sectors of the economy, including Healthcare.
nology job, five other jobs are created in the economy.19 Fourth, in the wake of the Great Recession, startups
16. https://www.kauffman.org/wp-content/uploads/2019/12/state_of_
entrepreneurship_address_report_2017.pdf
17. https://www.gsb.stanford.edu/faculty-research/publications/
rise-fall-startups-creation-destruction-revenue-jobs-young-compa-
nies
18. https://startupgenome.com/reports/well_designed_funding_policy_
crisis
19. https://sloanreview.mit.edu/article/the-multiplier-effect-of-innova-
tion-jobs/
20. https://startupgenome.com/reports/global-startup-ecosystem-re-
port-2017
for startups in the red zone globally, and you’re risking
shaving off over 50% of economic value produced by
your ecosystem.
Economic Impact of Startup

Ecosystem Accelerates with
Ecosystem Size
Ecosystem Value by Number of Tech
Startups in Ecosystem
*Computer Systems Design and Related Services classification (NAICS 5415) refers to “establishments pri-
marily engaged in planning and designing computer systems that integrate computer hardware, software,
and communication technologies”. Numbers for the U.S. labor market
New Normal for Economic This is especially true for ecosystems that are not at the
very top and do not have the decades of experience,
Development talent, and capital to draw upon during times of crisis.
As the Financial Times’ fDi wrote based on Startup One of the reasons acting now is particularly critical
Genome’s policy advisory, governments need to act is that startup ecosystems have increasing returns to
to support startups and bail them out in the same scale due especially to network effects. As the number
way they are doing for traditional industries and small of startups in the ecosystem grows, the whole economic
businesses.21 We need a new normal for economic de- community related to the ecosystem — talent, universi-
velopment, where we are supporting the technology ties, startup support organizations — produces more
economy just as much as we were supporting tradi- value. An ecosystem that is 3x larger creates about 5x
tional small businesses and traditional industries like more economic value. This also means that if you lose
21. https://www.fdiintelligence.com/article/77701
airlines. about 20% of startups, you can expect to lose about
22. https://startupgenome.com/reports/well_designed_funding_policy_
27% in value. If you lose 40% of them, which is the figure crisis
Ecosystem Policy Is the New Industrial Palantir, and Dropbox — all of these based in the Bay
Area.
Policy
In the same way opportunities are unlocked for com-
The reality is that, once we are through with this crisis,
panies, they are also unlocked for ecosystems. The
top startup ecosystems will remain high performing.
current crisis has accelerated the digitization of the
Places like Silicon Valley, New York, London, and Beijing
offline economy, making tech companies even more
will continue to produce tremendous innovations and
important. The actions of ecosystems today will help
create astounding value. They have depth of talent,
determine how they will be positioned in the global
experience, and capital in the ecosystem; which might
stage tomorrow. At the same time, this is a unique op-
retract but will remain there post-crisis. That is not the
portunity for all of us to rebuild our economic commu-
case in emerging ecosystems, where failures now will
nities with a lower negative impact on the environment
leave deep scars. Talent that gets laid-off might make
and a stronger focus on inclusion and fair access to the
a permanent switch to working for big corporates or
amazing value that tech ecosystems create.
move to another city altogether.23 The same is true for
founders who might have to close their businesses. Just like the rise of both London and New York City came
at the heels of the 2007-2009 Great Recession — in their
Ecosystems need to invest now to not lose the progress
attempt to diversify from reliance on their traditional
made in the past 10 years.
strengths in finances — the post-COVID-19 recovery
will see new ecosystems rising.
The Next Great Generation of Compa-
nies and Ecosystems 23. https://startupgenome.com/blog/prevent-disintegration-start-
up-ecosystem-talent-pool
Every crisis creates opportunities, and this crisis is no
different. For instance, over half of Fortune 500 compa-
nies started during a contraction, as our colleague Dane
Stangler has written, and over 50 unicorns were created
in the Great Recession alone, as Startup Genome data
shows. The list of companies funded during the Great
Recession is impressive. It includes Facebook, LinkedIn,
Global Startup Ecosystem Ranking 2020
Key Findings of the top ecosystems coming from the region, com- The Most Comprehensive Research of
pared to 20% in 2012. Of the 11 new ecosystems
• The top five global startup ecosystems remain the
Startup Ecosystems Globally
that made it to the top ecosystems list, six are out
same, although with some movement within them. of Asia-Pacific. Startup Genome’s coverage of ecosystems is growing.
Silicon Valley maintains its #1 position. New York Our analysis — which expanded from 60 ecosystems
• There are two new entrants in the top 20 global
remains at #2, although now London is up and tied in 2018 to 150 in 2019 and to nearly 300 today — has
startup ecosystems: Tokyo (#15) and Seoul (#20).
with it. Beijing is at #4 and Boston is at #5. Among allowed us to rank the top 40 global startup ecosys-
They displace Bangalore (which fell primarily due to
the top five global startup ecosystems, only London tems as well as 100 emerging startup ecosystems. In
low levels of Funding) and San Diego.
was not in the top five in the 2015 ranking. Tel Aviv the past, our ranking included only the top 30 startup
- Jerusalem and Los Angeles follow, both tied at #6. • In addition to Tokyo and Seoul, new entrants among ecosystems.
the top 30 include Shenzhen (the advanced manu-
• The 2020 rankings have seen the growth of many We have expanded our list of ecosystems and it now
facturing hub, at #22), Hangzhou (home to Alibaba,
R&D powerhouses: those ecosystems growing largely includes regions that have traditionally received less
at #28), and São Paulo (#30, returning to the top
building upon their strengths on research and patent coverage, including Central Asia, Middle East, Africa,
ecosystems list after falling off in 2017).
production. Tokyo (#15) and Seoul (#20) are the prime and South America. We have also expanded our list to
examples of this, with both ecosystems scoring the • Six ecosystems debuted in the list of runners-up of talk about the top 100 Emerging Ecosystems. Although
max in the Knowledge Factor — a measure of R&D top global ecosystems: Salt Lake-Provo and Dallas these ecosystems are outside the list of highest per-
activity. Shenzhen (#22) and Hangzhou (#28) also fit (tied at #31 with other ecosystems); as well as Co- forming ecosystems, their impact and importance is
this ecosystem archetype. penhagen, Melbourne, Montreal, and Delhi, tied at significant in the global economy.
#36 with Dublin.
• The Rise of Asia is more visible this year, with 30%
Global Startup Ecosystem
Ranking (Top 30 + Runners-up) Silicon Valley
Ranking
1
Performance
10
Funding
10
Connectedness
7
Market Reach
10
Knowledge
10
Talent
10
Growth Index
7
New York City 2 (tie) 10 10 10 9 5 10 7
London 2 (tie) 9 10 10 10 7 10 7
Beijing 4 10 9 1 10 10 10 9
Boston 5 9 9 9 9 5 9 7
Tel Aviv - Jerusalem 6 (tie) 9 9 8 10 4 9 6
Los Angeles 6 (tie) 9 10 4 9 7 9 6
Shanghai 8 10 8 1 8 10 9 9
Seattle 9 8 6 9 8 7 8 6
Stockholm 10 8 5 5 8 3 7 4
Washington DC 11 5 7 7 7 1 8 6
Amsterdam 12 6 7 10 7 1 7 6
Paris 13 4 9 9 1 1 8 4
Chicago 14 5 6 6 6 1 8 7
Tokyo 15 7 8 1 3 9 7 8
Berlin 16 7 7 10 2 1 7 7
Singapore 17 4 8 7 8 1 4 7
Toronto-Waterloo 18 5 8 8 6 2 6 8
Austin 19 5 6 7 5 7 6 8
Seoul 20 7 3 1 9 10 5 4
San Diego 21 6 2 3 7 6 6 6
Shenzhen 22 7 6 1 1 9 5 9
Atlanta 23 4 1 4 6 1 6 6
Denver-Boulder 24 3 5 6 5 4 5 5
Vancouver 25 6 1 5 5 2 4 7
Bangalore 26 4 7 8 1 8 2 5
Sydney 27 3 3 8 1 1 5 6
Hangzhou 28 8 2 1 1 9 3 9
Hong Kong 29 3 4 1 7 1 1 6
Sao Paulo 30 6 1 4 2 1 1 9
Bern-Geneva 31 (tie) 2 1 1 3 1 1 6
Dallas 31 (tie) 1 1 1 4 3 1 3
Miami 31 (tie) 3 2 1 1 1 1 6
Munich 31 (tie) 2 4 6 1 3 1 8
Salt Lake-Provo 31 (tie) 8 1 1 5 1 1 7
Copenhagen 36 (tie) 1 1 2 4 1 2 5
Delhi 36 (tie) 1 5 1 1 1 1 4
Dublin 36 (tie) 1 3 5 1 1 4 5
Melbourne 36 (tie) 1 1 6 4 1 1 5
Montreal 36 (tie) 1 1 1 1 1 2 6
31-35 and 36-40 are alphabetical order
Leaders Majors Hubs and Rising Ecosystems
Ecosystem Assessment and
For a second year running, the top seven ecosystems Amsterdam and Stockholm have also demonstrated
Reporting
have remained the same. These ecosystems are in a strong improvement over the years. Amsterdam was
Developing ecosystems can be a fuzzy business. league of their own and command a combined Ecosys- ranked #19 in 2015 ranking and since then it has con-
Together with 300 partners, we made it a science. tem Value of $1.5 trillion, 1.7 times the remaining top tinued to rise to #15 in 2019 to #12 in 2020. Amster-
Without reliable benchmarks or data, innovation ecosystems. Silicon Valley maintains the status quo, dam ranks very high in Connectedness, gaining from
policies and programs often don’t result in expect- ranked at #1, a position it has held since 2012 when Netherlands’ logistical and social connectedness to the
ed economic impact. Our leading entrepreneurship we released our first rankings. world. The country was ranked #1 in DHL’s Global Con-
and startup ecosystem assessment methodologies nectedness Index.1 2 In June 2018, payment processing
Within these top seven ecosystems, there has been
guide policy executives toward sound decisions to firm Adyen listed one of Europe’s largest tech IPOs in
some movement, with London moving up to #2 (tying
develop more talent, startups, and scaleups. recent times, with a value of $8 billion.3 On the first day
with New York). Given an abundance of capital and in-
of trading, shares shot up 90% and the market value of
vestment, and being a magnet for global talent, London
the firm was well over $30 billion in June 2020.4
has risen to its current position of #2 from #8 in 2012.
Stockholm, which debuted in the 2017 report at #14,
climbed four places to #11 last year and managed to
break into top 10 in this year’s ranking. Stockholm’s
performance was driven by a high volume of substan-
tial exits. For the ranking time frame, Stockholm placed
second in Western Europe after London in terms of
exits greater than $50 million, including Spotify’s IPO
of $26.6 billion.5
1. https://www.dhl.com/content/dam/dhl/global/core/documents/pdf/
g0-en-gci-2019-update-complete-study.pdf
2. https://www.iamsterdam.com/en/business/news-and-insights/
news/2019/the-netherlands-is-the-worlds-most-connected-country
3. https://www.cnbc.com/2018/06/13/adyen-ipo-shares-rise-on-first-
day-of-trade.html
4. https://www.bloomberg.com/quote/ADYEN:NA
5. https://www.theverge.com/2018/4/3/17194208/spotify-ipo-nyse-mu-
sic-streaming-market-valuation
Momentum
Through changes in the ranking and through the expan-
sion of our list, we see eleven ecosystems that appeared
in the top 30 and runners-up global ecosystem list for
the first time:
• Tokyo
• Seoul
• Shenzhen
• Hangzhou
• São Paulo
• Salt Lake-Provo
• Dallas
Last year, we had showcased these two ecosystems • Copenhagen
along with Shanghai as the Risers, ecosystems that
• Melbourne
stand out for their growth over the last decade and
their rapid movement up the rankings. • Delhi
Traditional tech centers improved significantly in this • Montreal

year’s ranking. The Seattle ecosystem made its debut in
For most of these ecosystems, the spurt in the ranking
the top 10, rising two places from last year. Washington,
is driven by billion-dollar club startups (unicorns and
D.C. is another standout case, moving up eight places
companies with billion-dollar exit rounds). There are,
in the ecosystem rankings to #11 due to its strong tech
however, some differences in the underlying reasons
talent pool (scoring 8 out of 10 on the Talent Factor)
for these success stories.
and vibrant Life Sciences community.
Technology innovation centers in Asia — Tokyo, Seoul,
Shenzhen, and Hangzhou — made it to the top eco-
system ranking for the first time. All four ecosystems bourne are among the top three Australian universities
rank among the top 10 ecosystems in Knowledge, a key for engineering and technology according to the Times Next 30
driver for improvement in their ranking. Higher Education ranking.7 In the 2019 report, we discussed the Top 30 and
São Paulo, Salt Lake-Provo, and Montreal saw a sudden Dallas and Copenhagen’s push into the top global list is the Next 30 startup ecosystems. We predicted that
jump in big-ticket deals in the past two years. In 2018 assisted by their above-average Market Reach scores. these Next 30 ecosystems would see continued
and 2019, eight billion-dollar club deals emerged out Copenhagen’s startups have been impressively able to growth and could move among the top ecosystems
of São Paulo compared to no such deals from 2012 to target markets beyond mainland Europe. Major players in the near future. We specifically highlighted Chal-
2016. The Salt Lake-Provo ecosystem saw a jump in like Zendesk, Trustpilot, and Tradeshift targeted global lenger Ecosystems, which we expected to break into
billion-dollar club startups in the past two years with a markets from the onset and set up offices across the the rankings before others. In only one year, we
total of four such deals, including Nikola Motors’ $250 globe. have seen as many as five of these Challengers —
million Series D funding round that values the company namely, Tokyo, Seoul, Shenzhen, Hangzhou, and
at more than $3 billion. For the Montreal startup eco- São Paulo — move to the Top 30 rankings.
system, 2019 was an exceptional year that witnessed In the near future, we should see more Challengers
the emergence of two unicorns: Sonder and Nuvei, and competing with other ecosystems for a place in the
the listing of Lightspeed POS Inc., which became the top 30. Also, as the dynamism of the startup eco-
largest IPO by a tech firm in Canada.6 systems across various regions continues to grow,
Delhi has produced a steady stream of billion-dollar we should see more ecosystems become the next
club startups with at least one such deal every year set of Challengers.
since 2014. The ecosystem is buoyed by international
investors such as SoftBank, Sequoia, and Tiger Global,
all of which are actively investing in the market and push
it close to the top 20 ecosystems in terms of Funding.
Melbourne ranks very high in Connectedness and

Talent. It also boasts a high percentage of founders
and technical talent from overseas — almost 20% of
6. https://www.pymnts.com/news/investment-tracker/2019/light-
founders are from outside the ecosystem. The city pro- speed-pos-ipo-canada/
duces more technology talent than any other Australian 7. https://www.timeshighereducation.com/world-university-rank-
ings/2020/subject-ranking/engineering-and-IT#!/page/0/length/25/
city while Monash University and the University of Mel-
locations/AU/sort_by/rank/sort_order/asc/cols/stats
Top 30 and Runners-up The runners-up (#31 to #40) include a mix of ecosys- Deep Tech Rising and R&D Powerhouse
tems — a few that have fallen out of the top 30 rankings
As we expand our ranking to top 40 ecosystems, with Ecosystems
such as Munich, Miami, and Bern-Geneva, and a few
a top 30 and the runners-up (#31 to #40), we observe that have moved up such as Dallas and Delhi. These Our research and in-depth knowledge has allowed us
more and more democratization of the startup economy ecosystems have identifiable gaps like Connectedness, to classify ecosystems as Ecosystem Archetypes based
(as discussed in State of the Global Startup Economy). Market Reach, and Knowledge that, if closed, along with on their primary dimensions. One of the key trends this
The global startup ecosystem map now includes more focusing on strengths, can help catapult them into the year has been the accelerated growth of R&D power-
ecosystems and countries. Six countries have two or top 30 startup ecosystems in the next few years. house ecosystems.
more top startup ecosystems.
Specifically, we saw Tokyo and Seoul making it to our
Top 20, and Shenzhen and Hangzhou making it to the
top 30 startup ecosystem lists.
Tokyo, Seoul, Shenzhen, and Hangzhou all have few

things in common. These ecosystems have all had many
unicorns and billion-dollar exits emerge in the past two
years, and they are innovation hubs with exceptionally
Design a focused sub-sector strategy based on local and
strong R&D and tangible IP generation. Startup Genome’s Innovation Edge Framework
competitive positioning
In our last two global reports, we talked about the rise The Innovation Edge Framework assesses sub-sec-
9
of Deep Tech and how all the fastest-growing startup tor areas that perform well both globally and locally.
8
sub-sectors, namely Artificial Intelligence & Big Data,

• T
Utilize the Innovation Edge Framework as guidance Moonshots Smart Specialization
7
Advanced Manufacturing & Robotics, Agtech & New Fr
High
to assess high-potential areas. Experiment Invest se
Global Potential
6
Foods, and Blockchain, belonged to the Deep Tech field. p
We had predicted that the next Silicon Valley will not be
5
an
We have done the extensive research on the topic
like Silicon Valley but will instead grow from completely 4
• U
and partnered with Prof. David Rigby at UCLA to Ed
different innovations and Deep Tech would be a key to 3
Low Priority Sustained Advantage
analyze technology production and IP networks as
Low
that. 2 Divest Maintain ar
by studying over 1 million patents, tying them to
During the time frame 2010-2011 to 2017-2018, Deep
1
specific sub-sectors and ecosystems, calculating
Tech-related sub-sectors saw stunning growth in the the potential of each technology class and mea-
0
0 1 2
Low
3 4 5 6
High
7 8 9
number of startups. The concentration of Deep Tech-re- suring the knowledge space of each of our studied
Ecosystem Potential
lated startups has increased to twice the share in the ecosystems. © 2019
said time period.
R&D-focused ecosystems have a unique opportunity

Leveraging their exceptional tech talent and knowledge
to leverage tangible IP strengths to grow startup eco-
infrastructure, these startup ecosystems have managed
systems. A new generation of ambidextrous ecosys-
to power their way through to the top ecosystems.
tems is emerging which both focus and build on the
However, to become truly globally-leading ecosystems
intersection of innovation industries to accelerate their
they need to integrate more thoroughly developing
disruptive startup ecosystems. In particular, R&D pow-
erhouse ecosystems need to learn and combine their their Connectedness and focus on business-model
innovation.
IP with business-model innovations to create global
success stories.
Asia-Pacific Ascending
Smart Specialization and How Startup Genome Is Helping Seoul Identify
Asia’s stature continues to rise among global startup
Key Opportunities for Their $1.6 Billion Plan to Improve the Ecosystem in
ecosystems. Initially driven primarily by Chinese eco-
the Next 3 Years systems, this year’s report saw new entrants among
Start Genome is helping the Seoul Metropolitan Government to invest in building a more robust startup the top global cities from Japan (Tokyo), South Korea
ecosystem for the city.8 The Seoul Metropolitan Government is actively investing in startups, especially in AI, (Seoul), India (Delhi), and Australia (Melbourne). The
Build
Fintech, and Life Sciences. Startup Genome, Smart
through Specialization
an evidence-based around
data-driven a sub-sector
approach, to createshare
is working with a focused
of Asia-Pacific cities in top global ecosystems has
members to help them make decisions that competitive advantage
address the right issues at the right time and prioritize vertical increased from 20% in 2012 to 30% in 2020.
strengths through action. Earlier, most successful startups and exits in the region
came from Chinese ecosystems, representing about
Case Example 8.00
Recommendations
74% of the billion-dollar club deals — including both
Startup Genome recently helped unicorn valuations and exits — in the region in 2015.
7.00 AMR • Create focused programs
a member ecosystem to chart Blockchain
However,
around thein 2019, the share of Chinese billion-dollar
Advanced
High
Global Potential
out a Smart Specialization strat- 6.00 Manufacturing

club & Asia-Pacific region fell to about 46%
deals in the
Robotics
Agtech & New Food
egy around sub-sectors to create thanks to successful startups in places like Seoul, Tokyo,
AI & BD
5.00
focused investments around Cybersecurity
• Singapore, Taipei City, and Melbourne, among others.

Other key sub-sectors
their competitive advantage. 4.00 include the ones
However, despite the uptick, there is still some clear
highlighted in green and
Cleantech
Startup sub-sectors highlighted
Fintech
untapped
gold potential for Asia-Pacific as a region. Asia-Pa-
in Blue followed by Green are 3.00
Life Sciences
cific’s contribution to global Ecosystem Value has risen
the sub-sectors with the most Edtech
2.00 to 33% in this year’s ranking, but it is still less than the
Low
opportunities for this particular

region’s contribution to global GDP, which stands at
startup ecosystem. 1.00 Adtech
Gaming
Size of the bubble indicates local Startup
38%.
Output concentration vs Global Startup
Output Concentration
Note: Size of the bubble indicates local 0.00
Startup Output concentration vs. Global 0 1 Low 2 3 4 5 High
6 7
Startup Output concentration. © 2019 Ecosystem Potential 44
8. https://startupgenome.com/blog/seoul-metropolitan-govern-
ment-joins-forces-with-startup-genome
Understanding the Model: Why Entrepreneurship Network, and our field in general. on the topic, we were able to draw numerous insights
Among other things, this year our research has: that provided the first learnings about the crisis and
You Should Care About Measuring • Nearly doubled the number of ecosystems studied
its impact on startups and startup ecosystems.
Your Startup Ecosystem since our last published rankings — assessing over • Collected information on public policy actions
270 ecosystems across over 100 countries to rank the taken by governments to support startup ecosys-
The underlying drive for the Global Startup Ecosystem
top 40 globally and produce the top 100 emerging tems during the COVID-19 crisis. Our audit of public
Report is to answer three key questions founders, in-
ecosystems rankings. By extensively expanding our policy responses taken by the governments created
vestors, and policymakers have been asking all over
list of ecosystems covered, we made inroads in in- a knowledge base with 200+ COVID-19-related policy
the globe:
creasing our coverage to cover more places in Africa measures.
• Where are the top-performing ecosystems in the and South America as well.
Bringing it together, beyond the ranking, this means
world? Put differently, where do early-stage startups
• Published the top 100 emerging ecosystem rankings Startup Genome’s broader Ecosystem Assessment
have the best shot at building global success?
for the first time. Emerging ecosystems are those Framework includes more than 100 metrics, which
• Why are some places on the rise while others are ecosystems following the top 40 global ecosystems in better capture the ecosystem factors that drive startup
falling behind? performance. The factor weights used to rank these performance.
ecosystems are slightly different from those used
• How can ecosystems increase their chances of For the 2020 rankings specifically, we measured a total
with top ecosystems (detailed in our methodology
winning in the global startup revolution? of seven Success Factors, listed below (see the Meth-
section) to reflect their emerging status and empha-
odology section for more details).
Since 2011 — starting as a research project with Steve size the factors that influence more in ecosystems
Blank, the father of the Lean Startup movement, and that are just beginning to grow. • Performance
Prof. Chuck Eesley at Stanford University — we have
• Incorporated several real-time data sources to our • Funding
been on a mission to codify and understand the Success
broader model, from Google Trends to track public • Market Reach
Factors of startup ecosystems so more places have a
discourse on startups, to GitHub to identify active
chance of creating and capturing their fair share of • Talent
programmers, to Meetup data for measuring local
value created by the global startup revolution.
tech events. • Connectedness
We have made tremendous progress since then and
• Conducted in-depth research on how the COVID-19 • Knowledge
continue to do so. What you are looking at is by far
crisis is impacting startups and startup ecosystems.
the deepest, most comprehensive startup ecosystem • Infrastructure
Through our COVID-19 impact survey, the first ever
research ever done — by Startup Genome, the Global
The three main questions we start this section with Key Concepts
unfold into many strategic questions Startup Genome’s
ecosystem assessment framework can help answer. Ranking
For example: The ranking is primarily driven by one question: In
For founders and startup executives: which ecosystems will an early-stage startup have the
best chance of building global success?
• Where should I create my tech startup to maximize
my chances of success? Startup
• Where should I open a second office? Steve Blank defines a startup as a “temporary organi-
• Where can I get the most bang for buck in terms of zation in search for a repeatable and scalable business
cost? model.” We use this definition to look across sectors
and sub-sectors, including software, hardware, health,
For investors: energy, and others.
• Where do startups have the best odds of raising ad-
Ecosystem
ditional funding?
Defined around the concept of a shared pool of re-
• Which high-performing ecosystems have a gap in
sources, generally located within a 60-mile (100-kilo-
experienced local investors that I might be able to
meter) radius around a center point in a given region,
benefit from?
with a few exceptions based on local reality.
For policymakers:
Ecosystem Success Factor Model
• How should I change local policies to support our
startup ecosystem during the current COVID-19 Our principal analytical tool, this measures different
crisis? dimensions of what supports the performance of local
startups. We look at nine factors for our rankings: one
• How should I measure the progress of our startup measuring actual performance, with eight Success
ecosystem? Factors associated with performance, and each com-
• What are the biggest gaps in our startup economy I prised of sub-factors and metrics. These factors are
should focus on addressing first? highlighted in our Methodology section, as well as in
each rankings section.
Success Factor Highlights Performance
Performance
Ecosystem
Success
Startup
Value
Key Findings The Performance Success Factor Assesses:
Exit
• Silicon Valley remains the top performer in value cre- Silicon Valley 10 10 9 • Ecosystem Value — a measure of the economic
New York City 10 10 5
ation and exits, with ecosystems like Boston, London, London 10 9 2 impact of the ecosystem, calculated as the total exit
New York City, and Beijing also performing strongly. Beijing 9 10 10
valuation and startup valuations over a two-and-a-
Boston 10 9 6
Tel Aviv - Jerusalem 8 8 7 half-year time period.
• Chinese ecosystems do exceptionally well in the mea-
Los Angeles 9 9 6
surement of Startup Success, showing how Chinese Shanghai 9 10 10 • Exits — the number of exits over $50 million and $1
Seattle 8 6 4
startups are able to move onto the next stage of Stockholm 9 8 1
billion, as well as the growth of exits.
funding with relative ease — for instance, going from Washington DC 8 4 3
Amsterdam 7 5 6 • Startup Success — how much startups succeed in the
Series A to B. Paris 3 7 3 ecosystem. Measured in early-stage success (ratio of
Chicago 6 5 9
• São Paulo, Salt Lake-Provo, and Delhi punch above Tokyo 8 5 3 Series B to Series A companies), late-stages success
their weight in translating successful startups into Berlin 7 7 4
(ratio of Series C to A companies and number of bil-
Singapore 3 5 5
subsequent high valuation funding rounds. Toronto-Waterloo 8 3 2 lion-dollar club startups), and speed to exit (both to
Austin 5 3 8
Seoul 6 7 6
IPO and other exits).
San Diego 7 7 2
Shenzhen 5 9 7
Atlanta 5 3 8
Denver-Boulder 4 3 5
Vancouver 6 6 7
Bangalore 1 9 9
Sydney 4 2 2
Hangzhou 5 8 8
Hong Kong 2 4 4
Sao Paulo 5 6 10
Bern-Geneva 2 2 9
Dallas 2 1 4
Miami 3 4 1
Munich 2 2 7
Salt Lake-Provo 6 5 10
Copenhagen 1 2 1
Delhi 1 6 8
Dublin 1 1 5
Melbourne 4 1 2
Montreal 3 1 4
Funding
Funding
Key Findings The Funding Success Factor Assesses:
& Activity
Quality
Access
• San Diego, Sydney, and Hangzhou all stand out for • Access — a function of early-stage funding volume
low quality of Funding, demonstrating the relatively Silicon Valley 10 10 and funding growth.
New York City 10 10
low number of local, experienced VCs when com- London 10 10
Beijing 9 9
• Quality and Activity — a combination of the number
pared to other top ecosystems.
Boston 9 10 of local investors, investors’ experience (average
Los Angeles 10 9
• Paris, Singapore, and Bangalore all stand out for high Tel Aviv - Jerusalem 9 9
years of experience and exit ratio), and investors’
access as well as quality and activity of Funding. Shanghai 8 8 activity (percentage of active investors in the first
Seattle 6 7
quarter of 2020, and the number of new investors).
• Seattle, Seoul, San Diego, and Atlanta all perform Stockholm 5 6
Washington DC 7 7
worse in overall funding compared to thier rank. Amsterdam 6 8
Paris 9 9
Chicago 6 7
Tokyo 8 8
Berlin 7 6
Singapore 8 8
Toronto-Waterloo 8 7
Austin 6 4
Seoul 3 5
San Diego 4 2
Shenzhen 7 6
Atlanta 3 3
Denver-Boulder 5 5
Vancouver 2 5
Bangalore 7 5
Sydney 5 1
Hangzhou 4 1
Hong Kong 4 5
Sao Paulo 2 1
Bern-Geneva 2 3
Dallas 1 2
Miami 4 3
Munich 3 6
Salt Lake-Provo 1 2
Copenhagen 2 2
Delhi 5 3
Dublin 3 4
Melbourne 1 1
Montreal 1 4
Market Reach
Market Reach
Key Findings The Market Reach Success Factor Assesses:
Globally Leading
Local Market
Companies
• Global Leading Companies — a function of scaleups
Quality
Reach
• Tel Aviv - Jerusalem, Amsterdam, and Stockholm all
and unicorns in the ecosystem. Measured in the ratio
do well thanks to their startups’ ability to tap global Silicon Valley 10 10 10
New York City 10 9 10
of companies valued over $1 billion (number of uni-
markets. London 5 10 10 corns + $B exits to GDP), ratio of $B exits ($B exits
Beijing 7 10 2
• Beijing and Shanghai have poor quality of global Boston 10 8 10 to GDP), and large exits to funding (exits over $50M
Tel Aviv - Jerusalem 1 10 10
market reach, showing that their startups typically Los Angeles 10 8 10
to Series A rounds).
do better locally. Shanghai 7 8 2
Seattle 10 6 10 • Local Reach — size of local markets, proxied as a
• Chicago, Austin, and Shenzhen don’t appear to create Stockholm 2 9 4
function of country GDP.
Washington DC 10 5 10
globally leading companies, with more successes Amsterdam 2 7 6
Paris 5 5 6
• IP Commercialization — indicator of how much the
focused locally. Chicago 10 3 10 policy environment encourages the commercializa-
Tokyo 6 4 6
Berlin 6 6 4 tion of tangible IP, measured at the country level.
Singapore 1 8 6
Toronto-Waterloo 4 6 6
Austin 10 2 10
Seoul 3 9 3
San Diego 10 5 10
Shenzhen 7 1 2
Atlanta 10 5 10
Denver-Boulder 10 3 10
Vancouver 4 6 6
Bangalore 5 3 2
Sydney 3 3 10
Hangzhou 7 4 2
Hong Kong 1 9 2
Sao Paulo 4 7 2
Bern-Geneva 2 7 4
Dallas 10 2 10
Miami 10 1 10
Munich 6 1 4
Salt Lake-Provo 10 2 10
Copenhagen 2 7 4
Delhi 5 2 2
Dublin 2 1 6
Melbourne 3 5 10
Montreal 4 4 6
Connectedness
Connectedness
Key Findings The Connectedness Success Factor Assesses:
Connectedness
Infrastructure
• Shanghai, Tokyo, Seoul, and Shenzhen all rank quite • Local Connectedness — a function of the number
Local
low on Local Connectedness, something that could of tech meetups in the ecosystem.
Silicon Valley 6 9
hurt long-term potential in these ecosystems. New York City 10 10
• Infrastructure — a Life Sciences-focused measure
London 10 10
• Beijing, Stockholm, Hangzhou, and Salt Lake-Provo Beijing 5 1 of accelerators and incubators, research grants, and
Boston 9 10
all rank low in Infrastructure for their rank, showing Tel Aviv - Jerusalem 8 7
R&D anchors in the ecosystem (e.g., top research
a clear addressable gap area in their ecosystems. Los Angeles 5 8 hospitals and R&D corporate labs).
Shanghai 1 5
Seattle 9 4
• Compared to their rankings, Bern-Geneva and Co- Stockholm 7 1
penhagen appear to do well in Local Connectedness Washington DC 6 9
Amsterdam 10 8
and Infrastructure, showing potential in the future. Paris 9 9
Chicago 5 9
Tokyo 2 6
Berlin 10 7
Singapore 6 7
Austin 8 3
Seoul 1 6
San Diego 4 8
Shenzhen 2 2
Atlanta 5 5
Denver-Boulder 7 3
Vancouver 5 6
Bangalore 9 4
Sydney 9 4
Hangzhou 1 1
Hong Kong 2 6
Sao Paulo 5 7
Bern-Geneva 2 10
Dallas 3 3
Miami 1 5
Munich 7 4
Salt Lake-Provo 3 1
Copenhagen 4 8
Delhi 3 2
Dublin 6 2
Melbourne 7 2
Montreal 3 3
Talent
Key Findings Talent -- Life Sciences Talent
Tech Life Sciences Experience
• Among ecosystems in the top 10, Silicon Valley and • Access — a count of STEM students and graduates,
in Ecosystem
in Ecosystem
STEM Access
Seattle are much more focused on tech than Life number of Life Sciences universities, and degree
Experience
Experience
LS Quality
LS Access
& Access
Startup
Quality
Scaling
Sciences versus the rest of the pack. programs in an ecosystem.
Cost
Silicon Valley 6 10 3 5 10 10 10
• Melbourne’s ecosystem does especially great in tech London 6 10 10 9 9 9 10 • Quality — a function of Life Sciences quality at
New York City 5 10 10 10 5 10 10
and Life Sciences talent, followed by Dublin and Mon- Beijing 9 9 10 10 6 10 10
local universities and their programs.
treal. Boston 5 9 5 10 8 10 10
Los Angeles 4 9 7 7 9 9 10
Tel Aviv - Jerusalem 7 9 7 8 2 9 9 -- Experience
• Hong Kong, Seoul, and Toronto-Waterloo all lag in Shanghai 9 9 10 9 5 9 8
scaling experience, mostly in technology. Seattle 3 10 2 1 10 8 8

• Scaling Experience — the cumulative number
Stockholm 2 6 4 6 9 7 7
Washington DC 4 9 7 7 4 8 8 of significant exits (over $50 million and over $1
The Talent Success Factor Assesses: Amsterdam 3 7 5 10 9 8 6
Paris 7 8 10 9 3 5 9 billion) over 10 years for startups founded in the
-- Tech Talent Chicago
Tokyo
1
4
8
7 10
2 6
8
5
1
8
6
7
8
ecosystem.
Berlin 8 6 6 6 8 6 7
• Access — the percentage of engineers and growth Singapore 8 2 6 4 10 4 6 • Startup Experience — the cumulative number of
Toronto-Waterloo 7 6 10 8 7 2 7
employees with at least 2 years of startup experi- Austin 5 7 2 1 4 7 7
early-stage companies started and funded in the
ence at the time of hiring. Seoul 8 4 10 10 1 3 6
ecosystem at Series A stages.
San Diego 5 7 4 2 7 6 5
Shenzhen 10 6 3 1 4 4 5
• Quality — a function of the number and density of Atlanta 4 8 4 5 6 7 4
top developers on GitHub, English proficiency, and Denver-Boulder

Vancouver
2
6
5
4
2
6
4
3
3
6
3
5
5
2
historical exits, as well as a proxy for experienced Bangalore 10 1 1 1 2 4 5
Sydney 4 5 10 8 6 3 4
scaled teams in the ecosystem. Hangzhou 10 1 4 4 4 7 3
Hong Kong 9 2 10 6 5 1 1
• Cost — average software engineer salaries, Sao Paulo 9 1 10 5 2 4 2

Munich 6 3 6 4 8 1 4
whereas more expensive salaries lead to lower Salt Lake-Provo 2 3 1 2 2 6 2
Miami 1 2 3 2 1 3 3
scores. Dallas 2 3 1 3 3 1 3
Bern-Geneva 1 2 3 8 8 2 1
Copenhagen 1 3 1 3 10 5 2
Melbourne 7 4 10 8 7 1 1
Delhi 10 1 7 2 1 2 3
Montreal 8 4 5 4 7 5 1
Dublin 3 5 5 5 3 2 4
Knowledge
Knowledge
Key Findings The Knowledge Success Factor Assesses:
Research
Patents
• Dallas, Montreal, Munich, Miami, and Delhi all rank • Research — based on the H-Index, a measure of pub-
Silicon Valley 9 10
high in Knowledge score despite relatively lower lication impact, this metric looks at the production of
New York City 5 10
ranks in the top 40. London 8 7 Life Sciences research at the country level.
Beijing 10 4
• Tel Aviv - Jerusalem, Beijing, and Shanghai all rank Boston 5 10 • Patents — the volume, complexity, and potential of
Tel Aviv - Jerusalem 8 2
low in the H-Index, which shows lower-than-average Los Angeles 6 10 patents in Life Sciences created in the ecosystem.
publications and research in Life Sciences. Shanghai 10 4
Seattle 7 10
Stockholm 8 4
• New York City, Washington D.C., Amsterdam, and Washington DC 3 10
Chicago all rank low in Patents, showing a focus of Amsterdam 3 5
Paris 4 6
their founders on business model innovation rather Chicago 2 10
than leveraging tangible IP production. Tokyo 9 6
Berlin 3 7
Singapore 6 2
Austin 6 10
Seoul 10 2
San Diego 6 10
Shenzhen 9 4
Atlanta 2 10
Denver-Boulder 5 10
Vancouver 7 6
Bangalore 9 2
Sydney 2 4
Hangzhou 10 4
Hong Kong 1 1
Sao Paulo 1 1
Bern-Geneva 5 5
Dallas 4 10
Miami 2 10
Munich 7 7
Salt Lake-Provo 1 10
Copenhagen 3 3
Delhi 8 2
Dublin 5 1
Melbourne 1 4
Montreal 5 6
Top 100 Emerging Ecosystem Ranking

Startup Genome has nearly doubled the number of #8 Philadelphia, #9 Manchester-Liverpool, and #10 seen at least two such deals. Startups have become a
ecosystems studied since 2019 — assessing over 270 Research Triangle. top growth engine of the economy and policymakers
ecosystems across over 100 countries to rank the top are putting more energy and focus into the develop-
• Combined, the Emerging Ecosystems represent 49
30 globally and runners-up. Our ranking this year goes ment of their startup ecosystems.
countries and $348 billion
beyond the top ecosystems to include “Emerging Eco- in Ecosystem Value.
systems” — the next 100 ecosystems after the top
ones. • Europe is the leading con-
tinent for Emerging Eco-
As startup culture and entrepreneurship spreads systems, with 38 cities in
across the world, different ecosystems are gaining rel- the list followed by North
evance and impacting economies in a meaningful way. America with 32 startup
The factor weights used to rank these ecosystems are ecosystems and Asia-Pacif-
slightly different from those used with top ecosystems ic is third with 22 ecosys-
(detailed in our methodology section) to reflect their tems.
emerging status and emphasize the factors that influ-
ence more in ecosystems that are just beginning to Since 2010, these ecosystems
grow. have combined to generate
115 billion-dollar club start-
ups. Nearly 60 of these start-
Key Findings up ecosystems across over 20
• The top 10 Emerging Ecosystems are, in order: #1 countries have seen either a
Mumbai, #2 Jakarta, #3 Zurich, #4 Greater Helsinki, unicorn or a billion-dollar exit.
#5 Guangzhou, #6 (tie) Barcelona, #6 (tie) Madrid, Of these, 27 ecosystems have
Top 100 Emerging Ecosystem Ranking
Rank Country Continent Performance Funding Market Reach Talent
Mumbai 1 India Asia-Pacific 10 10 10 10
Jakarta 2 Indonesia Asia-Pacific 10 10 10 9
Zurich 3 Switzerland Europe 9 10 10 8
Greater Helsinki 4 Finland Europe 8 10 10 9
Guangzhou 5 China Asia-Pacific 10 9 4 10
Barcelona 6 (tie) Spain Europe 9 10 5 10
Madrid 6 (tie) Spain Europe 9 10 9 10
Philadelphia 8 United States North America 9 10 8 9
Manchester-Liverpool 9 United Kingdom Europe 10 9 8 10
Research Triangle 10 United States North America 10 9 5 10
Kuala Lumpur 11 Malaysia Asia-Pacific 10 8 10 9
Lisbon 12 Portugal Europe 7 6 10 4
Bristol 13 United Kingdom Europe 9 8 9 9
Estonia 14 Estonia Europe 5 9 10 1
Portland 15 United States North America 10 7 9 7
Istanbul 16 Turkey Asia-Pacific 7 9 8 9
Detroit 17 United States North America 10 8 4 8
Dubai 18 United Arab Emirates Asia-Pacific 8 10 7 6
Minneapolis 19 United States North America 8 7 9 8
Moscow 20 Russia Europe 6 10 1 10
Taipei City 21-30 Taiwan Asia-Pacific 8 8 3 10
Hamburg 21-30 Germany Europe 8 8 9 6
Wuxi 21-30 China Asia-Pacific 10 6 8 7
Tampa Bay 21-30 United States North America 9 8 9 3
Brussels 21-30 Belgium Europe 7 9 2 9
Hartford 21-30 United States North America 9 4 9 7
Chengdu 21-30 China Asia-Pacific 10 4 9 7
Pittsburgh 21-30 United States North America 8 9 4 7
Phoenix 21-30 United States North America 8 8 2 5
Milan 21-30 Italy Europe 5 10 2 8
Manila 31-40 Philippines Asia-Pacific 5 3 10 7
Houston 31-40 United States North America 7 9 2 8
Mexico City 31-40 Mexico South America 6 8 3 9
Lyon 31-40 France Europe 7 6 5 9
Ecosystems classified in by scores from 10 (highest) to 1 (lowest)
Top 100 Emerging Ecosystem Ranking (contd.)
Columbus 31-40 United States North America 9 6 7 1
Charlotte 31-40 United States North America 9 5 8 1
Nanjing 31-40 China Asia-Pacific 9 4 1 8
Indianapolis 31-40 United States North America 7 7 5 6
Xiamen 31-40 China Asia-Pacific 8 2 6 10
Bogota 31-40 Colombia South America 6 7 9 4
Rhineland 41-50 Germany Europe 5 7 2 9
New Zealand 41-50 New Zealand Asia-Pacific 4 7 2 8
Oslo 41-50 Norway Europe 6 9 2 4
St. Louis 41-50 United States North America 6 7 5 6
Edinburgh-Glasgow 41-50 United Kingdom Europe 3 8 1 10
Vienna 41-50 Austria Europe 4 8 5 4
Orlando 41-50 United States North America 6 6 3 6
Las Vegas 41-50 United States North America 7 5 3 4
Birmingham 41-50 United Kingdom Europe 4 6 2 7
Nashville 41-50 United States North America 5 5 7 4
Cairo 51-60 Egypt Africa 3 7 1 7
Calgary 51-60 Canada North America 3 5 3 3
Chennai 51-60 India Asia-Pacific 4 3 4 8
Malmo 51-60 Sweden Europe 5 7 3 3
Santa Barbara 51-60 United States North America 8 1 8 5
Bangkok 51-60 Thailand Asia-Pacific 3 5 3 8
Wuhan 51-60 China Asia-Pacific 7 3 1 7
Gothenburg 51-60 Sweden Europe 2 6 5 3
Cape Town 51-60 South Africa Africa 3 4 8 6
Cincinnati 51-60 United States North America 4 3 8 5
Frankfurt 61-70 Germany Europe 4 4 3 5
Lagos 61-70 Nigeria Africa 4 7 1 1
Ottawa 61-70 Canada North America 6 3 1 8
Sacramento 61-70 United States North America 6 2 6 1
Stuttgart 61-70 Germany Europe 2 5 3 5
Nairobi 61-70 Kenya Africa 2 6 1 5
Cleveland 61-70 United States North America 4 2 8 4
Madison 61-70 United States North America 5 3 4 2
Top 100 Emerging Ecosystem Ranking (contd.)

Warsaw 61-70 Poland Europe 2 5 1 5
Kansas City 61-70 United States North America 5 4 1 4
Hyderabad 71-80 India Asia-Pacific 1 5 1 6
Budapest 71-80 Hungary Europe 1 9 1 2
Richmond 71-80 United States North America 4 3 4 1
Rome 71-80 Italy Europe 1 5 4 2
Malta 71-80 Malta Europe 4 1 9 1
Buenos Aires 71-80 Argentina South America 1 4 1 7
Brisbane 71-80 Australia Asia-Pacific 1 4 1 6
Ho Chi Minh City 71-80 Vietnam Asia-Pacific 2 1 7 3
Pune 71-80 India Asia-Pacific 3 4 1 1
Durham 71-80 United Kingdom Europe 5 2 1 1
Western Denmark 81-90 Denmark Europe 2 3 2 1
Lithuania 81-90 Lithuania Europe 1 6 1 1
Abu Dhabi 81-90 United Arab Emirates Asia-Pacific 5 1 10 1
San Bernardino 81-90 United States North America 2 1 5 1
Jacksonville 81-90 United States North America 3 1 5 3
Reno 81-90 United States North America 3 2 8 1
Burlington 81-90 United States North America 6 1 8 1
Valencia 81-90 Spain Europe 1 6 1 2
Bucharest 81-90 Romania Europe 8 1 1 1
Santiago 81-90 Chile South America 1 5 1 4
Belgrade and Novi Sad 91-100 Serbia Europe 1 1 8 5
Curitiba 91-100 Brazil South America 7 1 2 1
Ljubljana 91-100 Slovenia Europe 2 1 7 3
Wilmington 91-100 United States North America 1 4 4 1
Antwerp 91-100 Belgium Europe 1 2 4 1
Marseille 91-100 France Europe 1 2 1 3
Osaka 91-100 Japan Asia-Pacific 1 1 3 2
Prague 91-100 Czechia Europe 1 3 1 2
Buffalo 91-100 United States North America 7 1 1 1
Reykjavik 91-100 Iceland Europe 1 1 7 1
Luxembourg 91-100 Luxembourg Europe 3 2 1 1
Emerging Leaders
A few startup ecosystems stand out from the 100
emerging startup ecosystems based across some key
factors.
Top 10 Ecosystems by Ecosystem Value: Ecosystem with 4 or More $B Club in the Last 10 Top Ecosystems with Total Early-Stage Funding
Years:
Ecosystems Country Ecosystem Value ($B) Ecosystems Country $B club since 2010 Ecosystems Country ESF (2017-2018, $M)
Jakarta Indonesia 26.3 Guangzhou China 9 Jakarta Indonesia 845.9

Guangzhou China 19.2 Mumbai India 5 Barcelona Spain 472.7
Kuala Lumpur Malaysia 15.3 Jakarta Indonesia 5 Guangzhou China 413.8
Mumbai India 15 Research Triangle United States 4 Mumbai India 371.9
Nanjing China 10 Zurich Switzerland 4 Taipei City Taiwan 339.3
Research Triangle United States 9.7 Brussels Belgium 310.3
Detroit United States 4
Manchester-Liverpool United Kingdom 9.2 Houston United States 280.5
Moscow Russia 4
Detroit United States 9 Philadelphia United States 276.7
Taipei City Taiwan 4
Zurich Switzerland 9 Phoenix United States 263.3
Portland United States 7.1 Greater Helsinki Finland 256.2
Europe Leads the Way
Europe leads in terms of constituents in the Emerging
Ecosystems list with 38 startup ecosystems. Eight of
these are from Eastern Europe. It is followed by North
America with 32 startup ecosystems and Asia-Pacific is
third with 22 ecosystems.
Ecosystem Archetypes Large Protected Markets
Not on the list?
As these ecosystems expand and startups compete • Primary Dimension: Protected Market Reach
If your ecosystem is not on this list and you want
globally, ecosystem builders will have to play an im- • Examples: Beijing, Shanghai, Jakarta
to know where you stand, please reach out to us
portant role in forging the path ahead. These growing
Cosmopolitan Creatives (Adam Bregu: adam@startupgenome.com). Start-
ecosystems can learn from leader startup ecosystems
up Genome has assessed nearly 300 ecosystems
to leverage their strengths and accordingly focus their • Primary Dimension: Openness and Quality of Life
globally, although not all of them are published
efforts and resources. Startup Genome’s years of re-
• Examples: Berlin, Melbourne here.
search and insights have helped us to identify five key
Ecosystem Archetypes, based on the primary dimen-
sion of the ecosystem, potential, challenges, success
strategy and roadmap.
Five Ecosystem Archetypes:
Founders of Tech
• Primary Dimension: First and Early movers, Globally

or Regionally
• Examples: SIlicon Valley, Boston, Seattle
Global Business Hubs
• Primary Dimension: Global Business and Financial

Center
• Examples: London, New York City, Singapore
R&D Powerhouses
• Primary Dimension: Technology Production
• Examples: Tel Aviv - Jerusalem, Stockholm
Save Your Startups: Using Policy to Kickstart

the Post-Crisis Economy
Global economic crises often become extinction But what if startups don’t survive the turmoil? We be-
events for startups. The COVID-19 crisis has been no lieve there is much to be done by government agencies
exception, and many startups across the globe remain and organizations in order to save startups and keep
perilously close to the edge of closing up shop. Young them humming along until things go back to “normal.”
companies and founders remain on edge, knowing
that things can change in their communities seeming-
ly in an instant.
Why Policymakers and Leaders
Policymakers should be aware that startups contrib- Must Act Now
ute meaningfully to both local communities and to With so much happening around the world, it can be
the global startup economy as a whole. With that in difficult to track the impact of COVID-19 on startups.
mind, they should be laser focused on helping startup But the data, of which we have been collecting since
companies and the wider ecosystem get through the March through our COVID-19 impact survey, is clear —
COVID-19 crisis intact. startups need help now and if policymakers don’t work
There will of course be a time down the road where to support them, the economic effects will be dire.
COVID-19 is no longer a threat to our health and our
economy. The famous adage, “This too shall pass” Startups in Serious Trouble
comes to mind. When the threat subsides, many fac-
While big-name startups may have lots of cash on
ets of life we’ve come to know will likely return, includ-
hand or have been in the press for “pivoting success-
ing in our economy.
fully” during the COVID-19 crisis, many startups are ups not only are a good engine for jobs, but without Startup Ecosystem Size Matters for
struggling. Global venture capital funding has dropped startups, there’s less innovation at larger corporations
Growth
roughly 20% since the onset of the pandemic in De- and at small- and medium- sized businesses (SMBs)
cember 2019, creating ripple effects throughout start- as well. Startups also play a role in pushing the public Outside of protecting startups, what other incentives
up ecosystems. sector forward by providing huge efficiency gains in do policymakers have to protect the innovation eco-
governmental organizations and public services, and systems impacted by COVID-19? As academic Michael
According to our COVID-19 Survey, as of mid-2020,
by helping establish competitive regulatory environ- Porter has postulated for traditional industries and
more than 40% of startups globally are in the “red
ments. Startup Genome has demonstrated for startup eco-
zone” when it comes to cash, meaning they have three
systems, the size of an industry cluster greatly mat-
months or fewer of runway. Basically, if these compa- Many governments have already assisted in the cre-
ters for its overall performance. Because of network
nies do not change their cash flow situation and are ation of knowledge economies, so in many ways they
effects, the economic impact of each additional start-
unable to raise additional funds soon, they will fold. also need to protect existing ecosystems in which
up grows as the ecosystem grows. As Startup Genome
When it comes to funded startups that have raised Se- they’ve already invested. Governments must act now
research shows, the larger the ecosystem, the higher
ries A or later rounds, a third have less than six months to help startups affected by COVID-19, and they have
the performance and average value of each startup.
worth of cash, creating a danger zone because fund- good reason for saving jobs and businesses.
raising is simply more challenging now. For instance, in an ecosystem with 1,000 startups (ap-
As we argued in our recent white paper, governments
proximately the size of the Montreal ecosystem), each
actually stand to make money by injecting at least six
startup adds on average $5.1 million in economic val-
Startups Can Improve the Economic months worth of cash into technology startups. Even
ue while at 2,000 startups, each startup adds an av-
Recovery with a negative 10% return on equity, the cost per job
erage of $6.9 million. For 3,000 startups, the figure
saved is 41% lower for startups than for SMBs, respec-
Policymakers may wonder if it’s OK to not intervene at hits $8.7 million per company, and at 4,000 startups
tively costing $14,766 or $24,928 per job saved. It sim-
all and let these startups in the red zone perish, follow- (approximately the size of the Boston ecosystem), val-
ply costs less to save a job in a startup than elsewhere.
ing the theory of letting the strong companies survive ue per startup jumps to $10.6 million on average. An-
and letting the weak business fall off. While this may Technology startups offer a higher job multiplier be- other way to look at this: an ecosystem that is three
be attractive in some circles, it’s a short-sided gambit cause they often pay high wages, they export more times larger (1,000 vs. 3,000 startups) produces five
that underestimates the value of startups and threat- frequently, and attract foreign direct investment (FDI) times more economic value. And indeed the opposite
ens the future. from international investors. Startup jobs are also applies. Reducing the number of startups would slash
more “future-proof” as the economy transitions to the value of an ecosystem exponentially.
For many years, startup ecosystems around the globe
more digital services, as people working these jobs will
have proven to drive productivity. This is because start-
have more in-demand skills down the road.
As such, preserving the number of startups in an eco- Learning from the 2008 Economic Venture capitalists and local economies that worked
system helps protect overall economic value. Policy- to save promising startups in 2000 and 2008 reaped
Crisis
makers should never forget this. incredible benefits in the next economic cycle. Look at
If policymakers are still skeptical about why they the businesses that raised VC money in 2008 and it’s
should invest in startups affected by COVID-19, then
Startups Help Post-Crisis Economies an impressive list: Facebook, LinkedIn, Dropbox, and
they should look at the 2008 economic crisis and the Palantir. The fact that these companies were able to
Remain Competitive following recession to further understand its impor- raise money during a recession is obviously not the
Global crises always accelerate the adoption curve tance. cause of their success. But the strong returns of their
of new technologies. COVID-19 has wildly increased cohort of recession-funded startups suggest that oth-
Startups funded during recessions, including those
adoption of relatively young companies such as Zoom, er would-be innovators were never realized because
2008, fare better than funded during normal times, on
Slack, and Shopify. All three were startups not long ago of the restricted capital environment.
average. For example, several successful gig economy
that went public and now they play an important role
startups were funded during that time and have later Unfortunately, despite the success of companies cre-
in keeping companies connected and relevant in the
grown into large entities, including Uber, which had its ated during economic contractions, venture invest-
age of COVID-19.
seed round in 2008 and its Series A funding in 2011. ments in tech startups usually drops significantly
Startups provide competition to entrenched players in
Additionally, startups are
virtually every industry. Without startups, technology,
better structured to reap
finance, healthcare, and other fields would be stag-
the benefits of sudden
nant. Who wants to live in a world where the banking
behavioral changes while
system is only dominated by only a few players and
large corporations often
businesses and consumers don’t have ample choice of
have to focus a lot of time
how they manage their money?
on restructuring existing
And when startups do bloom and become important operations. Simply put,
industry players, that adds more prestige and value to startups can pivot and
the ecosystem in which it operates. What would Seat- make changes much fast-
tle’s startup ecosystem be like if Microsoft and Ama- er, and this is seen today
zon were founded in different cities? with some startups in the
COVID-19 era.
during these periods. In the crisis between 2007 and from December 2019 to February 2020, a shocking What Ecosystem Leaders Should
2009 — which might well prove to be a milder period drop in itself. But unlike the global stock markets,
than the one we have just entered — venture capital Series A+ investment in China saw tepid recovery in Do Now
investment deals dropped 30% for Series A round in March and April — still showing a 34% decrease com-
While it’s clear policymakers and ecosystem leaders
software in the U.S. The drop in Series B investments pared to pre-crisis levels. This could be in store in 2020
need to act, there’s bound to be some disagreements
was even sharper at 48%. for startups elsewhere if policymakers don’t respond
about the best approaches to take. Let’s shed some
accordingly.
In addition, the recent dramatic drop of venture in- light on what governments and business leaders
vestments in China can tell us a lot about what might should be doing now to help startup ecosystems.
happen in the U.S., Europe, and the rest of the world.
China’s Series A+ investments initially dropped 74% Governments Are Not Taking the Right
Actions
Governments around the world are taking actions
to help businesses during COVID-19, but they aren’t
doing enough to assist startups. Government relief
programs typically have strict eligibility rules and em-
phasize companies with revenue, profitability, and col-
lateral. But this leaves a lot of startups out in the cold.
As a result, Startup Genome’s data shows that 39% of

startups globally are not receiving assistance and/or
do not expect to be helped by national or local govern-
ment relief measures. Additionally, 16% said they are
not currently receiving help but expect to be helped by
a policy measure soon, as of June 2020.
More work must be done to enact policies that will

help startups with policy measures, which will in turn
prepare economies for growth, steady jobs, competi-
tion, and innovation.
Funding First cally, government grant schemes are complicated and ple of a well structured government equity support
slow. They are unlikely to help startups in time, and fund in 2020 is the U.K.’s Coronavirus Future Fund.
Among the actions that policymakers can take now,
taxpayers do not receive value for the money — since It specifically targets U.K.-based pre-revenue and
funding startups should be the top priority. Without
they bear all the risk and none of the gain. pre-profit companies that rely on equity investment
providing funding, many jobs and innovations will be
and provides government convertible loans ranging
lost. Governments should instead use existing equity fund-
from roughly $150,000 (£125,000) to $6 million (£5 mil-
ing instruments, such as convertible notes, and guar-
The first goal should be to inject capital quickly to save lion). Future Fund loans are subject to at least an equal
antees for equity investors, to inject new capital that
at least 80% of startups that are at risk of folding in match in funding from private equity investors. Ger-
directly benefits existing VC funds. Additional capital
2020. The second goal should be to inject capital to many announced similar ambitions, but the details of
invested can be offered to investors at a fraction of
increase the rate of new seed and Series A invest- the funding vehicle have not yet been fully announced.
each fund’s original investment. The amounts invest-
ments over the next two years, to ensure these types
ed should be enough to provide at least six months of
of investments do not drop as dramatically as they did
runway to about half of startups that are in need of
during the 2008 recession and to ensure we don’t lose
funds.
an entire generation of founders. Achieving both of
these goals will lead to startups having the opportu- By only providing a cash
nity to close their next round of funding when things runway to half of start-
stabilize. ups, investors will then
be forced to concentrate
capital to save top start-
Designing Effective Funding Vehicles
ups and future returns,
Startup Genome asked founders in our global COVID-19 and will use their own
survey about what type of support policies they would capital if more is need-
find most helpful. By far the greatest number, 31%, ed. This type of program
reported that they would like to see grants to support does not work as well for
company liquidity, while instruments to boost invest- seed-stage and pre-seed
ments (17%) and support for employees (15%) were startups, so consider add-
the two other most popular policy measures. ing investor tax credits to
However, we generally do not believe that grants are complement it.
effective or desirable ways of helping startups. Typi- Currently the only exam-
Funding Best and Worst Practices ups already have a preferred-share structure. If a On a domestic level, recessions typically cause signif-
government wants to offer the option to reimburse icant delays on employment for new graduates and
Policymakers hoping to implement new funding pro-
the investment, offer a redemption clause. And if a they cause subsequent long-term impacts on lifetime
grams to help startups should follow a few best prac-
government wants to add an interest rate, then add earnings, savings, and socio-economic advancements.
tices while avoiding a few worst practices.
it to the redemption clause. Policymakers must counter these effects with targeted
Best Practices actions to keep talent from moving to other startups
• Don’t change the instrument completely. Strictly in-
in nearby ecosystems that offer more benefits. They
• Promote risk sharing between public and private invest in the same exact instrument and preferably at
also should be working to extend visas so foreign tal-
vestors, with the public acting in a way to share risk the same conditions as the last round, so nothing
ent does not immediately leave if they are furloughed
and leverage private money. needs to be negotiated. Keeping it the same ensures
or laid off due to disruptions. They also should try to
speed, prevents gaming the system, and keeps it
• Align incentives through equity or convertible debt avoid startup talent from being snapped up by large
easy for startups and investors.
to equity. corporations because this can add “brain-drain” to the
• Finally, do not create a task force — whether gov- ecosystem.
• Consider a big increase in the investment ratio, such
ernment-led or privately led — to decide which
as 5 to 1. Signal that this is a good startup and re- A few examples of smart talent retention actions in-
startups to save. Even if a so-called task force is full
member it costs less than saving a large corporation clude:
of experts, this is a costly process and it’s unlikely
for the same number of long-term jobs saved.
they will achieve better results than established in- 1. United Arab Emirates — The UAE took the bold step
• Allow different types of investors (including angels vestors can. of automatically renewing residency visas and IDs
and VCs) to inject capital to save the best startups that expired on March 1st, 2020 without additional
and scaleups. Preserve Talent fees, to ensure foreign talent could stay during the
crisis.
• Allow investments in new ventures that can help Policymakers and ecosystem leaders also have the gar-
address problems created by the COVID-19 crisis, gantuan task of both preventing existing talent from 2. Germany — The German program Kurzarbeit allows
including healthcare, ecommerce, and online ser- leaving and attracting new talent while the threat of employers to furlough employees part-time, with
vices, which also seeds the sub-sectors that can be COVID-19 disruptions persist. Considering the many workers agreeing to a reduction in working time
successful in a post-pandemic world. years and resources spent building a startup-experi- and pay, and the government covering up to 67% of
enced talent pool, it is important to preserve this tal- an employee’s lost wages for up to 12 months.
Worst Practices
ent and to keep attracting non-local talent. 3. Sweden — The government offers a “short term
• Do not encumber investors and startups with a new leave subsidy,” which allows employers to receive
instrument, such as a convertible note when start-
more than 90% of employees’ salaries who have to turing & Robotics, and Blockchain, have a lot to lose if • Healthcare — Startups can aid in the provision of
take short-term leave due to COVID-19. their promising startups don’t survive 2020. The 2020 testing, sanitation, and contact tracing.
GSER rankings have revealed the emergence of new
Additionally, policymakers and ecosystem leaders • Social services — Startups can provide non-health
tech innovation centers or R&D powerhouses, and it
should be aware that this is a good time to attract related care and food delivery for the immunocom-
would be a shame to lose these gains.
affordable talent as well. If the average cost of living promised and elderly.
drops in major startup hubs, then make sure to bring
• Online services — Startups can help with online
more cost-averse talent into the fold at that time. It’s Procurement Programs for Startups
platforms for education at all levels and services for
also an opportunity to fish for talent from promising With startups struggling to generate demand they had businesses.
startups and SSOPs who have folded. before the COVID-19 crisis, policymakers can step into
help with the development of government-led inno-
Keep Working on Startup Programs
Specialization Should Be Protected vation procurement programs. The overall objective
of these programs would be to replace domestic and Finally, the last important piece of the policy puzzle to
Another reason policymakers and ecosystem leaders
global demand temporarily. For governments, this also assist startups is to save support programs such as ac-
should be shielding startups from collapse is that ex-
offers the opportunity to drive ingenuity and produc- celerators and mentorships. While switching to a virtu-
isting sub-sector strengths that already exist should
tivity in public services, with the aid of tech founders al model in the near term may help organizations like
be protected. For example, an ecosystem that has a vi-
that are more available with private market opportu- these keep moving forward, they typically still need
brant Fintech community must do what it can to fund
nities declining. some financial support.
promising Fintech startups. This will help keep these
specialized clusters of companies, which compete and The most effective model is demand-driven, with start-
collaborate with each other, intact. ups and SMEs responding to governmental depart- Conclusion
ment requests. A supply-driven or proposal model
Startup Genome research shows that specialization Policymakers have a lot of their plates now to sustain
may be more appropriate in regions where technolo-
is key to the development of deep-tech focused eco- their economies, but startups simply can’t be forgot-
gy is not as in-demand.
systems. Our research shows that any deep-tech-fo- ten. At the very least, they can provide short-term
cused cluster requires a vibrant startup community to While COVID-19 disruptions and fears persist, policy- measures to “keep the lights on” and attempt to min-
ensure that patent creation and R&D make their way makers, VCs, and angel groups can help identify more imize the disruption of existing startup ecosystems.
efficiently into commercial use. scaleups and startups that are well positioned to help The most effective measure they can take is to use ex-
with specific problems stemming from coronavirus. isting funding structures to quickly deploy capital us-
These ecosystems, which excel in sub-sectors such as
Startup specialties that can help during the crisis in- ing equity-based instruments.
Artificial Intelligence & Big Data, Advanced Manufac-
clude:
We recognize that this is a short-term view of the cur- investment, guarantees for equity investors, and de- harmed and the economies they belong to will lose
rent situation and the effects of the COVID-19 crisis mand generation programs to future proof our eco- the benefits startups provide. Those governments
will be long lasting. Indeed, our analysis of the preva- systems. that unlock new demand generation for their startups
lence of different policy instruments around the globe will facilitate not only startup ecosystems but also the
In the medium to long term, we are facing both a re-
shows that, as of April 2020, business loans were by wider economic recovery.
cession and an accelerated move to a digital economy.
far the most popular measure used by governments.
Thankfully, the tech and digital-focused startups can
Equity-based funding and demand generation were
play a role in coming back from the recession, like they
the least popular — demonstrating that policy instru-
did in 2008.
ments are not yet aligned to the needs of a longer term
recession environment. During this time, there will be a greater role for the
government to play when it comes to industrial policy
As this develops further, it will be vital for policies to
and working with startups. Without this public sector
adapt from short-term firefighting to building long-
involvement, startup clusters and ecosystems will be
term foundations. We recommend a shift to equity
The Meteoric Rise of Seoul’s

Startup Ecosystem
Seoul may be known as the home of corporate giants the next three years along with the national govern-
like Samsung and Hyundai, but over the last several ment and private investors, for instance. The $1.6 bil-
years the Asian metropolis has been striving to add lion includes the $1 billion Seoul Future Innovation
dynamism to its economy by cultivating a vibrant, lo- Fund, which SMG contributes about 15% of the total
cal startup ecosystem. These efforts have resulted in fund formed. General Partners forming funds are at-
the city being ranked as one of the world’s top 20 eco- tracting money from both the national government
systems this year. and private investors. This activity is reflected in the
fact Seoul scored 9 out of 10 on our investor activity
With a highly educated population of nearly 10 million,
index this year.
Seoul ranks third in the world for knowledge and pres-
ents startups with a wealth of talent to draw from. In In addition to funding, Seoul has a thriving network
addition to a deep pool of skills and expertise, gov- of organizations that provide startups with mentor-
ernment bodies as well as local investors provide po- ing, office space, and other support. The Seoul Start-
tential founders excellent opportunities to secure the up Hub is the city’s biggest business incubator nurtur-
funding necessary to grow their companies. ing startup talent. The Korea Startup Forum, started
by Woowa Brothers founder Bongjin Kim, and the
Seoul has made some of the more impressive invest-
Asan Nanum Foundation, created in honor of Hyun-
ments in its startup ecosystem worldwide. The Seoul
dai Group’s founder Asan Ju-yung Chung, acts as an
Metropolitan Government (SMG) has committed to
trade association to that works closely with the nation-
spending $1.6 billion to develop its ecosystem over
al government for legislative reform. Seoul is famous force, growth and funding. Policies include the alloca- post-corona era should be a ‘startup Renaissance.’ For
for its generous supply of public working spaces for tion of $42 million to help startups retain up to 10,000 the last eight years, steady investment has upgraded
early-stage startups and SMG’s Techspace1000 proj- technical employees during the initial five months of Seoul’s startup ecosystem to a global level, and it is
ect provides an additional 1,000 early-stage startups the crisis, $8.3 million to support the growth of prom- unfortunate that the pandemic hit just when the world
with office space. ising startups working in biotech and on remote col- started to pay attention to Seoul’s startup ecosystem.
laboration tools, and an additional $96 million in fund- Undaunted by the pandemic, however, we will further
South Korea is also the fifth highest investor in R&D
ing for other startups from early-stage to Series B and strengthen and expand support to turn this crisis into
spending globally at around $73 billion. The govern-
beyond. an opportunity. No effort will be spared to cultivate
ment’s Technology Incubation Program (TIPS) offers
globally competitive unicorns while striving to ad-
R&D grants of $800,000 per startup to support R&D. And while the pandemic has slowed investment activ-
vance Seoul into one of the top five startup cities in
Local biotech startups in particular have reaped the ity globally, deals are continuing to get done in Seoul.
the world,” commented Seoul mayor Wonsoon Park.
rewards of this investment and the sector is a partic- Market Kurly, a fast-growing grocery delivery startup
ular strength of the Seoul ecosystem. The number of founded by Sophie Kim, just raised $164.3 million in With the quick rise of its startup ecosystem from mod-
new startups in the sector doubled between 2015 and Series E funding from a group of global investors in est player to top global performer, as well the city’s
2018, while D&D Pharmatech raised a $137.1 million May, for instance. resilience in the face of a global crisis, Seoul should
round in 2019 to fight Alzheimer’s, Parkinson’s, and serve as an example to other cities looking to grow
“While conglomerates and multinational compa-
other diseases. their ecosystems with a robust, data-driven program
nies dominated the global economy in the past, the
of investment and support for local startups.
The availability of both support and capital is reflect-
ed in the rising number of unicorns growing out of
the Seoul ecosystem. As of today, ten Seoul-based
startups have billion dollar valuations, including Viva
Republica, the Fintech success story founded by SG
Lee, Bluehole, a fantasy game developer, and Woowa
Brothers, a food delivery app that was acquired by De-
livery Hero for $4 billion in late 2019.
Like other ecosystems, Seoul is facing a major challenge

to these gains with COVID-19, but the government has
taken strong steps to support startups during the cri-
sis. Its three-pronged response focuses on the labor
Understanding Your Startup Ecosystem Lifecycle
With the rapid growth of the global startup revolution, Lifecycle Phases
more and more regional and national governments are
investing to try to accelerate the growth of their startup Startup ecosystems develop through four phases, each
ecosystem. Startup Genome has developed the science with a different set of characteristics, challenges, and
of startup ecosystems and uses it to advise more than objectives.
40 governments to increase startup success. In general, Startup Experience (which includes scaleup
How can policymakers prioritize to achieve maximum experience) increases and drive 1) the growth of the
impact on a startup ecosystem, the most complex type ecosystem’s Startup Output (number of startups) and
of industry cluster? Over the years, extensive research 2) its resources, and only after it achieves the larger
and data from our global surveys with almost 100,000 size characteristics of Globalization Phase ecosystems,
founders (to date) across more than 30 countries have a predictable and increasing performance at creating
given us the data needed to comprehend this complex scaleups and economic impact.
system. The Ecosystem Lifecycle Model is an objective
model that helps governments measure where their
ecosystem is at, prioritize its gaps, and define focused
action plans that maximize impact rather than disperse
their limited resources. We call it focusing policy and
program resources on the right issues at the right time.
1. Activation Phase ii. Output of 800 to 1,200 startups (depending on b. Objective: Focus on increasing Global Connected-
population) ness with founders of top ecosystems, the Success
a. Characteristics:
Factor that defines an ecosystem’s scaleup po-
iii. Series of exits Trigger National (or Regional)
i. Limited Startup Experience (founder know-how, tential, and supporting startups to increase their
Resource Attraction (startups, entrepreneurs,
experienced investors, advisors and mentors, early Global Market Reach, which realizes an eco-
talent, investors) from earlier-Phase ecosys-
and community behaviors that support startup system’s scaleup potential. Urgently address re-
tems, but still leaks resources to top ecosystems
success) maining Success Factors gaps.
globally
ii. Low Startup Output of around 1,000 or fewer
startups
iii. Challenges: lack of Startup Experience and re- Ecosystem Lifecycle Model
source leakages to later-stage ecosystems make
it difficult to grow Activation Globalization Attraction Integration
b. Objective: Focus on increasing the Startup Output

Rate of
and Early-Stage Funding. Activate entrepreneur- Unicorns
ial-minded people and grow a more connected
Global
local community that helps each other. Pick one
Rate of
Resource Attraction
or two startup subsectors (e.g. AgTech) that build on s
Performance
t i Exits
bi nes
Size & Resources

on local economic strengths and develop focused
l Am ted
programs to accelerate ecosystem growth and o ba nec
develop pockets of success leading to sizable exits. Gl Con Rate of
& Immigration Constraints Early-Stage
Success
2. Globalization Phase
National
a. Characteristics:
Leakages
i. Trigger to this Phase: increased Startup Experi-

ence led to the production of a series of region-
ally impressive “Triggers”, usually above $100
million (higher in leading nations) Startup Experience
3. Attraction Phase skills necessary to achieve high Global Market
Reach
a. Characteristics:
b. Objective: Integrate the ecosystem within the
i. Usually more than 2,000 startups (depending
global, national, and local flows of resources and
on population)
knowledge inside and outside of the startup eco-
ii. Trigger to this Phase: a series of globally impres- system, optimizing laws and policies to sustain
sive “Triggers”, usually unicorns and exits above its competitiveness and growth, and spreading
$1 billion (higher in leading nations) its benefits (e.g. culture, source of competitive-
ness, capital, innovation) to other sectors of the
iii. Billion-dollar Triggers produce Global Resource
economy and parts of the nation.
Attraction
iv. Very few Success Factor gaps remain
b. Objective: use Global Resource Attraction to sig-

nificantly expand the size of the ecosystem and fill
remaining gaps, removing barriers to immigration
and directing attraction through well-designed
policies programs
4. Integration Phase
a. Characteristics:
i. More than 3,000 startups
ii. Global Resource Attraction produces a high and

self-sustainable degree of Global Connected-
ness and flow of knowledge into the ecosystem
that sustainably keep its startups integrated
in the global fabric of knowledge and able to
produce leading-edge business models and the
Ecosystem Lifecycle Trends

1. High-Growth Ecosystems
Asia-Pacific leads in the number of top growing eco-
systems across phases. Interestingly, most of the high
growth ecosystems are outside of the U.S.
PHASE RANK ECOSYSTEM

Activation #1 Sharjah
Activation #2 Nur-Sultan Ireland Mid-East Region
Activation #3 Cairo
Berlin
Activation #4 Ireland Mid East Region Nur-Sultan
Toronto-Waterloo Beijing
Activation #5 Bahrain Tokyo
Bahrain
Shanghai
Cairo
Globalization #1 Shenzhen Austin Sharjah
Hangzhou
Globalization #2 Hangzhou Shenzhen
Globalization #3 Sao Paulo
Globalization #4 Toronto-Waterloo Singapore
Globalization #5 Austin
Sao Paulo
Attraction #1 Beijing
Activation Phase
Attraction #2 Shanghai Globalization Phase
Attraction #3 Tokyo Attraction Phase
Attraction #4 Berlin
Attraction #5 Singapore
*Based on growth in funding and exit
2. Early-Stage Startup Funding Across Phases
Total Early-Stage Funding

Globalization and Attraction phase ecosystems lead
growth in early-stage funding experiencing more than
25% annual growth from 2012-13 to 2017-18.
Phase CAGR
Activation 22%
Attraction 37%
Globalization 30%
Integration 20%
Median Funding Round Size
• Median Seed Funding Round • Median Series A Funding Round
3. Startup Exits Across Phases
Globalization and Attraction phase ecosystems lead

Activation and Integration phase ecosystems in terms
of number of exits ($50 million+)
Number of Exits (>$50M)

CAGR
Phase
(2012-2013 to 2017-2018)
Activation 15%
Globalization 24%
Attraction 21%
Integration 9.1%
Share of Large Exits ($100 million+)
Non-Integration phase ecosystems are catching up in
terms of share of large exits and reducing the gap.
Ecosystem Deep Dives

by Lifecycle

Activation Phase
71 Atlantic Canada, CA 85 Edmonton, CA 99 Nur-Sultan, KZ
73 Bahrain, BH 87 Frankfurt, DE 101 Québec City, CA
75 Belgrade and Novi Sad, RS 89 Georgia, GE 103 Sharjah, AE
77 Busan, KR 91 Ireland Mid East Region, IG 105 Sri Lanka, SR
79 Cairo, EG 93 Kampala, UG 107 Taipei City, TW
81 Calgary, CA 95 Manila, PH 109 Telangana, IN
83 Curitiba, BR 97 New Zealand, NZ 111 Western Denmark, DK
Activation Phase Ecosystems

Median Seed Funding Rounds Ecosystem Growth
“
Canada
In my 20-year career in the biotechnology industry, I’ve
Atlantic Canada worked with a lot of companies and in many jurisdictions.
ACT IVAT ION PHASE
Something special is happening here. I’ve never seen so much
MEMBERS:
Innovacorp
momentum, collaboration, talent, and innovation as I do today
in Atlantic Canada’s life sciences industry.
Kevin Sullivan
former CEO of Appili Therapeutics
Sub-sector Strengths
Life Sciences Marine Tech

Atlantic Canada’s life sciences ecosystem is thriving, from Atlantic Canada is home to Canada’s Ocean Supercluster,
Halifax’s $70 million Life Sciences Research Institute, an featuring more than $300 million in R&D spending from
integrated facility for research and entrepreneurship, to the private and public sectors. The Supercluster and six
Charlottetown’s $30 million BioCommons Research Park. regional organizations are collaborating to double the
According to Financial Times’ fDi Benchmark, Halifax is number of ocean technology startups in the region.
the third most cost-effective location for operating a life Atlantic Canada boasts the Centre for Ocean Ventures and
sciences research center in North America. Landmark Entrepreneurship, a world-class space for ocean-related
deals recently returned over $750 million (CAD $1 billion) innovation, the Ocean Frontier Institute and the Marine
in exits and attracted significant investments such as ABK Institute’s Holyrood Marine Base.
Biomedical’s $30 million Series B round in 2019.
Why you should invest in Atlantic Canada
TOTAL EARLY STAGE FUNDING #2 North American Ecosystem
$51 m Affordable Talent

GLOBAL AVG.
$4 31 m
Top 10 North American Ecosystem
1 1 9
Bang for Buck
ECOSYSTEM VALUE
$401 m EXIT GROWTH

INDEX
INVESTOR ACTIVITY
INDEX
FUNDING GROWTH
INDEX
GLOBAL AVG. Copyright © 2020 Startup Genome LLC. All Rights Reserved. Learn more and get connected at startupgenome.com 71
$10.5 bn
Reasons to move your startup to Innovation Tax Credits Access to Funding
Atlantic Canada Individual and corporate investors can apply for the The Strategic Innovation Fund (SIF) is the Canadian
innovation equity tax credit on investments of up government’s funding program that provides
to $500,000, with credits ranging from 15% to 45% support for large-scale technology development
MEDIAN SEED ROUND MEDIAN SERIES A ROUND SOFTWARE ENGINEER for investments in ocean technology and life and productivity-boosting projects in Canada,
SALARY
$674 k $1.1 m sciences ventures. having contributed $2 billion so far across 65
$45 k projects.
GLOBAL AVG. GLOBAL AVG. COVID-19 Policy

$4 94 k $2.7 m GLOBAL AVG.
$4 2.1 k The Canadian Government announced $192 million
under the COVID-19 stream of its Strategic
Innovation Fund to deliver direct support to
Canadian life sciences companies to enable them
to prepare and drive solutions to treat and manage
COVID-19.
Startup Community
STARTUP GENOME
MEMBERS
MEMB ER
Innovacorp
Established in 1995 and based in Halifax,

Innovacorp is Nova Scotia's early stage
venture capital organization. Target
industries include information technology,
clean technology, life sciences, and ocean
technology.
STARTUP GENOME
PARTNERS
New Brunswick Innovation Foundation / Startup Zone
“
Bahrain
Bahrain has within a short period of time established itself as
Bahrain an innovative Fintech hub, building on its track record as a
ACT IVAT ION PHASE
financial centre, and adopting enabling regulations. Bahrain is
MEMBERS:
Tamkeen
committed to nurturing new talent for this innovative sector.
Dr. Ebrahim Mohammed Janahi
CEO at Tamkeen
Fintech
Thanks to its standards on crowdfunding and open
banking, Bahrain ranks first in the MENA region and
second globally in terms of Islamic finance regulation,
according to the Global Islamic Finance Report. Bahrain is
raising a new $100 million fund of funds that will invest in
private tech companies. The Bahraini government has
reduced capital startup requirements from $50,000 to
$100 for some businesses and introduced a regulatory
“sandbox” for Fintech. In 2018, Waqfe, a fintech solutions
provider, launched a digital banking platform, raising $2
million from investors. Presently, there are over 90 active
and diverse Fintech companies in Bahrain, which marks a
35% increase since 2018.
Why you should invest in Bahrain
TOTAL EARLY STAGE FUNDING Top 10 AME Ecosystem
<$50 m Funding
GLOBAL AVG.
$4 31 m 5 1 9
ECOSYSTEM VALUE
$164 m EXIT GROWTH

Copyright © 2020 Startup Genome LLC. All Rights Reserved. INDEX
INVESTOR ACTIVITY
Learn
FUNDING GROWTH
more and get connected at startupgenome.com
INDEX INDEX 73
GLOBAL AVG.
$10.5 bn
Reasons to move your startup to Wage Subsidy Liberal Tax Regime
Bahrain Bahrain’s Labour Fund (Tamkeen) offers wage Bahrain offers 0% corporate and personal tax,
subsidies to support the employment of Bahraini making it the most liberal tax regime in the Gulf.
graduate job seekers in the private sector. The
MEDIAN SEED ROUND MEDIAN SERIES A ROUND SOFTWARE ENGINEER program also supports salaries of Bahraini private
SALARY
$70 k $2.5 m sector employees by subsidizing a percentage of
$34 k the increment given by an enterprise to the
employees.
GLOBAL AVG. GLOBAL AVG.

$4 2.1 k
COVID-19 Policy
The Bahraini government’s $11.3 billion COVID-19
stimulus package included financial support to
insured private sector employees and a doubling of
the Liquidity Support Fund to $530 million. It also
allowed loan deferrals as well as utility and rent
exemptions and fee waivers.
Startup Community
STARTUP GENOME
MEMBERS
MEMB ER
Tamkeen
Tamkeen is a semi-autonomous
government agency in Bahrain. It was
founded in 2006 to provide assistance and
training to private-sector businesses and
individuals, and to promote development of
that sector.
STARTUP GENOME
PARTNERS
Bahrain Fintech Bay / 500 Startups / Al Doseri Investments / Bahrain Development Bank / Bahrain Fashion Incubator / Brinc / C5 Capital & C5 Accelerate / Corporate Hub /
Economic Development Board / Environment Arabia / Flat6Labs Bahrain / Kickstart Bahrain / Level Z / Nest Accelerator / Osool / Rowad Program / Social Media Club / Startup MGZN /
StartupBahrain / Tenmou - The Bahrain Business Angels Company UNIDO

Copyright ©/ 2020 - Bahrain
Startup Yo Startups
/ LLC.
Genome All Rights Reserved. Learn more and get connected at startupgenome.com 74
“
S erbia
I believe that our experience in bootstrapping successful
Belgrade and Novi Sad startups will prove very useful after the pandemic. In addition,
ACT IVAT ION PHASE
our strong focus on gaming and our ability to create cost-
MEMBERS:
Digital Serbia Initiative / Cabinet of the Minister for Innovation and Technological Development
efficient solutions to global issues could further improve our
future prospects.
Branko Milutinović
Nordeus Co-Founder and Digital Serbia Initiative Board President
Blockchain Gaming
Serbia is one of the top five countries in the world for The region’s gaming industry is expanding. Nordeus is a
blockchain developers and has many product-oriented Belgrade-based self-funded mobile games company
blockchain startups. The biggest initial coin offerings whose popular game Top Eleven has over 220 million
(ICOs) in Serbia include those by MobileGo ($56 million) registered users. The gaming scene’s growth is also
and OriginTrail ($22 million). Other local stars are Blinking, visible through relevant acquisitions: 3Lateral, a leading
a blockchain-based digital ID solution that gives users developer of digital animation and creative content, was
control over their data, MVP Workshop named the 2018 EY acquired by Epic Games in 2019, while the Novi Sad-
Innovative Entrepreneur of the Year, and Tenderly, a smart based gaming studio Eipix was acquired by Playrix, one of
contract monitoring platform. the largest mobile game developers in the world.
Why you should invest in Belgrade and Novi Sad

TOTAL EARLY STAGE FUNDING Top 10 European Ecosystem
<$50 m Affordable Talent

GLOBAL AVG.
$4 31 m 5 1 5
ECOSYSTEM VALUE
$502 m EXIT GROWTH

INDEX
INVESTOR ACTIVITY
INDEX
FUNDING GROWTH
INDEX
GLOBAL AVG.
$10.5 bn Copyright © 2020 Startup Genome LLC. All Rights Reserved. Learn more and get connected at startupgenome.com 75
Reasons to move your startup to Tax Incentives for Startups Talented Workforce
Belgrade and Novi Sad Founders of qualified startups or employees may Startups can access affordable, high-quality
be partially or wholly exempt from salary tax and engineering talent, which ranks among the top five
social contributions for the first three years. Tech in the world.
MEDIAN SEED ROUND MEDIAN SERIES A ROUND SOFTWARE ENGINEER startups may apply for a double deduction of R&D
SALARY
$100 k $3.3 m expenses and the IP Box (effective 3%) tax
$17 k regime.
COVID-19 Policy
$4 94 k $2.7 m GLOBAL AVG. In April 2020, the government's COVID-19 aid
$4 2.1 k
package introduced a three-month salary subsidy
at the statutory net minimum wage for SMEs and
50% of that amount for employees on paid leave
in large companies. The package includes a three-
month deferral of an employee’s salary taxes and
social contributions, as well as state guaranteed
bank loans.
Startup Community
STARTUP GENOME
MEMBERS
MEMB ER MEMB ER
Digital Serbia Initiative Cabinet of the Minister for Innovation

and Technological Development
Digital Serbia Initiative is a non-
governmental, non-profit organisation
advocating transformation of Serbia into a
digital society. In a digital Serbia each
individual will be able to realise their full
potential and present their talent and
innovative skills on the global market.
STARTUP GENOME
PARTNERS
Business Technology Incubator (BITF) / Business Incubator Novi Sad / ICT Hub / Innovation Fund Serbia / SC Ventures / Science Technology Park Belgrade / Serbian Blockchain Initiative /
Serbian Games Association / Startit / The Of f ice of the Minister without Portfolio Responsible for Innovation and Technological Development of the Republic of Serbia / UNICEF Innovation Fund /
Vojvodina ICT Cluster
“
S out h Korea
Busan aims to become an innovative startup city global talent
Busan and investors flock to. We are also pursuing qualitative growth
ACT IVAT ION PHASE
by expanding startup infrastructure, programs and funds. As an
MEMBERS:
Busan Center for Creative Economy and Innovation / Busan Metropolitan City
open city and home to global talent, Busan welcomes startups
and future entrepreneurs.
Sung-hoon Park
Vice Mayor for Economic Affairs
Smart Cities Marine Tech

Busan Metropolitan City and the Busan Center for Broader Busan is home to 90% of South Korea’s
Creative Economy and Innovation are operating the Busan shipbuilding companies, including Hyundai Heavy
Smart City Living Lab, which attracts global smart city Industries, Samsung Heavy Industries, and STX. STEM
startups. By 2024, the city will also see a cluster for five Village, a proposed marine science and technology
innovation projects which will be located in the Busan Eco industry innovation center, will house an incubation
Delta City spread over 2.8 square kilometers. This will center, marine equipment, a sensor inspection and
create a model of an innovative industrial ecosystem that calibration center, a STEM fusion research center and
can implement creative business models related to big marine tech startups. Just over half of the country’s
data, IoT, AI and robots. marine companies are based in Busan.
Why you should invest in Busan
TOTAL EARLY STAGE FUNDING Top 20 APAC Ecosystem
<$50 m Knowledge
GLOBAL AVG.
$4 31 m 1 1 9
ECOSYSTEM VALUE
<$100 m EXIT GROWTH

INDEX
INVESTOR ACTIVITY
INDEX
FUNDING GROWTH
INDEX
$10.5 bn
Reasons to move your startup to Tax Incentives Strong Infrastructure
Busan High-tech companies with foreign investors Busan is home to 61 startup incubators, 12 venture
receive a 100% exemption from corporate income capital firms, 13 accelerators, 12 angel groups, 27
tax for 5 years. Tax credits are available for some funds worth ~$465 million, Busan Startup Week
MEDIAN SEED ROUND MEDIAN SERIES A ROUND SOFTWARE ENGINEER startup investments and merger or acquisition of and the Startup Conference BOUNCE.
SALARY
$271 k $2.1 m innovative SMEs.
$39 k
COVID-19 Policy
$4 94 k $2.7 m GLOBAL AVG. South Korea introduced a $9.8 billion stimulus
$4 2.1 k package in order to cushion the impact of COVID-
19, including subsidies to help affected SMEs pay
employees. Busan City is providing a total of $150
million in public welfare subsidies to small business
owners suffering from the COVID-19 crisis in the
region. Also, the Busan Credit Guarantee
Foundation allocated special funds to support small
business owners.
Startup Community
STARTUP GENOME
MEMBERS
MEMB ER MEMB ER
Busan Center for Creative Economy Busan Metropolitan City

and Innovation
Busan, a bustling city of approximately 3.5
It is a space of communication and million residents, is located on the
exchanges for Busan’s creative economy. It southeastern tip of the Korean peninsula.
functions as an ‘agit’ for aspiring The size of Busan is 770.07km² which is
entrepreneurs who dream of staring a only 0.8% of the whole landmass of the
business and a ‘stepping stone’ to make Korean Peninsula. The natural environment
imagination into reality. of Busan is a harmonious relationship of
mountains, rivers, and sea.
STARTUP GENOME
PARTNERS
Ministry of SMEs and Startups (Busan Of f ice) / Busan Economic

CopyrightPromotion Agency
© 2020 Startup / Busan
Genome Techno
LLC. All RightsPark / Design Council Busan / Busan IT Industry
Reserved. LearnPromotion
more and Agency /
get connected at startupgenome.com 78
Busan Institute for Talent & Lifelong Education / Busan Business Incubation Centers / Busan United Holdings
“
Egypt
On the road to building ‘Digital Egypt’, we invest in local talent
Cairo to spearhead our startup ecosystem to drive impact innovation,
ACT IVAT ION PHASE
create value and compete globally.
MEMBERS:
Information Technology Industry Development Agency H.E. Dr. Amr Talaat
Minister of Communications and Information Technology, Egypt
Fintech Transport
According to Magnitt, Cairo attracted the largest number Cairo saw the highest growth in transport startup
of investment deals in MENA in 2019, with Fintech the top investments in 2019 across MENA. In 2019, Cairo’s first on-
sector. Egypt hash 95 million mobile users, the highest demand bus service, SWVL, raised $42 million in Series C
penetration in EMEA, 14 million e-wallets, a young funding to expand to Africa and Asia. Following SWVL’s
population, and several government initiatives aimed at success, Uber and Careem have chosen Cairo to launch
financial inclusion. In 2019, Fawry, a local e-payment their first bus service. Demand for transport, logistics and
provider, filed for an IPO after processing 1 billion supply chain optimization services fueled investments in
transactions worth $3 billion. Cairo has several fintech startups like Halan ($20 million), Maxab ($6.2 million) and
accelerators and funds, including the Central Bank of Trella.
Egypt’s $58 million fund and Disruptech’s $25 million
fund.
Why you should invest in Cairo
TOTAL EARLY STAGE FUNDING Top 10 Global Ecosystem

GLOBAL AVG.
$4 31 m
Top 10 AME Ecosystem
5 5 9
Funding
ECOSYSTEM VALUE
$1.2 bn EXIT GROWTH

INDEX
INVESTOR ACTIVITY
INDEX
FUNDING GROWTH
INDEX
GLOBAL AVG.
$10.5 bn
Reasons to move your startup to Large Customer Market Abundant Resources
Cairo With a young population of 20 million tech-savvy Entrepreneurs can draw talent from over 150
consumers, Cairo provides a perfect test bed for universities and institutes producing 500,000
innovation and an attractive market for scalability, annual graduates, access a network of over 40
MEDIAN SEED ROUND MEDIAN SERIES A ROUND SOFTWARE ENGINEER such as expansions of Amazon’s Souq and Uber’s incubators/accelerators and 80 co-working spaces,
SALARY
$100 k $0.87 m Careem. and tap ITIDA’s support to exhibit at international
$6 k events.

$4 2.1 k Egypt is supporting businesses through tax
exemptions, additional social spending and
business support policies such as tax and loan
payment deferrals. In the tech sector, ITIDA
expedited its export rebate payouts. Its center,
TIEC, organized the largest local hackathon in
partnership with MNCs. Local VCs/angels
announced multi-million dollar support funds.
Startup Community
STARTUP GENOME
MEMBERS
MEMB ER
Information Technology Industry

Development Agency
Since its establishment, ITIDA’s core

ideology was: “Spearheading the
development of Egypt`s ICT industry to
increase its global competitiveness, which
will make it a key contributor to the
country economic growth”.
STARTUP GENOME
PARTNERS
500 Startups / A15 / AUC Venture Lab / Algebra Ventures / EdVentures / Endure / FEPS Business Incubator / Falak Startups / Flat6 Labs Cairo / HIM angel / Ideavelopers / Innoventures /
Copyright
Kamelezer / Sawari Ventures / Seedstars / Technology © 2020
Innovation andStartup Genome LLC.
Entrepreneurship All Rights
Center Reserved.
(TIEC) / The Cairo Angels Learn more and get connected at startupgenome.com 80
“
Canada
Calgary has an abundance of entrepreneurial ingenuity, talent,
Calgary and community connectedness to harness innovation and
ACT IVAT ION PHASE
transform our industrial capacity as we become a leader in the
MEMBERS:
Platform Calgary / Calgary Economic Development
New Economy.
Alice Reimer
Ecosystem Leader | Co-Founder, The 51 | CEO, Fillip | Site Lead, Creative Destruction Lab - Rockies
Cleantech Life Sciences

Calgary, the corporate headquarters of Canada’s energy Calgary is home to more than 110 Life Sciences
sector, is home to 118 of the nation’s largest companies, companies, with leading facilities and health services,
many acting as first customers to startups and partners in including the international microbiome lab, UCalgary’s
technology development. The Clean Resource Innovation Life Sciences Innovation Hub for research and
Network secured $100 million in government funding to commercialization, and soon the largest cancer hospital in
leverage private investment. The Creative Destruction Lab Canada. In 2019, Calgary-based Parvus Therapeutics
(CDL) accelerator has a dedicated stream for energy signed a $1 billion deal to develop and commercialize
startups. The 16 recent CDL graduates raised $23 million revolutionary new drugs for autoimmune disease.
in seed funding. Foresight and Platform recently launched
a new cleantech venture accelerator in Calgary.
Why you should invest in Calgary

TOTAL EARLY STAGE FUNDING Top 10 North American Ecosystem

GLOBAL AVG.
$4 31 m
1 3 8
Bang for Buck
ECOSYSTEM VALUE
$1.2 bn EXIT GROWTH

INDEX
INVESTOR ACTIVITY
INDEX
FUNDING GROWTH
INDEX
GLOBAL AVG.
Reasons to move your startup to Livable and Tech-Savvy COVID-19 Policy
Calgary In 2019, Calgary was named the most livable city in All three levels of government are supporting
North America and the 5th most livable in the Calgary Startups and SMEs via payroll support,
world by EIU. Calgary is investing in digital property tax deferrals, and commercial lease
MEDIAN SEED ROUND MEDIAN SERIES A ROUND SOFTWARE ENGINEER transformation via a $30 million school for payment relief. Federal funding of $250 million was
SALARY
$600 k $1 m advanced technology at SAIT. Calgary is the ideal directed to tech companies via the Innovation
$58 k place for ambitious startups embracing open Assistance Program, and additional credit or cash
immigration with a special Startup Visa Stream that flow financing options. A direct government
offers fast-track processing. procurement platform allows SMEs to pivot
operations to COVID response.
$4 2.1 k
Startup Community
STARTUP GENOME
MEMBERS
MEMB ER MEMB ER
Platform Calgary Calgary Economic Development
We’re building shared prosperity by Calgary Economic Development works with

working to engage, activate and globalize business, government and community
Calgary’s innovation ecosystem - building partners to position Calgary as the location
upon our city’s potential to become a of choice for the purpose of attracting
global hub for startups and innovation. business investment, fostering trade and
growing Calgary’s workforce.
STARTUP GENOME
PARTNERS
A100 / Alberta Enterprise Corporation / Alberta Innovation Corridor / Bow Valley College / Calgary Innovation Coalition / Creative Destruction Lab - Rockies / Innovate Calgary /
Mount Royal University, Institute for Innovation and Entrepreneurship / National Angel Capital Organization / Rainforest Alberta / Southern Alberta Institute of Technology (SAIT) / Startup Calgary /
University of Calgary, Hunter Hub for Entrepreneurial Thinking / Venture Capital Association of Alberta
“
Braz il
Pinhão Valley has put Curitiba among the 6 smartest cities in
Curitiba the world and included it in the Smart21, the index of most
ACT IVAT ION PHASE
intelligent communities. Innovation moves us forward.
MEMBERS:
SEBRAE Raf ael Greca
Mayor of Curitiba
Fintech Cleantech
Curitiba is home to Brazil’s youngest unicorn, EBANX, a Curitiba’s annual SmartCity Expo attracts more than 6,500
Fintech startup providing a platform for end-to-end people to debate the future of cities in light of
localized payments. Launched in 2012, EBANX has technological change and sustainability. The portfolio of
facilitated almost $2 billion in payments and has enabled Founder Institute (the world’s largest pre-seed
international companies like AirBnb and AliExpress to accelerator) includes Fohat, a Brazilian energy intelligence
process payments and expand operations in Latin America. software provider founded in Curitiba in 2017. The
Another success story is Contabilizei, an accounting and company received grant funding of $1.4 million in 2018,
tax filing software startup that raised a $20 million a and its solutions are being used by international
Series C round in 2019. Other Fintechs in the city companies such as Bosch and Volvo.
attracting investor interest include payment management
solutions provider Juno and cryptocurrency exchange
platform Wuzu.
Why you should invest in Curitiba
TOTAL EARLY STAGE FUNDING #2 Latin American Ecosystem
$141 m Performance
GLOBAL AVG.
$4 31 m 5 1 5
ECOSYSTEM VALUE
$2.2 bn EXIT GROWTH

INDEX
INVESTOR ACTIVITY
INDEX
FUNDING GROWTH
INDEX
$10.5 bn
Reasons to move your startup to Government Initiatives Breadth of Startups
Curitiba In 2017, the government of Curitiba launched Vale Startups in Curitiba span a broad range of sub-
do Pinhão,
Pinhão, a program intended to drive business sectors, including Edtech, Life Sciences, Adtech,
growth and employment in the region. A $2.8 Fintech, and Cleantech.
MEDIAN SEED ROUND MEDIAN SERIES A ROUND SOFTWARE ENGINEER million innovation fund under this program
SALARY
$250 k $0.8 m financially supports local startups and enables
$17 k them to scale via research and development.

$4 2.1 k Brazil announced an Emergency Employment and
Income Maintenance Program to preserve jobs in
the country. Under the program, the government
pays an emergency benefit for the duration of the
proportional reduction in the working day with the
use of unemployment insurance.
Startup Community
STARTUP GENOME
MEMBERS
MEMB ER
SEBRAE
Sebrae means “Brazilian Support Service

for Micro and Small Enterprises”, that is, it
aims to foster entrepreneurship in Brazil by
assisting small companies and individual
Micro entrepreneurs.
“
Canada
The conversion from potential to prosperity entails a bold
Edmonton commitment to an economy that nurtures and supports our
ACT IVAT ION PHASE
strengths noted in this report. Through collaboration and shared
MEMBERS:
Innovate Edmonton, a division of Edmonton Economic Development Corporation
aspiration, it is our job to showcase what we can create using
our local, organic and differentiating assets.
Cheryll Watson
Edmonton Innovation Leader, Former Vice President Innovate Edmonton
AI, Big Data & Analytics Life Sciences

The Alberta Machine Intelligence Institute is one of three Edmonton has a long history of leading in life sciences
institutes granted a combined $125 million as part of a research and innovation, including creation of the
Pan-Canadian AI Strategy. Drivewyze, a leader in Edmonton Protocol, a treatment for Type 1 diabetes
connected truck services, which operates in North developed at the University of Alberta. Building on
America’s largest weigh station bypass service, raised successes like this, TEC Edmonton, Health City, The
$15.9 million in a venture funding round in 2018. Social Institute for Health Economics, and the DynaLIFE, Merck
Asset Management (SAM), which analyzes open and Invention, and University of Alberta Health Accelerators all
connected data sources to spot early signals of emerging work with researchers and entrepreneurs to identify
risks and potentially threatening situations, raised ~$2.5 clinical needs and commercialize solutions. Examples of
million in 2020. Innovate and Startup Edmonton work with recent deals include Canadian Metabolomic Technologies
some of the city's most promising AI companies: in 2019 ($4.2 million Series A), Pacylex ($3.9 million angel
client members raised $72 million. investment), and Tevosol ($1.5 million seed financing).
Why you should invest in Edmonton

GLOBAL AVG.
$4 31 m 5 1 7
ECOSYSTEM VALUE
$191 m EXIT GROWTH

INVESTOR ACTIVITY
Learn
FUNDING GROWTH
INDEX INDEX 85
GLOBAL AVG.
$10.5 bn
Reasons to move your startup to Affordability and Access to Favorable Tax Environment
Edmonton Talent Local companies benefit from the absence of a
Edmonton boasts an exceptionally affordable provincial retail sales tax. Research-intensive
quality of life. Five post-secondary institutions startups can claim a 40% tax credit on R&D
MEDIAN SEED ROUND MEDIAN SERIES A ROUND SOFTWARE ENGINEER
make it a talent and academic powerhouse turning expenses.
SALARY
$300 k $2.3 m out thousands of talented graduates each year.
$56 k
COVID-19 Policy
$4 94 k $2.7 m GLOBAL AVG. The government of Canada declared an emergency
$4 2.1 k
wage subsidy to cover 75% of salaries for
qualifying businesses, for up to 3 months,
retroactive to March 15, 2020. Employers of all
sizes and across all sectors of the economy who
see a drop of at least 15% in their revenue in
March 2020 and 30% in the following months are
eligible.
Startup Community
STARTUP GENOME
MEMBERS
MEMB ER
Innovate Edmonton, a division of

Edmonton Economic Development
Corporation
The Innovate Edmonton division

contributes to Edmonton’s economic
growth and diversification through the
creation of new tech-enabled businesses,
by helping high potential businesses scale
up, and by inspiring action to fuel growth in
our city’s innovation and technology
business community.
STARTUP GENOME
PARTNERS
Edmonton Research Park / TEC Edmonton / Startup Edmonton / Innovate Edmonton / University of Alberta Health Accelerator / Startup TNT / Valhalla Private Capital / Advanced Technology Centre
“
Germany
Startups contribute considerably to the future wealth and well-
Frankfurt being of our societies. By developing a powerful and - at the
ACT IVAT ION PHASE
same time - sustainable startup ecosystem in the
MEMBERS:
TechQuartier
Frankfurt/Rhine-Main-region, we feel well prepared for their
demands and future challenges.
Dr. Philipp Nimmermann
State Secretary, Ministry for Economic Affairs, Energy, Transport and Housing - State of Hessen
Cybersecurity Fintech
More than 450 researchers in Darmstadt, a city near As the home of the European Central Bank (ECB),
Frankfurt, are focused on cybersecurity and their Frankfurt is the financial capital of the Eurozone. It has
activities are aggregated within the Center for Research in both Fintech talent and corporate demand for innovation.
Security and Privacy. Embold, a startup minimizing code Many German and international banks in the city have
errors and task prioritization, raised $2.7 million in a Fintech programs, including Deutsche Bank’s Digitalfabrik
Series A round in 2018. and Helaba Digital. Over 50% of local VC investment went
into Fintech startups between 2012 and 2017 and the
largest German Fintech exit of all time took place in
Frankfurt when Forex trading company 360T was acquired
by Deutsche Börse for $800 million in 2015.
Why you should invest in Frankfurt
$120 m Knowledge
GLOBAL AVG.
$4 31 m
Top 30 European Ecosystem
5 8 5
Funding
ECOSYSTEM VALUE
$1.4 b EXIT GROWTH

INDEX
INVESTOR ACTIVITY
INDEX
FUNDING GROWTH
INDEX
$10.5 bn
Reasons to move your startup to Abundant Resources Access to Talent
Frankfurt There are over 3,500+ angel investors in Frankfurt. Frankfurt boasts talent from top universities like
Startups in Frankfurt enjoy a supportive Technische Universität Darmstadt and Goethe
environment that includes 32 incubators, 28 University.
MEDIAN SEED ROUND MEDIAN SERIES A ROUND SOFTWARE ENGINEER coworking spaces, and 10 accelerators.
SALARY
$660 k $1.8 m
$59 k COVID-19 Policy
The German Government will provide 100%
$4 94 k $2.7 m GLOBAL AVG. guarantee to all loans up to a maximum amount of
$4 2.1 k $540,000 for small businesses with fewer than 50
employees and $868,000 for larger ones.
Startup Community
STARTUP GENOME
MEMBERS
MEMB ER
TechQuartier
Located in the heart of Frankfurt,

TechQuartier provides access to a valuable
network of startups, corporates, investors,
talents and mentors. TQ not only offers an
inspiring place to work and collaborate, but
also represents a large community of
forward-thinking professionals eager to
connect and learn.
STARTUP GENOME
PARTNERS
Frankf urt Economic Development / Goethe University Frankf urt / Hessen Trade & Invest (HTAI) / Hessian Ministry of Economics, Energy, Transport and Housing / HIGHEST TU Darmstadt / ING-DiBa /
Station FRM / WIBank
Georgia “ Among all the opportunities that arise from the 4th Industrial
Revolution, is access to knowledge. Intellectual resource
ACT IVAT ION PHASE
capitalization is the future of Georgia. The revolution happens
MEMBERS:
Georgia Innovation and Technology Agency (GITA) in an independent country inside a comprehensive ecosystem. I
am proud to look at the results of the young startup ecosystem
of Georgia!
Ecosystem Strengths Ms Natia Turnava
Minister of Economy and Sustainable Development of Georgia
Access to Funding Innovation Infrastructure

Startups in Georgia benefit from a robust grants program
Georgian startups are also supported by a diverse
offered by Georgia’s Innovation and Technology Agency
innovation infrastructure, including technological parks,
(GITA). Over 70 startups have received a total of ~$2.1
innovative centers and laboratories, university incubators
million in funding through the Startup Matching Grant
and platforms. 500 Startups launched in Georgia in
program, while ~10 startups have raised a similar
partnership with GITA and the Bank of Georgia to
combined funding through the Innovation Matching Grant
accelerate local talent and help companies scale faster. A
program. These startups span sub-sectors such as AI,
series of bootcamps have been launched for high school
Gaming, Fintech, and Life Sciences among others. One of
students to learn about technology and entrepreneurship.
the strongest startups in AI is Pulsar, which has received
$1.2 million in investments from Silicon Valley venture
funds and other private investors. Additionally, Georgia is
home to Optio.ai, a finance chatbot applying AI and data
analytics. It is a beneficiary of one of the biggest grants
and in 2019 received a further$32,000 grant from GITA
and the World Bank, 2 years after raising a $30,000 seed
round.
Why you should invest in Georgia


GLOBAL AVG.
$4 31 m 5 1 1
ECO SYST EM VALUE
<$100 m E XIT
Copyright © 2020 Startup Genome LLC. All Rights Reserved. GROWTH
INDE X
INVELearn
STORmore
ACTand
INDE X
IVITget
Y connected
FUNatDIN G GROWTH
startupgenome.com
INDE X
89
GLOBAL AVG.
$ 1 0.5 bn
Reasons to move your startup to Ease of Doing Business ICT Training Program to
Georgia Georgia ranks 1st in Europe and Central Asia in the
Strengthen the Labor Market
World Bank's ease of doing business 2019 report GITA is supporting ICT development within the
and allows businesses to open in 1 day. The ecosystem, including capacity building of 3,000 ICT
MEDIAN SEED ROUND MEDIAN SERIES A ROUND SOFTWARE ENGINEER country has no restrictions regarding foreign professionals over the next 3 years.
SALARY
$37 k $2.1 m ownership of companies.
$15 k
COVID-19 Policy
$4 94 k $2.7 m GLOBAL AVG. GITA announced a Small Grants Program for
$4 2.1 k entrepreneurs to tackle problems caused by
COVID-19. The program allows entrepreneurs to
create and/or test a prototype of a solution
addressing social, health, e-education, e-
commerce, e-service or other challenges caused
by the spread of the virus. GITA also ran
hackathons to promote medtech, agtech,
monitoring and edtech solutions.
Startup Community
STARTUP GENOME
MEMBERS
MEMB ER
Georgia Innovation and Technology

Agency (GITA)
Georgia's Innovation and Technology

Agency’s mission is a formation of an
ecosystem which improves all kinds of
innovations and technologies in our
country, to promote a commercialization of
knowledge and innovations, to stimulate
using them in all fields of economy, to
create an environment for the growth of
innovations and high-tech products and
developing high-speed internet
nationwide.
STARTUP GENOME
PARTNERS
St art up f act ory by Georgian Universit y / NASTA- Nat ional St art up Assoc iat ion of Georgia / Spark / St art up Grind T bilisi / Impact Hub: Coworking spac e / Ilia St at e Universit y Pre-Ac c elerat or
“
Ireland
The current COVID-19 crisis has brought into sharp focus the
Mid-East Region importance of innovation and sustainable food production. As
ACT IVAT ION PHASE
we recover and begin to tackle climate change, the Mideast has
MEMBERS:
Meath Enterprise
the companies, infrastructure, and brainpower to capitalize on
emerging opportunities.
Michael Brougham PhD
Sub-sector Strengths Regional Director at Enterprise Ireland
Agtech & New Food

Ireland’s food industry is projected to be worth $21.6
billion by 2025 and currently represents 12.3% of the
country’s total export revenue. The Boyne Valley Food
Innovation District (BVFID), centered in the Mid-East
Region, acts as a base for some of Ireland’s leading
indigenous and high-growth food businesses including
Kerry Foods, Dawn Farms, Epicom, and Devenish Nutrition.
Devenish is developing its new Global Innovation Centre in
the Boyne Valley and has secured $130 million in R&D
funding. The landmark deal included a pioneering
investment of $44 million from the European Investment
Bank (EIB), the largest ever support for agri-businesses in
Ireland by the EIB. The BVFID also facilitates foreign direct
investments into the region and helps indigenous food and
smart agri-startups and SMEs to scale globally.
Why you should invest in Mid-East Region
TOTAL EARLY STAGE FUNDING Top 10 Activation Phase Ecosystem
<$50 m Performance
GLOBAL AVG.
$4 31 m 5 1 8
ECOSYSTEM VALUE
$224 m EXIT
Copyright © 2020 Startup Genome LLC. All Rights Reserved. GROWTH
INDEX
INVESTOR ACTIVITY
Learn more
INDEX
FUNDING
and get connected GROWTH
at startupgenome.com
INDEX
91
GLOBAL AVG.
$ 1 0.5 bn
Reasons to move your startup to R&D Tax Credits Attractive Tax Rates
Mid-East Region Research-intensive startups can take advantage of At 12.5%, Ireland’s corporate tax rate is one of the
a 25% tax credit for qualifying R&D costs. lowest in Europe.

SALARY Low Cost COVID-19 Policy
$459 k $1.1 m
$52 k Cost savings continue with $52,281 as the average Ireland has declared a $226 million SBCI COVID-19
salary of a software engineer in Ireland—lower working capital scheme for eligible businesses
than in its Western Europe counterparts. suffering liquidity issues. Under this program, the
$4 94 k $2.7 m GLOBAL AVG. state will provide loans from ~$28,000 up to ~$1.7
$4 2.1 k million with a maximum interest rate of 4%. For
loans of up to ~$566,000, no collateral is required.
Startup Community
STARTUP GENOME
MEMBERS
MEMB ER
Meath Enterprise
Meath Enterprise is a commercially

focused local government (Not-For-Profit)
enterprise development company with a
remit / mission to drive local, regional and
national enterprise development through
the provision of business incubation and
support services, collaboration, clustering
and creative thinking.
STARTUP GENOME
PARTNERS
EO Accelerator Ireland / Meath Enterprise Centre / Boyne Valley Food Hub / Arklow Enterprise Centre / Athy Enterprise Centre / Clane Project Centre / Kells Tech Hub / Maynooth Works /
Wicklow Enterprise Centre / Kells Enterprise & Technology Centre / PFS Accelerator / Meath County Council / Wicklow Local Enterprise Of f ice / Meath County Chamber /
Louth-Meath Education & Training Board / Maynooth University / Kildare Chamber of Commerce / Kildare County Council / Kildare Local Enterprise Of f ice / Kildare-Wicklow Education & Training Board /
Wicklow Chamber of Commerce / Wicklow County Council / Meath Local Enterprise Of f ice / Enterprise Ireland / Mid-East Regional Skills Forum / Mid-East Action Plan for Jobs Committee /
Industrial Development Authority - IDA / Media Ireland
“
Uganda
The Government of Uganda has put in place a conducive
Kampala environment, allowing for the establishment of innovation hubs
ACT IVAT ION PHASE
designed to facilitate the creation of an ICT innovation
MEMBERS:
International Trade Centre, United Nations Project Netherlands Trust Fund IV
ecosystem and a marketplace for Ugandan digital products. We
believe that our youth will be able to deploy sustainable
solutions, creating employment for Ugandans.
Vincent Waiswa Bagiire
Permanent Secretary, Ministry of ICT and National Guidance
Fintech
From 2016 to 2018 Uganda’s Fintech industry had an
average annual growth rate of 35%, with almost half of
the nation’s approximately 80 Fintech startups operating
in the payments sector. DusuPay, a leading B2B payment
gateway operating in 115 countries, integrates with mobile
payment platforms in many African countries to promote
intra-African trade. Xante and Eversend are other
examples of successful Fintechs that have raised pre-seed
funding rounds ($100,000 in 2018 and $120,000 in 2019,
respectively).
Why you should invest in Kampala

GLOBAL AVG.
$4 31 m 5 1 2
ECOSYSTEM VALUE
<$100 m EXIT GROWTH

INVESTOR ACTIVITY
Learn
FUNDING GROWTH
INDEX INDEX 93
GLOBAL AVG.
$10.5 bn
Reasons to move your startup to Market Active Tech Hubs
Kampala As the population skews toward tech-savvy Uganda's leading tech hubs are organised under
Millennials with rising incomes, there's a large pool Startup Uganda. The country has over 16 tech
of unmet needs, particularly in financial services. incubation hubs, including The Innovation Village,
MEDIAN SEED ROUND MEDIAN SERIES A ROUND SOFTWARE ENGINEER Outbox Hub, Hive Colab, Design Hub, Makerere
SALARY
$100 k $1.1 m Innovation and Incubation, The Tribe, among
$10 k others.
GLOBAL AVG. GLOBAL AVG. Government Initiatives COVID-19 Policy

$4 2.1 k The government has funded around 4,450 projects Uganda’s Revenue Authority granted a 2-month
through a youth venture capital fund that supports extension on corporate tax filing deadlines until
young individuals and groups. May 1, 2020 for taxpayers with accounting periods
ending in September. Uganda's pension fund, the
National Social Security Fund (NSSF), has granted
an amnesty to businesses, allowing them to defer
payment of benefits to a later time.
Startup Community
STARTUP GENOME
MEMBERS
MEMB ER
International Trade Centre, United

Nations Project Netherlands Trust
Fund IV
The International Trade Centre (ITC) is the

only development agency that is fully
dedicated to supporting the
internationalization of small and medium-
sized enterprises (SMEs).
“
Philippines
Amidst the disruptions caused by the COVID-19 pandemic, the
Manila Philippine startup ecosystem is vibrant and thriving. This year,
ACT IVAT ION PHASE
more than ever, we are leveraging our strength in Fintech to
MEMBERS:
Department of Trade and Industry
promote the increased use of digital payments and e-
commerce as we move forward and adapt to a new normal.
Undersecretary Raf aelita M. Aldaba
Competitiveness and Innovation Group, Department of Trade and Industry
Fintech E-commerce
Fintech companies make up 15% of Manila’s startups. The The Philippine E-commerce market is growing at a CAGR
transaction value of the Fintech market in the Philippines of 26.4%, one of the fastest growth rates in Southeast
reached approximately $10 billion in 2019 and is expected Asia. The government has developed the Philippines E-
to grow by 24% in 2020, taking into account the expected commerce Roadmap 2022 with an aim to improve the
impact of COVID-19. Notable Philippine Fintech startups overall infrastructure landscape of logistics and e-
include Coins.ph, a digital wallet and digital currency payments among other initiatives to help boost online
exchange, which was acquired for $72 million, and First business activities. Startup success stories include
Circle, an online financing platform for SMEs, which GoodWork, a service provider hiring platform that closed
raised $26 million in a Series A round in 2018. In 2019, a $1.6 million seed round in 2020, and online automotive
Paymongo, a modern payment infrastructure, raised $2.7 marketplace, AutoDeal, which was acquired for $16.7
million in seed funding. million in 2019.
Why you should invest in Manila
$102 m Bang for Buck

GLOBAL AVG.
$4 31 m
Top 30 Global Ecosystem
5 1 2
Affordable Talent
ECOSYSTEM VALUE
$1.6 bn EXIT GROWTH

INVESTOR ACTIVITY
INDEX
Learn
FUNDING GROWTH
INDEX
more and get connected at startupgenome.com 95
GLOBAL AVG.
$10.5 bn
Reasons to move your startup to Experienced Tech Talent and Startup Support
Manila Young Workforce The Philippine Innovation Act and the Innovative
The country’s well-established outsourcing Startup Act provide funding and other forms of
industry, built around talent from Philippine support for startup, micro, small and medium
universities and strong English-language skills, enterprises, as well as removing barriers to doing
SALARY
$360 k $2.3 m gives founders an experienced pool of employees business.
$8 k to draw from.
GLOBAL AVG.
$4 94 k
GLOBAL AVG.
$2.7 m GLOBAL AVG.
COVID-19 Policy
$4 2.1 k
The government announced a “Small Business
Wage Subsidy Program” to help businesses retain
their employees during the quarantine period by
providing wage subsidies of up to $160 per eligible
employee for 2 months. A $20 million Enterprise
Rehabilitation Financing facility has been
established to provide loans to qualified micro and
small businesses. Other forms of support include
subsidies for startup incubation and acceleration.
Startup Community
STARTUP GENOME
MEMBERS
MEMB ER
Department of Trade and Industry
The Department of Trade and Industry

(DTI) is responsible for realizing the
country's goal of developing globally
competitive and innovative industry and
services sectors that contribute to
inclusive growth and employment
generation in the Philippines.
STARTUP GENOME
PARTNERS
Department of Science and Technology / Department of Information and Communications Technology / Intellectual Property Of f ice of the Philippines / Small Business Corporation /
National Development Company / Philippine Exporters Confederation, Inc.Startup

Copyright © 2020 / QBO Innovation
Genome Hub
LLC. All Rights Learn more/ and
AIM-Dado Banatao Incubator / IdeaSpace Foundation
/ Reserved. get Village
StartUp connected at startupgenome.com
/ Launchgarage / 96
Brainsparks / Philippine Fintech Association / Fintech Alliance of the Philippines
“
New Zealand
New Zealand startups are increasingly targeting overseas
New Zealand markets and nailing unique, but significant, global niches.
ACT IVAT ION PHASE
Critical focus points for our ecosystem are building more active
MEMBERS:
Ministry of Business, Innovation and Employment
and diverse partnerships and boosting deep tech
commercialisation.
Vic Crone
Chief Executive at Callaghan Innovation
Agtech & New Food Life Sciences

New Zealand is home to over 90 Agtech startups. The health tech sector in New Zealand has been growing
BioLumic, which uses applied agricultural science to rapidly with revenues of $1.9 billion and sustained revenue
increase crop yields with UV devices, raised ~$15 million growth with a 5-year CAGR of 9.1%. The sector is
over 6 rounds. Auckland’s Revolution Fibres raised ~$3 increasingly delivering effective solutions to big health
million in 2020 (Series A). New Zealand has been selected problems, including through deep-tech startups such as
as the first partner state for Farm 2050, an international HeartLab, a deep learning based solution for
consortium of large agricultural and tech companies. echocardiography. Biomatters, a leading provider of DNA
data analysis solutions worldwide, was acquired in 2019 by
US company GraphPad. As a life science Technology
Incubator, Brandon Capital will curate and seed promising
life sciences research discoveries.
Why you should invest in New Zealand
$192 m Funding
GLOBAL AVG.
$4 31 m
Top 30 Emerging Ecosystem
5 5 3
Talent
ECOSYSTEM VALUE
$1.5 bn EXIT GROWTH

INVESTOR ACTIVITY
INDEX
Learn
FUNDING GROWTH
INDEX
GLOBAL AVG.
$10.5 bn
Reasons to move your startup to A Collaborative Startup Funding Support
New Zealand Ecosystem A refundable 15% R&D tax credit offers support to
New Zealand has the highest per capita ratio of pre-profit startups. The government of New
angel investors in the world, 1,000 angels in a Zealand has launched a $300 million matching fund
nation of 5 million. The Scale Up NZ platform for investment in early-stage startups. This fund
SALARY
$535 k $2.5 m allows businesses to form connections with will be managed by NZ Growth Capital Partners.
$49 k investors, incubators, regional advisors, New Zealand’s Tech Incubator program offers
multinationals and other collaborators. support for deep tech startups.

$4 2.1 k COVID-19 Policy
New Zealand announced a comprehensive crisis
response support package, which included a wage
subsidy scheme to support businesses, including
pre-revenue companies, and approximately ~$4.1
billion Business Finance Guarantee Scheme and
insolvency support. The package also contained a
~$99 million loan scheme to support R&D firms.
Startup Community
STARTUP GENOME
MEMBERS
MEMB ER
Ministry of Business, Innovation and

Employment
'Grow' relates to economic performance.

To achieve the standard of living and
quality of life for today and for future
generations we need a well-performing
economy through productive and
sustainable use of resources across New
Zealand.
STARTUP GENOME
PARTNERS
Angel HQ / Angel Association New Zealand / BizDojo / Blackbird Ventures / Brandon Capital Partners / Bridgewest Ventures / Callaghan Innovation / Creative HQ / COIN South /
Flux Accelerator / Lightning Lab / Enterprise Angels / Equitise / Flying Kiwi Angels / GD1 / Global Entrepreneurship Network / Icehouse Ventures / KiwiNet / Kōkiri / Ministry of Awesome /
Copyright
Movac / New Zealand Trade and Enterprise / New Zealand Growth ©Capital
2020 Startup
Fund Genome LLC. AllInc
/ Northland Rights
/ Reserved.
SODA Inc / Sprout / Startup Dunedin / Learn more and get
StartupWeekend connected
/ Startup at startupgenome.com
Queenstown Lakes / 98
T he Fact ory / T hinc Lab / T IN Net work / WNT Vent ures / ZeroPoint Vent ures
“
Kaz akhst an
With the emergence of GovTech in the world, Kazakhstan’s
Nur-Sultan high ranking in this field allows our startups and IT-companies
ACT IVAT ION PHASE
to leverage their expertise for expansion into Asian, African and
MEMBERS:
JSC “Zerde” National infocommunication holding
subsequently global markets.
Pavel Koktyshev
Deputy Chairman of JSC “Zerde” National Infocummunication holding
Fintech Govtech
In 2018, the Astana International Financial Center Kazakhstan’s E-Gov is ranked 39th in the world and is
introduced the Fintech Regulatory Sandbox and visa-free among the top 10 in Asia according to the UN's E-
entry for citizens of 57 countries, including all OECD Government Survey 2018. More than 80% of public
countries. Invest Online, launched by the National Bank of services are available for more than 10.7 million users
Kazakhstan, is a blockchain-based mobile securities annually, saving more than $21.5 million. In 2020, the
trading application that allows people to buy discount country’s E-Gov Portal initiated Smart Bridge, a platform-
bank notes. Senim, a smart wallet provider, raised simplifying integration process between state information
$120,000 in a Series A round in 2018. systems and the private sector. In 2019 Korkem Telecom
deployed nationwide solutions in IoT, ITS and AMR.
Korkem’s solution SERGEK in Nur-Sultan reduced lethal
traffic accidents by half.
Why you should invest in Nur-Sultan

GLOBAL AVG.
$4 31 m 5 1 10
ECOSYSTEM VALUE
<$100 m EXIT GROWTH

INDEX
INVESTOR ACTIVITY
INDEX
FUNDING GROWTH
INDEX
$10.5 bn
Reasons to move your startup to Ease of Doing Business Support to Startups
Nur-Sultan Kazakhstan has improved business regulations over Nur-Sultan offers tax preferences, grant financing,
the past two years, and is ranked among the top and a unique visa regime that allows foreign
25 economies in the World Bank’s Ease of Doing partners to get a work visa for up to 5 years.
MEDIAN SEED ROUND MEDIAN SERIES A ROUND SOFTWARE ENGINEER Business report.
SALARY
$300 k $120 k
Monthly payments for those who are unemployed
$4 94 k $2.7 m GLOBAL AVG. as a result of COVID-19 are being processed
$4 2.1 k through the E-Gov Portal. Both the accrual and
payment of taxes and payroll social payments have
been canceled for 6 months for SMEs in the IT
industry and other affected sectors. Other
measures include deferred payments on loans,
reducing and unifying the loan rates, and an
increase in the volume of state guarantees.
Startup Community
STARTUP GENOME
MEMBERS
MEMB ER
JSC “Zerde” National

infocommunication holding
Zerde National Infocommunication Holding

is the largest Kazakhstani state company,
created for the development of modern
infocommunication technologies. Holding
was established in July 2008 in accordance
with Governmental resolution of the
Republic of Kazakhstan.
STARTUP GENOME
PARTNERS
AIFC / Arkley VC / Astana Business Campus / Astana Hub - International Technopark of IT-startups / Astana IT University / Astana Medical University / Bridge Group / I2BF Global Ventures /
MOST Business Incubator / Mua Incubator / NazarbayevCopyright © 2020

University Startup Genome LLC.
/ QazTechVentures / All Rights
Verny Reserved.
Capital Learn more and get connected at startupgenome.com 100
“
Canada
The arrival of new international entrepreneurs and startups has
Québec City promoted dynamism and innovation in Québec City’s
ACT IVAT ION PHASE
economy. The Groupe des incubateurs-accélérateurs de
MEMBERS:
Québec International
Québec, created in 2019, is helping to maximize the strengths
of all stakeholders in order to accelerate the growth of local
businesses.
ALAIN CHANDONNET
PH.D., President and CEO, INO

COVEO, an AI-powered search unicorn, announced a $227 Québec City has expertise in biopharmaceuticals
million Series F round in 2019. The national government’s (vaccines), medical technologies and cosmeceuticals. As a
$950 million Innovation Superclusters initiative supports recognized skills hub, it is home to 84 R&D centers, chairs
the SCALE.AI project, an important source of economic and research labs as well as various internationally
growth and collective wealth for Canada, and for the acclaimed researchers. The city has successfully
province of Québec and the Québec City region. The transformed research and innovation into powerful
SCALE.AI project is supported by OPTEL GROUP, COVEO growth drivers (CRI, CERVO). In 2018, Medicago began
and Université Laval, as well as Bentley and other key construction on a new $245 million vaccine production
players from the business and innovation world of Québec facility. Companies in Quebec City are working on the
City. development of a vaccine, developing diagnostic tests,
and working on solutions in response to the COVID crisis.
Why you should invest in Québec City

GLOBAL AVG.
$4 31 m
1 1 8
Bang for Buck
ECOSYSTEM VALUE
$358 m EXIT GROWTH

Copyright © 2020 Startup Genome LLC. All Rights Reserved.
INDEX
INVESTOR ACTIVITY
Learn
FUNDING GROWTH
INDEX INDEX 101
GLOBAL AVG.
$10.5 bn
Reasons to move your startup to Expertise + Innovation + COVID-19 Policy
Québec City Funding Support The Quebec government announced the
Quebec City is home to 68,000 workers with a “concerted temporary action program for
graduate degree in ICT and electronics, and is one businesses” (PACTE) to offer financial support to
of the 5 cities to house the first pre-commercial affected businesses in the form of loan
SALARY
$725 k $1.7 m 5G wireless network for open innovation in guarantees for a minimum amount of $50,000.
$52 k Canada. In 2018, the ecosystem saw a 133% Further support has been also made available
growth in VC deals from 2017. through the Canada Emergency Wage Subsidy and
Business Credit Availability Program, amongst
others initiatives.
$4 2.1 k
Startup Community
STARTUP GENOME
MEMBERS
MEMB ER
Québec International is the economic

development agency for the Québec City
provincial capital region. We work everyday
to develop and showcase our local
businesses and professionals. We are here
to support you, whether you are an
entrepreneur, a professional or an investor.
STARTUP GENOME
PARTNERS
BDC / PwC Québec / ROBIC / Ville de Québec / Quebec City Group if incubators / Quantino / Entrepreneuriat Laval
“
UAE
Sharjah is catalyzing an inclusive dialogue where civil society,
Sharjah academia, the public sector, and the private sector are coming
ACT IVAT ION PHASE
together to develop a world-class entrepreneurship ecosystem.
MEMBERS:
Sharjah Entrepreneurship Center Najla Al Midf a
Chief Executive Officer, Sharjah Entrepreneurship Center (Sheraa)
Edtech Digital Media

Education is a priority sector for Sharjah, from In 2019, Sharjah was crowned UNESCO World Book
establishing the first school in the UAE to developing Capital, and it has two dedicated freezones - Sharjah
University City, which houses two of the top six Media City (Shams) and Sharjah Publishing City – that
universities in the country. The nation’s education market provide a range of startup support programs and act as a
is expected to grow from $4.4 billion in 2017 to $7.1 catalyst for creative and media businesses. The first
billion by 2023, according to a 2018 report by Boston edition of Sheraa’s newly introduced program, Access
Consulting Group. This is good news for Edtech startups Sharjah, focused on book and digital content startups,
like Little Thinking Minds, who were recently awarded a presenting them with an opportunity to benefit from
$100K equity-free grant from the Sharjah Sharjah’s legacy as a cultural hub.
Entrepreneurship Center (Sheraa), and work with over 25
private and public schools in Sharjah.
Why you should invest in Sharjah
<$50 m Bang for Buck

GLOBAL AVG.
$4 31 m
Top 30 AME Ecosystem
5 2 10
Affordable Talent
ECOSYSTEM VALUE
<$100 m EXIT GROWTH

INDEX
INVESTOR ACTIVITY
INDEX
FUNDING GROWTH
INDEX
GLOBAL AVG.
$10.5 bn
Reasons to move your startup to The University City Commitment to Research and
Sharjah A 30,000-student campus and home to some of
Innovation
the region’s finest higher education institutions, The Sharjah Research, Technology, and Innovation
University City attracts, educates, and produces Park aims to develop and manage an innovation
MEDIAN SEED ROUND MEDIAN SERIES A ROUND SOFTWARE ENGINEER top technical talent. ecosystem focused on collaboration between
SALARY
$350 k $1.9 m science and commerce. Example projects include a
$32 k fully sustainable aquaponics farm and the ‘green
magic home'.

$4 2.1 k COVID-19 Policy
The Sharjah Executive Council announced a
stimulus package to support the emirate’s
economy, including rent exemptions for some
businesses and eviction-protection. Additionally,
The Sharjah Entrepreneurship Centre (Sheraa) has
created a $1 million (Dh3.67m) solidarity fund to
assist startups struggling to cope with the
coronavirus pandemic. The money will be
distributed among entrepreneurs through equity-
free grants and commissioned projects.
Startup Community
STARTUP GENOME
MEMBERS
MEMB ER
Sharjah Entrepreneurship Center
At Sheraa, we believe in human potential.

We have faith in humanity’s ability to
generate positive change, and we are on a
mission to unleash a generation of
entrepreneurs who will build a better
future for our societies and beyond.
Sri Lanka
*
“ We, as the ‘Island Of Ingenuity,’ take pride in our product
engineering talent pool which has delivered world-class
ACT IVAT ION PHASE products and gained investor confidence globally.
MEMBERS:
Jayantha De Silva
Information and Communication Technology Agency of Sri Lanka
Chairman - Information and Communication Technology Agency of Sri Lanka
E-commerce Fintech
Sri Lanka has a burgeoning E-commerce industry with Sri Lanka’s central bank recently unveiled a new
annual domestic E-commerce sales and services regulatory sandbox. HatchX, Sri Lanka’s first Fintech
estimated at $40 million and expected to grow to $400 accelerator and the first virtual accelerator in South Asia,
million by 2022. Wow.lk, acquired by Dialog Axiata Group was launched in April 2020, in partnership with Lankan
in 2015, has been instrumental in establishing Sri Angel Network (LAN). Notable startups across segments
Lanka’s E-commerce presence. A recent partnership include payment gateway Payhere which has the largest
between Dialog Axiata Group and Alibaba’s Daraz will customer base in the ecosystem with more than 1600
help enable increased access to affordable E-commerce active merchants, and Helios, a peer-to-peer lending
in Sri Lanka. PickMe, a ride-hailing company, raised $2.5 platform which raised a second round of funding from the
million from International Finance Corporation in 2018. John Keells X Accelerator in 2019.
Why you should invest in Sri Lanka

TOTAL EARLY STAGE FUNDING #2 Global Ecosystem

GLOBAL AVG.
$4 31 m
5 5 9
Bang for Buck
ECOSYSTEM VALUE
$117 m EXIT GROWTH

INDEX
INVESTOR ACTIVITY
INDEX
FUNDING GROWTH
INDEX
GLOBAL AVG.
Reasons to move your startup to Focus on Tech Ideal Mix of Growth and Talent
Sri Lanka The Sri Lankan Government introduced 0% tax on Sri Lanka’s startup ecosystem value has more than
IT companies. Spiralation is a government-run quadrupled from LKR 5.4 billion to LKR 21.8 billion
funding program that offers seed capital to early- in the past two years. The country ranks #1 for
MEDIAN SEED ROUND MEDIAN SERIES A ROUND SOFTWARE ENGINEER stage tech startups with 70 companies funded to Affordable Talent in the Asia-Pacific region.
SALARY
$53 k $0.94 m date. Orion City, the largest IT park in Sri Lanka,
$3 k houses tech startups alongside heavyweights such
as Virtusa and Pearson.
GLOBAL AVG.
$4 94 k
GLOBAL AVG.
$2.7 m GLOBAL AVG.
COVID-19 Policy
$4 2.1 k
The Central Bank of Sri Lanka announced a LKR 50
billion refinancing facility for banks, enabling them
to expand their lending capacity by LKR 400 billion
and provide working capital loans to businesses at
a reduced rate of 4%.
Startup Community
STARTUP GENOME
MEMBERS
MEMB ER
Information and Communication

Technology Agency of Sri Lanka
The Information and Communication

Technology Agency is the lead agency in
Sri Lanka for implementation of
information and communications
technology initiatives by the Government
of Sri Lanka. It was established to develop
the economy of Sri Lanka through ICT.
“
Taiwan
Taiwan has played a vital role in the global high-tech
Taipei City ecosystem for the past 30 years. We have elite startups from a
ACT IVAT ION PHASE
range of verticals including AI, smart technologies and
MEMBERS:
Taiwan Tech Arena
healthcare. We help our startups connect to the global tech
ecosystem in all key markets and applications.
Dr. Yu-Chin Hsu
Deputy Minister, Ministry of Science and Technology, Taiwan
AI, Big Data & Analytics Advanced Manufacturing &

MoBagel, an AI-driven enterprise decision-making
Robotics
technology startup, raised a $3 million seed round in 2017, Taiwan makes 75% of personal computers, 50 percent of
followed by a $5 million Series A round in 2019. Appier, an LCD screens, 25% of semiconductors, and 20% of
AI-powered platform for brands and retailers, raised $80 smartphones globally. The island is home to Taiwan
million in a Series D round in 2019. Microsoft is spending Semiconductor Manufacturing Company (TSMC), the
over $30 million to build an AI research and development world’s largest contract chipmaker. Computer and
hub in Taipei, which will eventually house nearly 200 hardware developers Acer and ASUS, electronics
researchers. manufacturer Foxconn, and mobile phone giant HTC are
all located in the Taipei City ecosystem. Success stories
include Touché Solutions, a robot sensor module
manufacturer, that raised $1 million in a seed round in
2017, followed by a $4 million Series A round in 2019.
Why you should invest in Taipei City
TOTAL EARLY STAGE FUNDING Top 10 Emerging Ecosystem
$284 m Talent
GLOBAL AVG.
$4 31 m
5 8 5
Funding
ECOSYSTEM VALUE
$3.8 bn EXIT GROWTH

INVESTOR ACTIVITY
Learn
FUNDING GROWTH
INDEX INDEX 107
GLOBAL AVG.
$10.5 bn
Reasons to move your startup to Innovation + Funding COVID-19 Policy
Taipei City The World Economic Forum’s Global Competitive Taiwan's National Development Council has invited
Report 2019 ranked Taiwan 4th globally for applications from startups majorly impacted by
innovation capability. The Taiwan Venture Capital COVID-19 to participate in a special investment
MEDIAN SEED ROUND MEDIAN SERIES A ROUND SOFTWARE ENGINEER Association has a membership of ~200 VCl funds. scheme. The NDC is offering 6 to 12 months of
SALARY
$500 k $5 m Taiwan’s National Development Fund allocated funding in exchange for preferred stock under the
$31 k NT$2 billion to its Business Angel Investment scheme.
Program.

$4 2.1 k
Startup Community
STARTUP GENOME
MEMBERS
MEMB ER
Taiwan Tech Arena
Taiwan Tech Arena champions

entrepreneurship and innovation with the
goal of building a vibrant international
startup ecosystem in Taiwan.
STARTUP GENOME
PARTNERS
AppWorks / BE Accelerator / BE Capital / Business Incubator Center, NTUST / CDIB Accelerator / Center for Innovation Taipei / Center of Industry Accelerator and Patent Development Strategy (IAPS) /
Center of Innovative Incubator, NTHU / Chung-Yuan Incubation Center (CYIC) / Digi Space / Garage+ / ITRI Open Lab & Incubator / InnoSquare / KAFNU Taipei /
NCU Innovation & Incubation Center / NTU Innovation Incubation Center / NTUT Innovation & Incubation Center / SOSV-MOX / SparkLabs Taipei / Star Rocket / Startup Lab at NCTU /
Taidah Entrepreneurship Center (TEC) / Taiwan Startup Stadium / Yang-Ming Incubation Center (YMIC)
“
India
Telangana has the potential to redesign the economy nationally
Telangana and globally through its innovation ecosystem. T-Hub is
ACT IVAT ION PHASE
engaging the top corporations, startups, research labs and VCs
MEMBERS:
T-Hub Foundation
to accomplish this.
Ravi Narayan
CEO, T-Hub
Life Sciences AI, Big Data & Analytics

Known as the Pharma Capital of India, Telangana accounts Telangana declared 2020 the year of AI and has signed 8
for ~30% of India’s pharma production and 1 out of 3 MoUs with 10 partners to promote AI research and
vaccines globally. With 800+ pharma, biotech and med- adoption. These include setting up a Centre for Research
tech companies, Telangana already has a combined in Applied AI (CRiAA) in association with Intel, IIIT
industry value of $50 billion and aims to double this Hyderabad and PHFI, and a high-performance AI
figure in 10 years. Genome valley, India’s first organized computing center in association with Nvidia. Telangana is
cluster for life sciences R&D activities, has more than 150 one of the only Indian states to have sector specific
life sciences companies, employing ~10,000 people. policies for AI and data analytics. Convosight, a
HealthSignz, a health and wellness platform, raised $5 Hyderabad-based data analytics startup, raised $4 million
million in 2018. in seed funding in 2020.
Why you should invest in Telangana

GLOBAL AVG.
$4 31 m 1 3 5
ECOSYSTEM VALUE
$759 m EXIT GROWTH

INDEX
INVESTOR ACTIVITY
INDEX
FUNDING GROWTH
INDEX
GLOBAL AVG.
$10.5 bn
Reasons to move your startup to An Innovation System COVID-19 Policy
Telangana Telangana’s ecosystem includes T-Hub, India’s Telangana innovation partners are actively
largest innovation hub, enabling strong industry supporting entrepreneurs during the COVID crisis
connections, partnerships and fundraising, as well through access to funding in the form of the
MEDIAN SEED ROUND MEDIAN SERIES A ROUND SOFTWARE ENGINEER as multiple state-sponsored incubators. These subsidisation or waiver of workspace rentals,
SALARY
$111 k $3.6 m include WeHub, a state-led incubator for women; government and research grants, ACT grants, debt
$9 k TSIC, supporting grassroots-level innovators; T- funding and access to equity investors. Along with
Works, India’s largest prototyping center for these, continuous guidance through mentoring and
makers and innovators; Telangana Academy for Skill help in re-aligning business models to the new
and Knowledge (TASK), which supports and normal is provided.
$4 2.1 k enables students to become entrepreneurs; and
Emerging Technologies, which assists the
government in adopting emerging technologies.
Startup Community
STARTUP GENOME
MEMBERS
MEMB ER
T-Hub Foundation
T-Hub leads India’s pioneering innovation

ecosystem that powers next-generation
products and new business models. Since
its incorporation in 2015, it has provided
1,100+ national and international startups
access to better technology, talent,
mentors, customers, corporations,
investors and government agencies.
“
Denmark
Denmark is a great place for robotics startups to grow their
Western Denmark business. The highly entrepreneurial environment has a strong
ACT IVAT ION PHASE
track record of successfully bringing new, innovative
MEMBERS:
Digital Hub Denmark
technologies to the global market.
Mikkel Christof fersen
Cluster Director at Odense Robotics
Advanced Manufacturing & Life Sciences

Robotics In 2019, Stipe Therapeutics, a biotech company, raised
Denmark’s 300 robot, automation and drone companies $22 million in a series A funding round. A software for
generate $2.8 billion in annual turnover. A cluster of bioinformatics startup, CLC Bio, was acquired by
emerging robotics companies, primarily located in Dutch/German Qiagen Group for $75 million. The Novo
Odense, employs more than 2,600 people, with more than Nordisk Foundation will invest $150 million over the next
$900 million invested in the cluster since 2015. The Danish four years to support the Danish National Genome Center,
Technological Institute’s Robot Technology is the leading including one facility in Aarhus. Aarhus University and
recipient of European Union funding for robot innovation. Aalborg University are both home to research activities in
One clear indication of success was the acquisition of the fields of health science and technology.
Universal Robots by the U.S.-based Teradyne in 2015 for
$285 million.
Why you should invest in Western Denmark
$110 m Talent
GLOBAL AVG.
$4 31 m 5 4 1
ECOSYSTEM VALUE
$1 bn EXIT GROWTH
INDEX
INVESTOR ACTIVITY
INDEX
FUNDING GROWTH
INDEX
$10.5 bn
Reasons to move your startup to Operational Ease COVID-19 Policy
Western Denmark Denmark is the #1 country in the EU and 4th The Danish Government has announced direct
worldwide in the World Bank’s Ease of Doing financial support for the self-employed and small
Business ranking. Among the EU nations, Denmark businesses with fewer than 10 employees facing a
MEDIAN SEED ROUND MEDIAN SERIES A ROUND SOFTWARE ENGINEER was ranked #4 in the Digital Economy and Society loss of earnings of 30% or more. Under this
SALARY
$515 k $1.6 m Index 2019, and #1 in Connectivity and Use of measure the state will pay 75% of employees’
$67 k Internet Services. salaries up to a maximum of 23,000 Danish crowns
($3,418) per month if the company pays the
remaining 25% for a three-month aid period lasting
until June 9, 2020.
$4 2.1 k
Startup Community
STARTUP GENOME
MEMBERS
MEMB ER
Digital Hub Denmark
Digital Hub Denmark works to make

Denmark an even better digital playground.
The hub will support the digital ecosystem
in Denmark by matching private companies,
researchers, tech-entrepreneurs, and
students in the development of new digital
products, services and business models.
Digital Hub Denmark connects great ideas
with robust experience.
STARTUP GENOME
PARTNERS
AAU Incubator (SEA), Aalborg University / Agro Food Park Inkubator/Agro Business Park / AI Innovation House / Arsenalet / BrainsBusiness / Business Factory / AalborgSyndikatet /
Center for Industrial Production / Danske Commodities (DC) Business Accelerator / Ecopark / Filmby Aarhus incl. Ideas Lab / Food ehub / Green Tech Center / Growing Investors / Ideas Lab /
Incuba Science Parks incl. Incuba Startup Lab / IT Forum / LYNf abrikken / Novi / Odense Robotics / Odense Robotics Startup Hub / Of f ice Lab / Robo Cluster / Startup Factory - Navitas /
StartupWorks / TechBBQ / The city of Aarhus, Business Development / The Danish Growth Fund / UAS Denmark / VIA studentervæksthus Aarhus C / WeLoveStartups

Early-Globalization Phase
116 Copenhagen, DK
118 Greater Helsinki, HI
120 Jerusalem, IL
122 Kuala Lumpur, MY
124 Melbourne, AU
126 Montreal, CA
128 Rhineland, DE
Globalization Phase Ecosystems

Median Seed Rounds Median Series A Rounds
Ecosystem Growth
“
Denmark
In Denmark, we draw on the Nordic region’s rich design
Copenhagen tradition and renowned digital prowess to guide startups
EARLY-GLOBALIZAT ION PHASE
toward sustainable, innovative, human-centric ideas and
MEMBERS:
Digital Hub Denmark
technologies. And there’s no better place in Europe to do it.
Thomas Krogh Jensen
CEO of Copenhagen Fintech
Edtech Fintech
Denmark is #1 in Scandinavia and #2 in the world in Copenhagen Fintech is a vibrant community of Fintech
education investments, according to the OECD. Recently, startups and corporate financial institutions. Danske Bank
the Danish Growth Fund made one of its largest has joined forces with Nykredit, Accelerace, and
investments, $30 million, in Area9 Lyceum. Labster, a Copenhagen Fintech to create Copenhagen Fintech
startup that creates digital tools to help students, raised Accelerator that has secured funding from the Danish
$21 million in a Series B round in 2019. Lead investors Industry Foundation. Copenhagen has fostered high-
included the London-based venture capital firm, growth Fintech startups such as Tradeshift, a unicorn
Balderton Capital. (now based in San Francisco) that raised $240 million in a
Series F funding round in January 2020. Investments in
Danish fintech, excluding Tradeshift, rose from $80
million in 2018 to $210 million in 2019.
Why you should invest in Copenhagen
$470 m Funding
GLOBAL AVG.
$4 31 m
Top 10 European Ecosystem
6 8 4
Performance
ECOSYSTEM VALUE
$11 bn EXIT GROWTH

INDEX
INVESTOR ACTIVITY
INDEX
FUNDING GROWTH
INDEX
$10.5 bn
Reasons to move your startup to Widespread Experience Talent and Training
Copenhagen Copenhagen offers startups a deep well of Denmark has been a world leader in
experienced startup talent, having produced entrepreneurship education through the Danish
successful tech companies such as Trustpilot, Foundation for Entrepreneurship. There is a strong
MEDIAN SEED ROUND MEDIAN SERIES A ROUND SOFTWARE ENGINEER Siteimprove, LogPoint, and Zendesk. lineage of technical talent in the ecosystem, too:
SALARY
$458 k $1.5 m Pascal, Realm, C#, C++, and Unity programming
$71 k languages were developed here. The innovative
Technical University of Denmark has catalyzed
approximately 2,200 businesses.
COVID-19 Policy
$4 2.1 k
The Danish Government has announced direct

financial support for the self-employed and small
businesses with fewer than 10 employees facing a
loss of earnings of 30% or more. Under this
measure the state will pay 75% of employees’
salaries up to a maximum of $3,418 (23,000 Danish
crowns) per month if the company pays the
Startup Community
remaining 25% for a three-month aid period lasting
until June 9, 2020.
STARTUP GENOME
MEMBERS
MEMB ER
Digital Hub Denmark
Digital Hub Denmark works to make

Denmark an even better digital playground.
The hub will support the digital ecosystem
in Denmark by matching private companies,
researchers, tech-entrepreneurs, and
students in the development of new digital
products, services and business models.
Digital Hub Denmark connects great ideas
with robust experience.
STARTUP GENOME
PARTNERS
Tec hBBQ / #CPHFT W / Ac c elerac e (and Symbion) / Copenhagen Fint ec h / DT U Skylab / InnoFounder / LEO Innovat ion Lab / PreSeed Vent ure / Talent Garden Rainmaking /
T he Creat ors Communit y / T he Danish Growt h Fund / T hinkubat or (and Singularit yU) / Vent ure Cup
“
Finland
Even in times of crisis, Helsinki continues to be a functional,
Greater Helsinki safe and sustainable city. We work with the local community to
help startups survive and rebound.
MEMBERS:
Helsinki Business Hub Jan Vapaavuori
Mayor of Helsinki
AI, Big Data & Analytics Digital Health

Finland was the first EU country to publish a National AI Finland ranks among the strongest health technology
Strategy in June 2017. The free AI education program economies in the world, while Digital Health is its largest
offered by Reaktor and the University of Helsinki enrolled high-tech export. Foreign exports of health technology
nearly 90,000 students from 80 countries in its first 4 rose to a new record in 2019, amounting to $2.67 billion,
months, making ‘Elements of AI’ Finland's top online an increase of 5.7% from the previous year. Greater
course. The Finnish Centre for Artificial Intelligence (FCAI) Helsinki is focused on further advancing its Healthtech
earmarked €8.3 million in funding for 2019–2022. Giosg, ecosystem and launched the Health Incubator Helsinki in
an AI customer behavior tool, raised $5.3 million in 2019 with the aim of driving health innovation and
venture funding led by Varenne Investment. ZenRobotics, research. Patient monitoring software provider Kaiku
which uses AI-powered robots to sort trash, raised $17 Health was acquired for an undisclosed amount in May
million. 2020.
Why you should invest in Greater Helsinki
$511 m Talent
GLOBAL AVG.
$4 31 m
5 9 3
Funding
ECOSYSTEM VALUE
$5.8 bn EXIT GROWTH

INDEX
INVESTOR ACTIVITY
INDEX
FUNDING GROWTH
INDEX
GLOBAL AVG.
Reasons to move your startup to Low Cost, High Quality COVID-19 Policy
Greater Helsinki The Greater Helsinki startup ecosystem offers The City of Greater Helsinki, in its first phase of
entrepreneurs all the benefits of a Scandinavian measures to relieve the burden on businesses due
lifestyle at a lower cost of living than many other to COVID-19, announced a three-month
MEDIAN SEED ROUND MEDIAN SERIES A ROUND SOFTWARE ENGINEER tech hubs in the region. Startups have access to postponement of rent (interest-free) on city-
SALARY
$465 k $2.2 m excellent talent at reasonable salary levels, as well owned commercial properties leased by the city.
$51 k as to various government funding actions. Finnish Additionally, Greater Helsinki granted a one-off
startups receive the most venture capital per support facility to sole traders worth €2,000.
capita in Europe. Helsinki is home to Artic15 and These measures are part of a wider package of
Slush, leading startup and tech community events. support offered at the municipal, regional and
$4 2.1 k national levels.
Startup Community
STARTUP GENOME
MEMBERS
MEMB ER
Helsinki Business Hub, the regional

development agency for the Finnish capital
region, makes Helsinki the best place to
accelerate your business. We enable
foreign companies to establish their
businesses and innovation driven
companies to grow and develop in the
Helsinki region.
STARTUP GENOME
PARTNERS
Espoo Innovation Garden / Helsinki Think Company / Nestholma / Maria01 / NewCo Helsinki / Butterf ly Ventures / Arctic Startup / Business Finland / Helsinki Games Factory / xEdu Accelerator
“
Israel
Jerusalem makes a great model for a city that developed a
Jerusalem #6*
* Ecosystem rank and met rics f or Tel Aviv - Jerusalem
supportive ecosystem for early-stage companies, utilizing
government funding to empower our vibrant tech community,
MEMBERS:
as well as initiating and supporting platforms and programs
Jerusalem Development Authority that assist entrepreneurs and increase connectivity and
collaboration between our world-class academic institutions
and industry.
Itzik Ozer
Senior Director of Business Development at The Jerusalem Development Authority
The Hebrew University of Jerusalem’s computer science Jerusalem has close to 150 Life Sciences companies
and engineering school is the largest in the country with including Orcam, the first Israeli digihealth unicorn, Kahr
multiple research groups focusing on AI and big-data Medical which raised $18 million in 2020 and Pepticom,
analytics. Over 80 AI companies are based in Jerusalem which raised $5 million in 2019. Jerusalem offers various
including Mobileye, which was acquired by Intel for $15.2 platforms to support life-science companies: Biohouse, a
billion, the largest acquisition of an Israeli company to workspace inside Hadassah Hospital that serves as a
date, and Lightricks, an AI unicorn. Jerusalem is also home startup laboratory and home base for IBM's digital health
to a vibrant AI community which includes JerusML, one accelerator; BioGiv, a shared lab space and IP-free-zone
the biggest AI communities in Israel, and DataHack, the inside the Hebrew University for life-science companies;
biggest data science hackathon in Israel. and Aylnnovation, a workspace and beta-site for assistive
technology companies.
Why you should invest in Jerusalem

$3 bn Talent
GLOBAL AVG.
$4 31 m
8 10 5
Knowledge
ECOSYSTEM VALUE
$47 bn EXIT GROWTH

INVESTOR ACTIVITY
INDEX
Learn
FUNDING GROWTH
INDEX
GLOBAL AVG.
$10.5 bn
Reasons to move your startup to Financial Benefits World-class Academic
Jerusalem Jerusalem, a national priority development area,
Institutions
offers tax benefits and non-dilutive grants of up to Jerusalem is home to Israel’s leading universities
$165,000 for tech and up to $1 million for Life such as The Hebrew University and Bezalel
MEDIAN SEED ROUND MEDIAN SERIES A ROUND SOFTWARE ENGINEER Sciences companies. Academy of Art & Design, which play significant
SALARY
$1400 k $5.7 m roles in the creation of science-based startups and
$72 k fueling the ecosystem with new talent.

COVID-19 Policy
$4 2.1 k The Israel Government laid out a $180 million grant
package to support the country's high-tech
startups. These grants will be deployed through
the Israel Innovation Authority (IIA), the
government’s funding arm for R&D and innovation.
The City of Jerusalem established a support
center for businesses in the city, in order to assist
them with accessing all the benefits offered on a
national and municipal level (including special
assistance with the IIA grants).
Startup Community
STARTUP GENOME
MEMBERS
MEMB ER
Jerusalem Development Authority
Since it was established the Jerusalem

Development Authority has accumulated
much experience in promoting public
projects in the capital and it serves today
as the leading body in the planning and
development of the city.
STARTUP GENOME
PARTNERS
ALYNnovation / AtoBe Entrepreneurship Center - Azrieli College of Engineering / BioGiv / BioHouse / BioJerusalem / Bizmax / Cornerstone Venture Partners / Fresh.f und / GroundUp Ventures /
HUJI Innovate - The Hebrew University Entrepreneurship Center / Haddasah Accelerator (by IBM) / JerusML / Jerusalem Venture Partners / Jumpspeed Ventures / Labs/02 / LevTech / Made in JLM /
MakeGamesJLM / Masschallenge Jerusalem / OurCrowd / PICO Partners / QueenB / Startup Nation Central / VLX Ventures
“
Malaysia
Our startup ecosystem is the personification of the Malaysia
Kuala Lumpur Boleh spirit – a local slogan that epitomises courage, grit, and
tenacity – and uniquely positions Malaysia as the heart of
MEMBERS:
Malaysia Digital Economy Corporation
digital ASEAN.
Surina Shukri
CEO of Malaysia Digital Economy Corporation
Gaming Fintech
Nine universities and colleges in Kuala Lumpur offer Malaysia has the largest Islamic Fintech market, with 26
courses around game development and esports. This Islamic Fintech service providers. Startups in this sector
includes the Asia Pacific University of Technology & benefit from the Malaysian government’s initiatives to
Innovation (APU), which partnered with eSports Malaysia promote Fintech, such as establishing a regulatory
to launch the country’s first esports academy. Local game sandbox, launching a Fintech academy, and encouraging
developers Metronomik and Magnus Games are 2 key the adoption of Open Data APIs. In the government’s 2020
players contributing greatly to the homegrown digital budget, a one-time credit of RM 30 (~$7) was provided to
gaming industry. Gaming incubator Level Up Inc, which e-wallet users to spur adoption. In 2018, HelloGold, the
was founded in 2017, already has 10 portfolio companies. world’s first Shariah-compliant gold trading platform,
raised $4 million from 500 Startups, while Jirenxu, an FS
lifecycle management platform, received $21 million in
Series B funding.
Why you should invest in Kuala Lumpur
$99 m Performance
GLOBAL AVG.
$4 31 m
5 5 3
Talent
ECOSYSTEM VALUE
$15 bn EXIT GROWTH

INVESTOR ACTIVITY
INDEX
Learn
FUNDING GROWTH
INDEX
GLOBAL AVG.
$10.5 bn
Reasons to move your startup to Lower Costs, High Quality Fast-Track Visas
Kuala Lumpur Along with its proximity to other large Southeast The Malaysia Tech Entrepreneur program offers a
Asian markets, Kuala Lumpur offers excellent local 1-year visa to new entrepreneurs and a 5-year visa
talent at lower salaries and an affordable cost of to established entrepreneurs.
MEDIAN SEED ROUND MEDIAN SERIES A ROUND SOFTWARE ENGINEER living.
SALARY
$187.4 k $2 m
$12.7 k Funding COVID-19 Policy
Government programs such as Cradle Investment Malaysia launched a $23 million Technology Startup
$4 94 k $2.7 m GLOBAL AVG. Programme 300 (CIP300) and DEQ800 offer direct Funding Relief Facility (TSFRF) to provide low-
$4 2.1 k financial support to Malaysian tech startups. interest loans of up to $580,000 to help startups
alleviate cash flow constraints caused by the
economic setback of COVID-19.
Startup Community
STARTUP GENOME
MEMBERS
MEMB ER
Malaysia Digital Economy Corporation
Established in 1996, the Malaysia Digital

Economy Corporation Sdn. Bhd. was the
Government’s response to the then new
concept of “Digital Economy”. Today, the
global Digital Economy is estimated to be
worth USD3 trillion, and MDEC continues
its role to organise and lead Malaysia’s
Digital Economy forward.
STARTUP GENOME
PARTNERS
1337 / 500 Startups / Captii Ventures / Endeavor / Found8 / MBAN / MaGIC GAP / Malaysia Digital Hub / Petronas CVC / Prof iceo / RHL Ventures / Redbeat Ventures /
Selangor Accelerator Programme by SITEC / Startup Mamak / Sunway iLabs Incubator & Accelerator / UNCDF / Unicroach / Worq
“
Aust ralia
We have seen the Victorian startup ecosystem rapidly mature in
Melbourne the last four years. Having a dedicated startup agency,
LaunchVic, has been instrumental in helping to deliver the right
MEMBERS:
LaunchVic
support services to entrepreneurs, investors and talent.
Dr Kate Cornick
CEO at LaunchVic
Life Sciences Fintech

Melbourne has more than 180 life science organisations While Fintech startups account for just 7% of Victorian
equating to approximately US $12 billion in economic startups, they have emerged as some of Australia’s best
activity. Home to at least two locally bred life science startup success stories. Unicorn Airwallex ($160 million
success stories; Mesoblast, Clinuvel Pharmaceuticals, it is Series D in 2020), as well as scaleups Moula ($20 million
only one of three cities in the world to have two top 20 in Series D in 2019) and Afterpay all originated here. In the
universities in the global biomedical rankings. Successes last financial year, Victorian Fintech companies dominated
like these highlight the role of the BioMelbourne Network key funding rounds, accounting for almost 80 per cent of
in fostering the Life Sciences sector, as well as the the $2 billion allocated to Australian startups.
national Biomedical Translation Fund (BTF), which, in 2017,
awarded a $5.7 million grant to SummatiX, a medical
informatics startup.
Why you should invest in Melbourne
$363 m Performance
GLOBAL AVG.
$4 31 m
Top 15 APAC Ecosystem
7 6 3
Talent
ECOSYSTEM VALUE
$4.8 bn EXIT GROWTH

INDEX
INVESTOR ACTIVITY
INDEX
FUNDING GROWTH
INDEX
$10.5 bn
Reasons to move your startup to Strong Tech Presence Inclusion
Melbourne Startups have access to corporate customers such One in three founders are women; one in three
as Alibaba, Google, and Amazon, which have local founders are born overseas and 2% of founders
offices. Global unicorns such as Square, Zendesk are from indigenous peoples (representing 1% of
MEDIAN SEED ROUND MEDIAN SERIES A ROUND SOFTWARE ENGINEER and Stripe as well as local unicorn Airwallex call the Victorian population).
SALARY
$541 k $2.8 m Melbourne home.
$56 k
COVID-19 Policy
$4 94 k $2.7 m GLOBAL AVG. The Victorian State Government has waived
$4 2.1 k 2019/20 payroll tax for Victorian businesses with
annual taxable wages of up to $3 million to assist
them with their cash flow. The Federal
Government’s $130 billion JobKeeper program is
also assisting startups, subject to eligibility, to
remain connected with their highly skilled people
so they’re in a position to quickly restart
operations post COVID-19.
Startup Community
STARTUP GENOME
MEMBERS
MEMB ER
LaunchVic
With the help of startup founders,

entrepreneurs and investors, corporates
and universities, we aim to build a startup
ecosystem that can strengthen the
economy, encourage more people to work
with and for startups, and represent all
Victorians.
STARTUP GENOME
PARTNERS
Potential(x) / ygap First Gens Accelerator Program / ASTN HeadStart / Cyrise / SBE Australia, Springboard Tech / SBE Australia, Springboard Life Sciences / SBE Australia, E3 / Runway Hq /
Copyright
ACMI X / BioMelbourne Network / Inspire9 / Rome2rio / Runway© 2020 Startup /Genome
Geelong LLC.
Startup All Rights Reserved.
Bootcamp / Startup Victoria / York Butter Factory Learn more and get connected at startupgenome.com 125
“
Canada
Startups are at the heart of Montreal’s entrepreneurial sector.
Montréal They are a powerful lever for the economic development of our
metropolis.
MEMBERS:
Ville de Montréal / Centech / Real Ventures / Bonjour Startup Montréal / Montréal International Valérie Plante
Mayor of Montréal
Life Sciences AI, Big Data & Analytics

Greater Montreal has 620 organizations, +150 research Headquartered in Montreal are AI-powered supply chain
centers, 11 post-secondary institutions, and 80 hub SCALE AI, the world’s largest academic research
multinational subsidiaries, many of which collaborate via center in deep learning MILA, and the Institute for Data
open Innovation programs and AI-driven public-private Valorization IVADO. Greater Montreal has seven AI
partnerships. Scientific and clinical research received $118 accelerators, nine research centers, and 17 corporate labs
million in provincial funding, while NÉOMED Innovation (seven new last year). AI contributes to the strength of
Center received a $25 million investment. Notable activity Montreal’s Robotics, Advanced Manufacturing, Medtech,
includes the acquisition of Clementia Pharma for $1.3 and Mobility sectors. A new $250 million AI-fund was
billion(after its IPO in 2017), the IPO of Milestone created by CDPQ. Local startups Element AI, Stradigi.ai,
Pharmaceuticals’ ($468 million), and the $82.5 million Alaya Care, and Dialogue raised a combined $468 million.
Series B round for Repare Therapeutics.
Why you should invest in Montréal

TOTAL EARLY STAGE FUNDING #5 North American Ecosystem

GLOBAL AVG.
$4 31 m
7 9 6
Talent
ECOSYSTEM VALUE
$8.7 bn EXIT GROWTH

INDEX
INVESTOR ACTIVITY
INDEX
FUNDING GROWTH
INDEX
GLOBAL AVG.
Reasons to move your startup to A Place to Be Export Hub
Montréal Greater Montreal is the most affordable major city Canada is the only country that has free trade
in North America and the best-ranked student city agreements with all G7 countries and 38% of local
in the Americas. startups export internationally.
$762 k $5 m
SALARY Funding COVID-19 Policy
$55 k There are seven new investment funds ($876 The federal-funded IAP ($250 million grants) and
million total), $33 million for PME MTL, and $3.75 the BCAP interest-free loans (max $40,000) aimed
GLOBAL AVG. GLOBAL AVG. million for the ecosystem leader Bonjour Startup to support $10,000 early stage startups.
$4 94 k $2.7 m GLOBAL AVG. Montreal. Montreal’s unicorn, Lightspeed POS Inc., Provincially, the Quebec government launched
$4 2.1 k
IPO'd in March 2019 ($1.4 billion valuation). PACTE and PACME to access loans of min $50,000,
and to cover training expenses, respectively.
Montreal also unlocked an emergency fund for
retail businesses, social economy, creative and
cultural industries and tourism sectors.
Startup Community
STARTUP GENOME
MEMBERS
MEMB ER MEMB ER MEMB ER MEMB ER
Ville de Montréal Centech Real Ventures Bonjour Startup Montréal
Centech is dedicated to accelerate the Real is a leading source of capital for Bonjour Startup Montréal is an initiative to
creation and growth of deep-tech game-changing entrepreneurs and a driving accelerate the development of Montréal's
companies that market globally. force behind emerging tech ecosystems. startup ecosystem, in particular by
fostering collaboration among all
stakeholders.
MEMB ER
Montréal International
For more than 20 years, Montréal

International (MI) has contributed to
building Greater Montréal’s international
reputation and prosperity by acting as a
driving force for economic development.
STARTUP GENOME
PARTNERS
Real Ventures & FounderFuel / Techstars AI / Tandemlaunch / Fondation Montréal Inc. / MT Lab / Ministère de l’économie et de l’innovation du Québec / Techno-Montréal /
Ivado et Montréal international / District 3 / HEC Montréal / Notman House / PME MTL / Quartier de l’innovation / Réseau Capital / Startup Fest / MTL Newtech
“
Germany
Rhineland’s startup community has significantly evolved in the
Rhineland last 4 or 5 years. It feels like a true ecosystem with more
people, better knowledge, stronger connections, and a focus on
MEMBERS:
North-Rhine Westphalia State Government
modernizing traditional German industries.
Dr. Lorenz Gräf
Founder at STARTPLATZ
Advanced Manufacturing & B2B, Enterprise Solutions

Robotics Most startups in Rhineland are targeting B2B Customers.
Industrial IoT developer Cumulocity was acquired by Rhineland is home to many multinational corporations,
Software AG in 2017. Silexica, an industry software such as Deutsche Telekom, Henkel, Metro, Bayer,
company, raised $18 million in a Series B round in 2018. An Deutsche Post DHL Group. Success stories include
electric car factory was opened by e.go, one of the LeanIX, offering a SaaS for enterprise architecture, which
numerous spin offs from the Laboratory for Machine raised $30 million in a Series C round in 2018. Instana,
Tools and Production Engineering (WZL) of RWTH founded in Rhineland, raised a $30 million Series C round
Aachen University, which focuses on research and in 2018.
innovation in production engineering.
Why you should invest in Rhineland
$255 m Knowledge
GLOBAL AVG.
$4 31 m
1 8 3
Talent
ECOSYSTEM VALUE
$2.9 bn EXIT GROWTH

INDEX
INVESTOR ACTIVITY
INDEX
FUNDING GROWTH
INDEX
GLOBAL AVG.
Reasons to move your startup to Capital B2B Customer Density
Rhineland High-Tech-Gründerfonds, the largest seed fund in 20% of the DAX-listed companies are based in
Germany, has invested around $1.1 billion since Rhineland.
2005.
SALARY
$591 k $3.5 m Research Institutions COVID-19 Policy
$61 k
The regional universities have 10 of the 57 German Germany’s “Kurzarbeit” wage subsidy scheme
clusters of excellence. There are many initiatives allows businesses to prevent layoffs in times of
$4 94 k $2.7 m GLOBAL AVG. for founders to tap into incubation, acceleration economic downturn. Under this scheme, the
$4 2.1 k and corporate collaboration opportunities. government covers 60% the difference of the
employee’s salary, thereby allowing staff to remain
on the job at reduced hours and salary.
Startup Community
STARTUP GENOME
MEMBERS
MEMB ER
North-Rhine Westphalia State

Government
North Rhine-Westphalia is thrilling.

Nowhere else in Germany are industrial
and rural regions so close to each other.
There is hardly any other region on earth
with a similar concentration of museums,
theatres, opera houses and concert halls.
Discover the "diversity state".
STARTUP GENOME
PARTNERS
Digital Innovation Hub Düsseldorf /Rheinland GmbH / 1stMOVER / Agile Accelerator / Axa Startup Center / BLSW / Capnamic Ventures / Coparion / Founders Institute /
Future Champions Accelerator / Gateway Gründungsservice der Universität zu Köln / Getstarted, Bitkom / Gründerzentrum RWTH Aachen / HEADQUARTER[S] Cologne / High-Tech Gründerfonds /
Intelligent Venture Capital Management / MWIDE / NRW Bank Business Angel Initiative WIN / NRWalley / NUK – Neues Unternehmertum Rheinland / Pirate Summit / Jolly Rogers UG / Hub Aachen /
S-UBG Group / STARTPLATZ / Startup Unit Düsseldorf / StartupDorf / Tengelmann Ventures / Vodafone Uplif t

Late-Globalization Phase
131 Austin, US
133 Chicago, US
135 Miami, US
137 Toronto-Waterloo, CA
139 Washington, D.C., US
“
United St ates
As the Austin startup ecosystem has matured, our work at Tech
Austin #19 Ranch has evolved to connect this ecosystem's future to the
LAT E-GLOBALIZAT ION PHASE
world, especially around the areas that have developed in
Austin around impact innovation.
Kevin Koym
CEO and Founder of Tech Ranch Austin
Cleantech Cybersecurity
Austin is home to the University of Texas’ Clean Energy SailPoint, an identity and access management provider,
Incubator, one of the longest-established energy and raised $240 million in an IPO valuing the company at more
cleantech incubators in the United States. Austin is also than $1 billion. ClearDATA, a managed cloud provider,
home to successful companies like Energy Curb and raised $26 million in 2018. Spycloud, an ATO prevention
Banyan Water. A Local startup MTPV, which offers platform, raised $21 million in 2019. Austin was selected
semiconductor chips to convert waste heat to electricity as the site for the new U.S. Army Futures Command, which
raised $17.9 million in 2018. will modernize the Army and invest in science, technology,
and engineering.
Why you should invest in Austin
$1.7 bn Knowledge
GLOBAL AVG.
$4 31 m
10 9 6
Talent
ECOSYSTEM VALUE
$17 bn EXIT GROWTH

INDEX
INVESTOR ACTIVITY
INDEX
FUNDING GROWTH
INDEX
GLOBAL AVG.
Reasons to move your startup to Growth Market COVID-19 Policy
Austin Austin is one of the fastest growing cities and The U.S. Small Business Administration announced
offers startups a wide array of market plans to offer designated states & territories low-
opportunities and access to capital. In Surge Cities interest federal disaster loans at an interest rate of
MEDIAN SEED ROUND MEDIAN SERIES A ROUND SOFTWARE ENGINEER Index analysis, it ranked third in the U.S in 3.75% for working capital to small businesses
SALARY
$804 k $5 m population growth, third in its density of high- suffering substantial economic setbacks as a result
$83 k growth companies and sixth in its rate of job of the COVID-19.
creation.

$4 2.1 k
Startup Community
STARTUP GENOME
PARTNERS
3 Day Startup / Tech Ranch / Austin Technology Incubator / University of Texas Austin / BuiltIN / Central Texas Angel Network / St. Edward’s University / WeWork / Techstars Austin /
Capital Factory
“
United St ates
In bringing entrepreneurs from around the world to Chicago,
Chicago #14 we have found that this city has one of the most collaborative
and diverse entrepreneurial communities in the world.
Peggy Parfenof f
President of WorldChicago
AI, Big Data & Analytics Fintech

Chicago is home to 14,000 technology companies Chicago is the second-largest central business district in
employing roughly 340,000 people. In 2019, Tempus the United States and home to the Chicago Stock
raised $200 million in a Series F round, giving it a Exchange and eight Fortune 1000 financial services
valuation of $3.1 billion. Other startups to look out for companies. The City’s ChicagoNEXT program includes
include Uptake, an industrial AI and IoT platform, which initiatives like the Blackstone Inclusive Entrepreneurship
raised $117 million in Series D funding and Instana, a Challenge, ThinkChicago, and a new Fintech Committee.
solution that monitors dynamic apps, which raised $30 Success stories include Avant, an online lending platform
million from Accel and Meritech Capital Partners in 2018. which is valued close to $2 billion. In 2019, Snapsheet
raised $29 million from Tola Capital in Series E round.
Why you should invest in Chicago
$1.2 bn Talent
GLOBAL AVG.
$4 31 m
9 10 5
Funding
ECOSYSTEM VALUE
$21 bn EXIT GROWTH

INDEX
INVESTOR ACTIVITY
INDEX
FUNDING GROWTH
INDEX
GLOBAL AVG.
Reasons to move your startup to Women in Startups University Programs
Chicago Women own and run one third of the city’s The Illinois Institute of Technology, Northwestern
startups. WiSTEM, a program at Chicago's University, and the University of Chicago each
Technology & Entrepreneurship Center, provides operate startup incubators and offer programs in
MEDIAN SEED ROUND MEDIAN SERIES A ROUND SOFTWARE ENGINEER additional resources to women-led startups. entrepreneurship and computer science.
SALARY
$695 k $3 m
The City of Chicago established a $100 million
$4 94 k $2.7 m GLOBAL AVG. Chicago Small Business Resiliency Fund to provide
$4 2.1 k small businesses with emergency cash flow in the
form of low interest loans. The loans are available
for a maximum period of five years to companies
with annual revenues of less than $3 million that
have suffered at least a 25% decrease in revenue
due to the COVID-19 outbreak.
Startup Community
STARTUP GENOME
PARTNERS
1871 / Catapult Chicago / Matter Chicago / The Shif t Chicago / University of Chicago / WorldChicago / mHUB
“
United St ates
Our sights are set on making Miami a community where
Miami globally relevant innovations thrive. Rather than copying any
other city, we are charting a distinct, multicultural path toward
MEMBERS:
Knight Foundation
becoming a tech epicenter; one that is uniquely Miami.
Rebecca Danta
Managing Director, Miami Angels
Life Sciences Edtech

The Cambridge Innovation Center houses 250 early and Hero K12, based near Miami, builds applications to track
mid-stage companies and a wet lab for early-stage student behavior and received $150 million in 2017.
Biotech startups. Biscayne Neurotherapeutics, a clinical- Nearpod, a mobile app that enables teachers to create and
stage biotechnology company, was acquired for $185 share interactive multimedia presentations with their
million in 2018. Tissuetech, a pioneer of birth-tissue students, raised $21 million in Series B funding in 2017.
regenerative medicine, raised $82.3 million in Series C
funding in 2019.
Why you should invest in Miami
$519 m Funding
GLOBAL AVG.
$4 31 m
6 8 6
Performance
ECOSYSTEM VALUE
$18 bn EXIT GROWTH

INDEX
INVESTOR ACTIVITY
INDEX
FUNDING GROWTH
INDEX
GLOBAL AVG.
Reasons to move your startup to Global Community COVID-19 Policy
Miami Startups can tap into one of the most diverse The state of Florida launched the Small Business
talent pools in North America. Miami is the #4 city Emergency Bridge Loan Program to provide short-
in the U.S. in Latino entrepreneurship and has one term working capital support to small businesses
MEDIAN SEED ROUND MEDIAN SERIES A ROUND SOFTWARE ENGINEER of the highest percentages of immigrant-owned with up to 50 employees. Loans are interest-free
SALARY
$725 k $1.8 m businesses. This diversity also allows companies to for one year; after that, the interest rate rises to
$77 k test ideas across a wide range of potential 12%.
customers.

$4 2.1 k
Startup Community
STARTUP GENOME
MEMBERS
MEMB ER
Knight Foundation
Knight Foundation is a national foundation

with strong local roots. We invest in
journalism, in the arts, and in the success
of cities where brothers John S. and James
L. Knight once published newspapers.
STARTUP GENOME
PARTNERS
500 Startups / Miami Angels / Endeavor Miami / eMerge Americas / Venture Cafe Miami / Ref resh Miami / Venture for America / Florida International University / University of Miami /
LAB Miami / Babson WIN / Idea Center at Miami Dade College / CIC Miami / Code Fever / The Venture City / WeWork / WhereBy.Us
“
Canada
To meet Toronto’s talent demands, we’ve created an
Toronto-Waterloo #18 ecosystem-wide peer support network for founders and teams,
where people are trained to help each other develop, retain,
and attract diverse talent.
Ben Baldwin
Founder, The Founder City Project

The province of Ontario has allocated $350 million to Ontario ranks seventh in Life Sciences employment in
focus on the development of AI, 5G, autonomous vehicles, North America, and approximately 30,000 professionals in
and other technologies. Corporations such as Google and Toronto contribute around $2 billion to the local
Uber have set up AI R&D centres in the region. CIFAR, the economy. The MaRS Discovery District supports
Vector Institute, and Waterloo.ai drive local AI investment. commercialization with local hospitals and is home to the
Kira Systems, an artificial intelligence-enabled contract JLABS incubator with 49 early-stage life science
analytics software raised $50 million in 2018. Integrate.ai, companies. Synaptive Medical, developer of neurosurgical
an applied AI enterprise software, raised $40 million in technological products, raised $75 million in 2019.
2018.
Why you should invest in Toronto-Waterloo
$1.6 b Funding
GLOBAL AVG.
$4 31 m
9 10 7
Talent
ECOSYSTEM VALUE
$17 bn EXIT GROWTH

INDEX
INVESTOR ACTIVITY
INDEX
FUNDING GROWTH
INDEX
GLOBAL AVG.
Reasons to move your startup to Density of Corporations and Access to Funding
Toronto-Waterloo Talent The Government of Canada has formed a $1.26
The Toronto-Waterloo corridor is the second billion Strategic Innovation Fund to provide funding
largest technology cluster in North America with to inventive startups and the Ontario Network of
roughly 15,000 companies and 300,000 tech Entrepreneurs supports around 130 nonprofits
SALARY
$500 k $4.3 m workers. across Ontario to help innovations.
$64 k
COVID-19 Policy
$4 94 k $2.7 m GLOBAL AVG. The Government of Canada extended the
$4 2.1 k
maximum duration of the Work-Sharing program
from 38 weeks to 78 weeks for the employers
affected by COVID-19. This program provides
income support to employees eligible for
Employment Insurance and who agree to reduce
their normal working hours because of
developments beyond the control of their
employers.
Startup Community
STARTUP GENOME
PARTNERS
Brook eld Institute / Centre for Social Innovation / City of Toronto / Creative Destruction Lab / DMZ / Haltech / Innovation Factory / Invest Toronto / Next 36 / OneEleven / RIC Centre /
The Founder City Project / Venture Lab / World Canada
“
United St ates
Startups in Washington, D.C., have a refreshing focus on taking
Washington, D.C. #11 on significant global challenges and bringing their unique
entrepreneurship lens to problems historically left to
governments.
Donna Harris
Cofounder, 1776 General Partner, 1776 Ventures
Cybersecurity Edtech
As a share of its total, the region has 2.5x more Numerous government agencies and influencers play a
Cybersecurity startups than the global average, and these role in Washington D.C.’s Edtech ecosystem including the
companies can draw on a regional population of cyber- Office of Education Technology at the U.S. Department of
related engineers three times larger than the rest of the Education. The regional Edtech ecosystem is supported by
country combined. Tenable Network Security IPO’d in Novak Biddle Venture Partners, a supporter of Edtech
2018 with a valuation of $2.1 billion. Washington. D.C.- ventures with investments in 2U, Inc., Capital Education
based Lavrock Ventures, announced a $25 million fund to Group, Inc., and Parchment. Ever Fi, an online course
invest in enterprise software, cybersecurity and national provider has raised $251 million in total funding.
security early-stage startups.
Why you should invest in Washington, D.C.
$1.6 bn Talent
GLOBAL AVG.
$4 31 m
8 10 4
Funding
ECOSYSTEM VALUE
$21 bn EXIT GROWTH

INDEX
INVESTOR ACTIVITY
INDEX
FUNDING GROWTH
INDEX
GLOBAL AVG.
Reasons to move your startup to Proximity to Government COVID-19 Policy
Washington, D.C. It’s no accident that the nation’s capital has The U.S. Small Business Administration is providing
developed a thriving tech ecosystem. Startups an emergency grant of $10,000 to SBA Economic
have access to funding, contracts, customers, and Injury Disaster Loan applicants. Even if a business
MEDIAN SEED ROUND MEDIAN SERIES A ROUND SOFTWARE ENGINEER experienced talent. The region is home to four of is denied a loan, it can still access this grant, which
SALARY
$600 k $4.4 m the top five 2018 research funders in Life can be used to provide employee sick leave,
$89 k Sciences. In-Q-Tel is a nonprofit investor that maintain payroll or meet other business needs.
accelerates the development and delivery of
technology to the American intelligence
community.
$4 2.1 k
Startup Community
STARTUP GENOME
PARTNERS
1863 Ventures / Acceleprise / Beacon DC / Conservation X Labs / DC Fashion Foundation / Halcyon Incubator / PeaceTech Accelerator / Village Capital / Women’s Business Center (DCWBC)

Attraction and Integration Phase
143 Amsterdam, NL 155 Seoul, KR 167 Boston, US
145 Beijing, CN 157 Shanghai, CN 169 London, UK
147 Berlin, DE 159 Singapore, SG 171 New York City, US
149 Los Angeles, US 161 Stockholm, SE 173 Silicon Valley, US
151 Paris, FR 163 Tel Aviv, IL
153 Seattle, US 165 Tokyo, JP
Integration and Attraction Phase Ecosystems

Ecosystem Growth $B Club and $100M Exit Creation
“
Net herlands
In the current crisis, the world is increasingly dependent on
Amsterdam-Delta #12 digital and technological solutions from startups and scaleups.
AT T RACT ION PHASE
In the Netherlands, we understand it is more important than
MEMBERS:
Ministry of Economic Affairs and Climate Policy / TechLeap.nl
ever to empower our leaders in tech to futureproof the world.
Nils Beers
CEO - Techleap.nl
Agtech & New Food Life Sciences

Amterdam’s food industry continues to grow. Picnic, the The European Medicines Agency, a leading regulatory
online grocery platform, raised a $275 million series C authority moved its headquarters to Amsterdam in 2019.
round in 2019. The Vegetarian Butcher, a meat substitute Aidence, an AI-based imaging company looking to
startup with 2,600 sales outlets across 13 countries, was accelerate the diagnosing of X-Ray, MRI and CT images,
acquired by Unilever in 2018. Wageningen University & raised $11 million in a series A funding round. AM-Pharma,
Research was #1 worldwide in agriculture and forestry in a biopharmaceutical company, secured around $127
2019. million in VC funding in 2019 to further develop their
treatment for acute kidney injury (AKI).
Why you should invest in Amsterdam-Delta
$960 m Funding
GLOBAL AVG.
$4 31 m
9 10 4
Talent
ECOSYSTEM VALUE
$22 bn EXIT GROWTH

INDEX
INVESTOR ACTIVITY
INDEX
FUNDING GROWTH
INDEX
GLOBAL AVG.
Reasons to move your startup to Welcoming International Talent Corporate Connections
Amsterdam-Delta Highly skilled immigrants can qualify for the 30% Startups can gain access to corporations across
tax reimbursement ruling, international graduates every sector. Nearly 200 multinationals have their
get one year to find work or start a business post- European headquarters in Amsterdam, including
MEDIAN SEED ROUND MEDIAN SERIES A ROUND SOFTWARE ENGINEER graduation, and there are entrepreneur visas Netflix, Uber, Tesla, and Salesforce.
SALARY
$500 k $2.4 m available.
$61 k
COVID-19 Policy
$4 94 k $2.7 m GLOBAL AVG. The Dutch government support package includes
$4 2.1 k tax deferrals, a temporary employment bridging
scheme, and a credit guarantee program. Together
with Techleap.nl, Invest-NL, and the regional
development agencies, the government structured
a soft loans regime for startups, scale-ups and
innovative SMEs, which provides bridge loans of up
to €2 million. Invest-NL also launched a €100
million convertible loan scheme, which offers
larger loans.
Startup Community
STARTUP GENOME
MEMBERS
MEMB ER MEMB ER
Ministry of Economic Affairs and TechLeap.nl

Climate Policy
An independent public-private partnership
The Ministry promotes the Netherlands as that aims to merge the Dutch startup
a country of enterprise with a strong ecosystem into one single connected
international competitive position and an hub. With their unique connection to all
eye for sustainability. It is committed to layers of government, corporations and the
creating an excellent entrepreneurial main innovation hubs, they break down
business climate, by creating the right barriers and improve access to talent,
conditions and giving entrepreneurs room capital, networks, knowledge and markets.
to innovate and grow.
FEATURED ARTICLES FROM

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“
China
Beijing's greatest innovation asset lies in its preeminent
Beijing #4 education resources. Among Beijing's yearly 200,000 college
AT T RACT ION PHASE
graduates, many enter the startup scene one way or another,
making this city a leading innovation highland as today.
Jordan Zhu
Senior Manager at Innoway in the Global Incubation Department
AI, Big Data & Analytics Fintech

Beijing is home to 1,070 AI companies, 26% of China’s Beijing’s financial sector accounted for 17% of the city’s
total. Beijing-based AI unicorn Bytedance is valued at $95 economic activity in 2017. The Beijing Fintech
billion — the world’s largest privately backed startup. Demonstration Zone was announced in 2018. Tiger
Zhongguancun, Beijing’s tech hub, is home to 10 AI labs.. Brokers, an online brokerage, raised $80 million in 2018,
China is building a $2.1 billion AI technology park in reaching unicorn status. Du Xiaoman Financial, Baidu's
Beijing’s suburban Mentougou district. Fintech arm, raised $1.9 billion in 2018, followed by a
$2.89 billion credit line from Bank of Tianjin.
Why you should invest in Beijing
$7.5 bn Knowledge
GLOBAL AVG.
$4 31 m
#2 Global Ecosystem
8 10 9
Performance
ECOSYSTEM VALUE
$345 bn EXIT GROWTH

INDEX
INVESTOR ACTIVITY
INDEX
FUNDING GROWTH
INDEX
GLOBAL AVG.
Reasons to move your startup to Zhongguancun Tech Hub Government Support
Beijing Around 9,000 tech companies call this hub home, The regional government aims to introduce $2.2
including Baidu, Sina Corp, and Lenovo. billion in private capital to tech projects and is
committed to paying about $14.9 million in loan
MEDIAN SEED ROUND MEDIAN SERIES A ROUND SOFTWARE ENGINEER interest for startups to reduce borrowing costs by
SALARY
$2000 k $10 m 20%.
$34 k
COVID-19 Policy
$4 94 k $2.7 m GLOBAL AVG. For science and technology small and micro
$4 2.1 k enterprises in Zhongguancun Science Park, the
Beijing government has laid out plans to provide a
subsidy of up to RMB 200,000 (US$28,700) in R&D
costs, based on the company's actual situation of
R&D investment.
Startup Community
STARTUP GENOME
PARTNERS
91Maker / China Accelerator / Creative Young Community / Cyzone Innoway BJ / Dao Ventures / DayDay Up / Legend Star / Magma Partners / Makes-global / Noodle & Meetup /
Plug and Play China / Sinavation Ventures / Startup Grind / Suhehui / Technode / Ventures Lab
“
Germany
Berlin has organically grown into the European hub for IoT and
Berlin #16 Blockchain, where tech talent and industry giants jointly solve
AT T RACT ION PHASE
problems to drive technological and economic growth.
Nico Gramenz
CEO of Factory Berlin
Fintech AI, Big Data & Analytics

The Fintech ecosystem is home to many startup support Berlin has more AI startups than any other German
organizations including FinLeap, a VC firm focusing on ecosystem, and they are expected to make more than $2.2
Fintech investments and operating H:32, a large hub for billion in revenue by 2025. Internationally renowned
European Fintech startups. Incumbents like Deutsche centers such as the German Research Center for Artificial
Bank and Axel Springer run innovation labs and Intelligence and the Berlin Center for Machine Learning,
accelerator programs. Fintech unicorn N26 raised $470 are based here. The government will invest $3.4 billion
million in a Series D2 round in July 2019 while Raisin, over the next six years to develop the country’s research
featured on a list of the top 50 Fintech startups across and AI capabilities. Merantix, an AI-driven venture studio,
Europe in 2018, raised $114 million in a Series D round in raised a $28 million Series A in January 2020.
2019.
Why you should invest in Berlin
$2.1 bn Funding
GLOBAL AVG.
$4 31 m
9 10 6
Talent
ECOSYSTEM VALUE
$33 bn EXIT GROWTH

INDEX
INVESTOR ACTIVITY
INDEX
FUNDING GROWTH
INDEX
GLOBAL AVG.
Reasons to move your startup to Incentivizing R&D Attracting Millennials
Berlin By 2025, Berlin aims to increase the ratio of R&D Berlin attracts entrepreneurs and talent from all
investment to 3.5% of GDP and invest $17.4 billion over the world. Nestpick ranked Germany’s capital
in key research areas. as the best city in the world for millennials, based
MEDIAN SEED ROUND MEDIAN SERIES A ROUND SOFTWARE ENGINEER on factors like business ecosystem, essentials,
SALARY
$980 k $6 m openness, and recreation.
$63 k
COVID-19 Policy
$4 94 k $2.7 m GLOBAL AVG. Germany’s “Kurzarbeit” wage subsidy scheme
$4 2.1 k allows businesses to prevent layoffs in times of
economic downturn. Under this scheme, the
government covers 60% the difference of the
employee’s salary, thereby allowing staff to remain
on the job at reduced hours and salary.
Startup Community
STARTUP GENOME
PARTNERS
Factory Berlin / Finleap / Gruenderszene / Microsof t Ventures / Project A Ventures
“
United St ates
We built a rock hard community, and seeing LA now, as one of
Los Angeles #6 the top startup cities in the world, is a testament to the power
AT T RACT ION PHASE
of community.
Cam Kashani
Cofounder and CEO at COACCEL: The Human Accelerator
Adtech Gaming Life Sciences

Regional companies’ ad spending stood at $9.1 billion in Major global gaming companies are headquartered in Los Life Sciences companies from the Los Angeles ecosystem
2018, representing 48% of California’s total. Discounts Angeles, including Scopely, Activision Blizzard, and ESL employ 122,000 people. The ecosystem also houses
coupon platform Honey Science was acquired by Paypal Gaming (North America). In 2017, Respawn Entertainment, Amgen, the world’s largest biotech company, and more
holdings for $4 billion in 2020. System1, a digital an independent video game development studio, was than 10 Life Sciences-focused incubators. Radiology
marketing platform raised $270 million in funding in 2017. acquired by Electronic Arts for $455 million. In March Partners, a healthcare service company, raised $234
2020, mobile gaming company, Scopely raised $400 million in venture capital funding in 2018.
million.
Why you should invest in Los Angeles
$3.6 bn Funding
GLOBAL AVG.
$4 31 m
5 10 6
Talent
ECOSYSTEM VALUE
$120 bn EXIT GROWTH

INDEX
INVESTOR ACTIVITY
INDEX
FUNDING GROWTH
INDEX
GLOBAL AVG.
$10.5 bn
Reasons to move your startup to World-Class Universities Pool of Success
Los Angeles Southern California has 11 research universities With recent successes such as Snap, Tinder, Bird,
including Caltech, UCLA, and USC. According to a and Dollar Shave Club, the region offers a deep
2017 Milken Institute study, 5 Southern California pool of experienced founders, employees, and
MEDIAN SEED ROUND MEDIAN SERIES A ROUND SOFTWARE ENGINEER universities rank among the top 20 U.S. investors.
SALARY
$560 k $5 m universities in terms of producing patents.
$92 k
COVID-19 Policy
$4 94 k $2.7 m GLOBAL AVG. The city of Los Angeles established a Small
$4 2.1 k Business Emergency Microloan Program to support
local small businesses with microloans of upto
$20,000. Loans with repayment terms of six
months to one year carry an interest rate of 0%
and five-year loans have interest rates of 3% to
5%.
Startup Community
STARTUP GENOME
PARTNERS
Bixel / Bixel Exchange / Cross Campus / Mucker Capital / WeWork
“
France
France has taken over Europe as the place where the most
Paris #13 funding rounds happened in 2018. The next step is to turn our
AT T RACT ION PHASE
eurocentric scale-ups into global leaders.
Nicolas Brien
CEO at France Digitale
Edtech Fintech
The Edtech startup ecosystem in Paris is supported by the Financial Services is the largest business sector in Paris,
presence of two Edtech VC funds, Educapital and and it includes six Global 500 companies with combined
Brighteye Ventures. In addition, initiatives and industry revenue above $500 billion. Paris is also home to Paris
bodies like EdTech Observatory and EdTech France have Fintech Forum, which in its latest edition hosted more
been set up to promote the Edtech industry in France. than 320 CEOs and 2,600+ participants from more than 75
Startup success stories include 360Learning, which raised countries. Startups in the space include Qonto, a Fintech
$41.5 million in a Series B round in 2018. startup, which raised $115 million in a Series C round in
2020, and French mobile payment startup Lydia, which
raised $44 million in 2019 in a venture round.
Why you should invest in Paris
$2.6 bn Funding
GLOBAL AVG.
$4 31 m
5 10 3
Talent
ECOSYSTEM VALUE
$32 bn EXIT GROWTH

INDEX
INVESTOR ACTIVITY
INDEX
FUNDING GROWTH
INDEX
GLOBAL AVG.
Reasons to move your startup to Strong R&D Focus Talent Attraction
Paris Paris has 162,000 R&D workers with a total The Passport Talent initiative, launched in 2016,
expenditure of $22.5 billion in R&D. includes the French Tech visa. And, French Tech
Ticket offers a small amount of funding and
MEDIAN SEED ROUND MEDIAN SERIES A ROUND SOFTWARE ENGINEER acceleration and incubation services for a year —
SALARY
$850 k $2.7 m plus a fast-track residence permit.
$53 k
COVID-19 Policy
$4 94 k $2.7 m GLOBAL AVG. The French Government announced a $4.3 billion
$4 2.1 k fund for struggling startups to help them stay
afloat during the crisis. The plan included
facilitating short-term refinancing allowing
startups to borrow as much as two years of payroll
for employees based in France or 25% of annual
revenue whichever is higher.
Startup Community
STARTUP GENOME
PARTNERS
50 Partners / France Digitale / Numa / Station F / The Family / TheFamily
“
United St ates
Founders appreciate the dynamic world-class tech ecosystem
Seattle #9 Seattle offers. We're generous leaders in AI, Cloud, IoT,
AT T RACT ION PHASE
Robotics, Big Data, Fintech, Biotech, VR/XR, and more for you
to connect with.
Brett Greene
CEO and Founder of New Tech Northwest

Google invested $10.5 million in AI marketplace The primary care and family medicine programs at the
Algorithmia. Apple is expanding its Seattle AI hub. Icertis, University of Washington have consistently topped the
an enterprise management software, raised $75 million in U.S. News & World Report rankings. Seattle is home to
2019 and joined the unicorn club at a $1.15 billion biotech companies like Adaptive Biotech, Trubion, and
valuation. In 2018, Intel acquired deep learning startup ZymoGenetics and the headquarters of major investors
Vertex.AI, and the Allen Institute for Artificial Intelligence including the Bill & Melinda Gates Foundation and PATH.
hired Yejin Choi, a UW professor, to research AI under Silverback Therapeutics, developer of ImmunoTAC
Project Alexandria—backed by $125 million from the late therapies raised $78.5 million in March 2020. Impel
Microsoft co-founder Paul Allen. NeuroPharma, a medical device startup, raised $67.5
million in 2018.
Why you should invest in Seattle
$1.5 bn Performance
GLOBAL AVG.
$4 31 m
5 10 6
Talent
ECOSYSTEM VALUE
$30 bn EXIT GROWTH

INDEX
INVESTOR ACTIVITY
INDEX
FUNDING GROWTH
INDEX
GLOBAL AVG.
$10.5 bn
Reasons to move your startup to Startup Genealogy COVID-19 Policy
Seattle Founders can draw on legacy experience. To support small businesses financially impacted
Microsoft and Amazon, both headquartered in the by COVID-19, the City of Seattle committed $2.5
Seattle region, have been the source of numerous million in federal Community Development Block
MEDIAN SEED ROUND MEDIAN SERIES A ROUND SOFTWARE ENGINEER spinoff companies directly (such as Expedia) and Grants (CDBG) to the first round of the Small
SALARY
$1200 k $4.6 m indirectly (such as Twilio). Together with spinoffs Business Stabilization Fund. 250 eligible small
$101 k from the University of Washington, this record has businesses will be selected through a lottery and
given the region a rich genealogy of startups that be awarded $10,000.
become scaleups, begetting more startups.
$4 2.1 k
Startup Community
STARTUP GENOME
PARTNERS
ARI / Alliance of Angels / Angel Resource Institute / Fledge / Lighter Capital / MS Accelerator / Microsof t Ventures / Microsof t for Startups / New Tech Northwest / SURF Incubator /
Seattle Angel Conference / Seven Peaks Ventures / Startup Grind / Startup Seattle / Techstars
“
S out h Korea
The COVID-19 pandemic is a wake-up call to realize that the
Seoul #20 swiftness, transparency, and innovation can turn the crisis into
AT T RACT ION PHASE
opportunities, as well as a catalyst for the startup ecosystem.
MEMBERS:
Seoul Business Agency Park Won-soon
Mayor of Seoul
Gaming Life Sciences

With approximately $12.14 billion in revenue, South In 2018, nearly 26% of total VC investments, or about $1
Korea’s Gaming industry is the 4th largest in the world. billion, was invested in biotech. The number of new
The South Korean gaming market has 28.9 million players, startups in the sector doubled between 2015 and 2018.
with around 39% of them watching gaming content For the last thirty years, South Korean startups have been
online. In 2018, Bluehole, a fantasy game developer for PC able to harvest the outcomes of the public R&D programs
and mobile devices, raised $500 million from Tencent in biotechnology. In 2019, new pharmaceutical startups
Holdings and became a unicorn. In 2017, Netmarble, such as D&D Pharmatech and TiumBio respectively raised
South Korea’s largest mobile game developer, raised $2.3 $137 million and $34.3 million from VCs.
billion in the country’s second largest IPO.
Why you should invest in Seoul
$1 b Knowledge
GLOBAL AVG.
$4 31 m
7 9 2
Performance
ECOSYSTEM VALUE
$39 b EXIT GROWTH

INDEX
INVESTOR ACTIVITY
INDEX
FUNDING GROWTH
INDEX
GLOBAL AVG.
Reasons to move your startup to Seoul’s Scale-Up Policy R&D
Seoul To accelerate the growth of startups, the City of South Korea is the fifth highest investor in R&D
Seoul formed the $1 billion “Seoul Future with around $94.5 billion. South Korea’s R&D
Investment Fund” in 2018 and it is building an spending ratio to GDP is the second highest in the
MEDIAN SEED ROUND MEDIAN SERIES A ROUND SOFTWARE ENGINEER online platform to support startups to go global world at 4.3%.
SALARY
$443 k $2.8 m from a very early stage.
$48 k
COVID-19 Policy
$4 94 k $2.7 m GLOBAL AVG. In March 2020, the Government of South Korea
$4 2.1 k announced that it would spend $39 billion to
provide financial support for SMEs struggling due
to COVID-19. Additionally, it will provide $724
million to help 520,000 workers in SMEsmaintain
employment.
Startup Community
STARTUP GENOME
MEMBERS
MEMB ER
Seoul Business Agency
SBA provides a variety of public services

such as support for start-ups (including
business of foreign residents in Seoul
through Seoul Global Center), R&D,
intellectual property, development of
market outlet for small businesses,
overseas export, SETEC(Trade exhibition
for SMEs) and so forth. These services aim
to help SMEs increase their market
competitiveness.
STARTUP GENOME
PARTNERS
Born2Global Centre / Chain.Asia LLC / Dream Plus / InterValue Partners / Koisra Seed Partners / Korea Entrepreneurship Foundation / Medici Investment / Pathf inder H / Quantum Ventures Korea /
Sema Translink Investment Copyright

/ Seoul Center for Creative Economy and©Innovations
2020 Startup Genome
/ SeoulLLC. All Rights
Startup / Seoulz / Sopoong / Thenews.Asia / Learn
Hub Reserved. more
Venture and get connected at startupgenome.com
Square 156
“
China
Shanghai has a very impressive mix of global corporate
Shanghai #8 innovation, startup co-working and investment hubs that helps
AT T RACT ION PHASE
startups connect dreams to innovation, make ideas to reality.
Howard Wang
Incubation Director, Shanghai Caohejing Innovation Center
Edtech Gaming
Over 1,000 Edtech companies are headquartered in China accounts for over 25% of global gaming revenue
Shanghai, and they received about $1.3 billion in venture and is the world's largest mobile gaming market.
funding between 2015 and 2017. OneSmart Education Shanghai’s gaming industry is expected to reach over $15
platform raised $28 million in an IPO in 2018. 17zuoye is billion by 2020. Shanghai is home to more than 130
an online learning platform which became a unicorn in gaming startups, a satellite for industry giants such as EA,
2018 when it raised $250 million in Series E funding led by Ubisoft, and Virtuos. In addition, Shanghai is host to
Temasek Holdings. Zhangmen, a K-12 tutoring company, ChinaJoy, Asia’s largest gaming expo with over 340,000
raised $350 million in Series E funding from China Media attendees including participation from Giant players such
Capital and CICC Alpha in January 2019. as Sony, Xiaomi, and HTC.
Why you should invest in Shanghai
$8.7 bn Knowledge
GLOBAL AVG.
$4 31 m
#3 Global Ecosystem
8 10 9
Performance
ECOSYSTEM VALUE
$138 bn EXIT GROWTH

INDEX
INVESTOR ACTIVITY
INDEX
FUNDING GROWTH
INDEX
GLOBAL AVG.
Reasons to move your startup to Abundant Funding R&D Investment
Shanghai Shanghai’s venture capital network includes about Zhangjiang Hi-Tech Park, sometimes referred to as
5,000 angel investors and associations. The China’s Silicon Valley, has more than 400 R&D
Shanghai science and technology innovation fund institutions.
MEDIAN SEED ROUND MEDIAN SERIES A ROUND SOFTWARE ENGINEER was launched by state-owned investors with an
SALARY
$1500 k $10 m initial round of $970 million.
$30 k
COVID-19 Policy
$4 94 k $2.7 m GLOBAL AVG. As an effort to stabilize employment, the Shanghai
$4 2.1 k Government is returning half of the
unemployment insurance premiums paid by the
companies in the previous year, provided they do
not lay off workers in 2020.
Startup Community
STARTUP GENOME
PARTNERS
ChinaAccelerator / Ether Capital / Founder Space / Innoclub / Innospace+ / Innospring / NakedHub / People Square / Shanghai valley / Sinavation Ventures / Startup Grind / Technode /
Xnode
“
S ingapore
Singapore and Silicon Valley share a unique quality, they are
Singapore #17 magnets for talent across the globe. Magic is sparked when
AT T RACT ION PHASE
people from different backgrounds come together to solve a
MEMBERS:
Enterprise Singapore
problem.
Vinnie Lauria
Managing Partner at Golden Gate Ventures
Digital Health Fintech

As part of its Research Innovation and Enterprise 2020 5- The Monetary Authority of Singapore has introduced a
year plan, Singapore has allocated $4 billion to health and fintech regulatory sandbox program, opened a fintech
biomedical sciences R&D - more than any other sector. innovation lab, and launched a fintech innovation village
2019 saw the launch of Catalyst, Singapore’s first called LATTICE80. The ecosystem hosts Singapore
coworking innovation space for medtech and healthtech FinTech Festival x SWITCH, which is the biggest fintech
startups, as well as the BlueChilli HealthTech Accelerator and innovation event in the world, attracting more than
(in partnership with Enterprise Singapore). Doctor 45,000 participants from 130 countries. Also, the FinTech
Anywhere, a platform offering on-demand healthcare, Office, a virtual entity for all fintech-related matters, was
raised a $27 million Series B round in 2020, whilst ASLAN set up in 2016. FinAccel, a Fintech startup, raised $90
Pharmaceuticals went public in 2018 with a valuation of million in a Series C funding round in late 2019.
$1.1 billion.
Why you should invest in Singapore
$1.4 bn Funding
GLOBAL AVG.
$4 31 m
6 10 7
Performance
ECOSYSTEM VALUE
$21 bn EXIT GROWTH

INDEX
INVESTOR ACTIVITY
INDEX
FUNDING GROWTH
INDEX
$10.5 bn
Reasons to move your startup to Ease of Doing Business Financial Assistance
Singapore Singapore is rated as the second best country to Enterprise Singapore’s StartupSG program
conduct business globally in the World Bank’s Ease consolidates startup assistance schemes, providing
of Doing Business Ranking. early-stage startups with access to mentorship,
MEDIAN SEED ROUND MEDIAN SERIES A ROUND SOFTWARE ENGINEER cash grants, equity financing and business loans.
SALARY
$661 k $3.6 m This includes the StartupSG Equity Co-Investment
$47 k Fund for deep tech and digital startups and the
StartupSG Founder scheme.

$4 2.1 k
COVID-19 Policy
Singapore, in its Budget 2020, announced a Jobs
Support Scheme to co-fund the first SG$4,600 of
gross monthly wages for each local employee for 9
months. Enterprise Singapore will support
businesses through loan support schemes,
including the 90% government guaranteed
“Temporary Bridging Loan Programme” and
Enterprise Financing Scheme. Singaporean citizens
also receive direct payouts of up to SG$1200.
Startup Community
STARTUP GENOME
MEMBERS
MEMB ER
Enterprise Singapore
Enterprise Singapore is the government

agency championing enterprise
development. We work with committed
companies to build capabilities, innovate
and internationalise. We also support the
growth of Singapore as a hub for global
trading and startups.
STARTUP GENOME
PARTNERS
Action Community for Entrepreneurship (ACE) / 500 Startups / FocusTech Ventures / Starburst Accelerator / 500 Ecosystems Singapore PTE. LTD. / Startup X PTE. LTD. / Trendlines Medical Singapore
“
S weden
Stockholm has a mature value driven and true international
Stockholm #10 startup ecosystem built on Swedish innovation excellence,
AT T RACT ION PHASE
equality values and pay-it-forward culture.
Marie Wall
Startup director, Deputy director at Ministry of Enterprise, Division for Research, Innovation and Access to Finance
Cleantech Life Sciences

In 2017, Sweden ranked #third in UNIDO’s Global Stockholm is home to Karolinska Institutet, which awards
Cleantech Innovation Index based on strong scores for the Nobel Prize in Physiology/Medicine and is ranked #10
innovation inputs and outputs. As part of the Clinton worldwide in Life Sciences and Medicine by QS World
Climate Initiative, Stockholm Royal Seaport will be University Rankings. In 2016, Cormorant Pharmaceuticals,
developed as the first city district in the world with full- a developer of cancer and rare-disease therapies, was
scale smart grids. VOI Technology, an e-scooter startup, acquired by Bristol Myers Squibb for $520 million. In
raised a $30 million Series A round March 2019 followed 2018, ITBMed, a drug discovery company, raised $67
by a $85 million Series B round in November 2019. million in early stage funding.
Why you should invest in Stockholm
$944 m Performance
GLOBAL AVG.
$4 31 m
8 9 2
Talent
ECOSYSTEM VALUE
$44 b EXIT GROWTH

INDEX
INVESTOR ACTIVITY
INDEX
FUNDING GROWTH
INDEX
GLOBAL AVG.
$10.5 bn
Reasons to move your startup to Access to Talent COVID-19 Policy
Stockholm In Stockholm, almost one-fifth of the entire Swedish Government announced a short-term
workforce works in tech, the highest share of any work allowance program under which employers
other city in Europe. Companies also have access can reduce their employees’ working hours and
MEDIAN SEED ROUND MEDIAN SERIES A ROUND SOFTWARE ENGINEER to top talent from some of Europe's top ranking receive financial support of upto 53% of
SALARY
$479 k $1.4 m universities, such as the Stockholm School of employees salaries from the state. Maximum
$51 k Economics, Karolinska Institutet and Royal compensation is capped at SEK 44,000 per month
Institute of Technology (KTH). per employee.

$4 2.1 k
Startup Community
STARTUP GENOME
PARTNERS
Epicenter / Impacthub / Northzone / SUP46 / Venturecup
“
Israel
It is well understood, even by the Finance Ministry, that the
Tel Aviv #6*
* Ecosystem rank and met rics f or Tel Aviv - Jerusalem
high-tech industry in Israel holds the key to pulling us out of
the economic crisis following the coronavirus pandemic.
AT T RACT ION PHASE
MEMBERS: Aharon Aharon

Tel Aviv Global CEO at IIA
AI, Big Data & Analytics Cybersecurity

Israel ranks third in the number of AI startups globally. In Israel exports $6.5 billion in cybersecurity products every
March 2018, Google set up here its first startup year. It was the first country to offer a Cybersecurity PhD
accelerator focused on artificial intelligence and machine and it is home to six cybersecurity university research
learning outside of the U.S. Logz.io, an open source centers. Cybersecurity exits in Israel totaled $3.4 billion in
analytics platform received $52 million in late stage VC in 2019 with 23 deals including Demisto, which was acquired
June 2019. AI chip developer Habana Labs was acquired by Palo Alto Networks for $560 million and Tufin, which
by Intel for $2 billion in 2019. AI is the leading sector for became a public company at a valuation of ~$450 million.
startups based in Tel Aviv, accounting for 40.7% of all
startups and 25% of employees in the city. Cloud and big
data comes second with a 38.1% share.
Why you should invest in Tel Aviv
$3 bn Funding
GLOBAL AVG.
$4 31 m
8 10 5
Talent
ECOSYSTEM VALUE
$47 bn EXIT GROWTH

INDEX
INVESTOR ACTIVITY
INDEX
FUNDING GROWTH
INDEX
GLOBAL AVG.
Reasons to move your startup to Density of Startups and R&D National Pre-Seed Fund
Tel Aviv Hubs The Tnufa National Pre-Seed Fund offers grants of
Tel Aviv has the highest number of startups per up to 85% for approved expenses.
capita in the world after Silicon Valley. It is now
home to 107 multinational companies with R&D
SALARY
$1400 k $5.7 m centers and innovation hubs, including Yandex,
$72 k Amazon, and Alibaba.

COVID-19 Policy
$4 2.1 k The Israeli government announced a 1.5 billion ILS
support plan, which includes 650 million ILS as
"first aid" to small and medium-size companies
through the Israel Innovation authority's grants and
programs. Other initiatives are focused on backed
loans for companies in need of funding, and
encouraging the entrance of institutional investors
into the market.
Startup Community
STARTUP GENOME
MEMBERS
MEMB ER
Tel Aviv Global
Tel Aviv Global & Tourism is a municipal

company that reports to the Mayor's Office
at the Tel Aviv-Yafo Municipality. It
facilitates the global quantum leap taken
by the city of Tel Aviv-Yafo in creating
economic and tourism growth.
STARTUP GENOME
PARTNERS
Future Block Coworking / Future Block Programs / Geektime / Microsof t Ventures / Microsof t for Startups / SOSA / Startup Nation Central / Techstars
“
Japan
Tokyo will mobilize all efforts to provide maximum support for
Tokyo #15 global startups expanding in ‘Mega City’ Tokyo and Asia and
AT T RACT ION PHASE
continue to offer the best opportunities for startups to access
MEMBERS:
Tokyo Metropolitan Government
world-leading companies, talent and cutting-edge
technologies.
Hisaaki Terasaki
Director General, Office for Strategic Policy and ICT Promotion, Tokyo Metropolitan Government
Advanced Manufacturing & Fintech

Robotics The Global Financial Centers Index ranks Tokyo the third
Japan is the world´s predominant industrial robot most competitive financial center in the world. In 2017 the
manufacturer and produces more than half of the global Tokyo Metropolitan Government (TMG) announced the
supply. Japan Robot Association, the world’s first trade “Global Financial City: Tokyo” vision. As part of this vision,
association for robots was formed in Tokyo in 1971 with the TMG grants the “Tokyo Financial Award” to financial
members such as Denso, Hitachi, Sony, Toshiba, Yamaha institutions who offer innovative products and services
Motors, Kawasaki Heavy Industries, Mitsubishi Electric, that meet Tokyo citizens’ needs or promote ESG
and others. Synstpective, a space technology firm investments. In 2019, Paidy, a postpaid payment service
developing small SAR (Synthetic Aperture Radar), raised provider, raised $162 million in a Series C round.
$99.9 million in a Series A round in July 2019.
Why you should invest in Tokyo
$1.7 bn Knowledge
GLOBAL AVG.
$4 31 m
7 10 8
Performance
ECOSYSTEM VALUE
$25 bn EXIT GROWTH

INDEX
INVESTOR ACTIVITY
INDEX
FUNDING GROWTH
INDEX
$10.5 bn
Reasons to move your startup to Tokyo Startup Ecosystem Government Focus on
Tokyo Consortium Ecosystem Development
Tokyo established a Startup Ecosystem The government of Japan has laid out a 7 step
Consortium in early 2020 to support and incubate strategy titled “Beyond Limits, Unlock Our
innovative local startups through collaboration Potential” to strengthen the country’s startup
SALARY
$502 k $1.8 m between government, research institutions, and ecosystem. It includes the creation of a startup
$50 k the private sector. city, providing entrepreneurship education,
improved accelerator programs, state procurement
and funding for startups.
$4 2.1 k
COVID-19 Policy
The government of Japan, as part of its emergency
policy package, has committed $15 billion to zero
interest loan programs to help small businesses
across Japan who have had to suspend operations
because of the outbreak. In addition, the TMG has
announced a $1.8 billion supplementary budget to
strengthen support for economic activities,
including SMEs.
Startup Community
STARTUP GENOME
MEMBERS
MEMB ER
Tokyo Metropolitan Government
STARTUP GENOME
PARTNERS
Japan Venture Capital Association (KII, UTEC) / Keidanren / Keio University / Mitsubishi Estate / Mitsui Fudosan / Mori Building / Plug n Play / The University of Tokyo /
Tokyo Chamber of Commerce and Industry / Tokyu / Tokyu Land Corporation / Waseda University
“
United St ates
Boston is home to a buzzing startup ecosystem across many
Boston #5 sectors—cleantech, biotech, and robotics. We strongly believe
INT EGRAT ION PHASE
that our regional community thrives because of all the
stakeholders that are committed to supporting local, early-
stage companies.
Dr. Emily Reichert
CEO at Greentown Labs
Advanced Manufacturing & Life Sciences

Robotics Boston has more than 1,100 Life Sciences companies,
Boston has access to world-class talent from institutions seven teaching hospitals, and five of the top six NIH-
like MIT and Harvard. Robotics companies employ more funded independent hospitals in the U.S. MLSC runs a $1
than 4,700 people. The city is also bringing more access billion Life Sciences Initiative, which provides research
to technology in classrooms through makerspaces and 3D grants, accelerator loans, tax incentives, etc. In 2018,
printing facilities. Desktop Metal, one of the leading Moderna launched the largest Biotech IPO in the world
unicorns and a developer of metal 3D printers, raised $160 with a valuation of $7.5 billion. In 2019, Dewpoint
million in a Series E round in 2019. Other major funding Therapeutics raised $60 million in the largest-ever Series
rounds in 2019 include Markforged’ $82 million Series D A round in Boston.
round and Humatics’ $28 million Series A round.
Why you should invest in Boston
$3.9 bn Funding
GLOBAL AVG.
$4 31 m
9 10 6
Talent
ECOSYSTEM VALUE
$96 bn EXIT GROWTH

INDEX
INVESTOR ACTIVITY
INDEX
FUNDING GROWTH
INDEX
$10.5 bn
Reasons to move your startup to Top Startup Programs Tax Credits
Boston More than 50 accelerators and incubators, The state of Massachusetts offers an R&D tax
including global programs including MassChallenge, credit in addition to the federal one. This gives an
operate in Boston. edge to attracting research-intensive companies
MEDIAN SEED ROUND MEDIAN SERIES A ROUND SOFTWARE ENGINEER from other states.
SALARY
$1000 k $6 m
$100 k
COVID-19 Policy
U.S. Small Business Administration is offering loans
$4 94 k $2.7 m GLOBAL AVG. through the Paycheck Protection Program to help
$4 2.1 k businesses keep their workforce employed during
the Coronavirus (COVID-19) crisis. The SBA also
stated to forgive loans if all employees are kept on
the payroll for eight weeks and the money is used
for payroll, rent, mortgage interest, or utilities.
Startup Community
STARTUP GENOME
PARTNERS
4GenNow / Cambridge Innovation Center / Capital network / Mass Challenge / Pitchf ull
“
United Kingdom
London has an established position at the cutting edge of tech.
London #2 Previously in Fintech, but now also AI and Healthtech. It’s
INT EGRAT ION PHASE
critical we leverage this advantage — attract the best talent
and build a supportive ecosystem.
Suranga Chandratillake
Partner at Balderton Capital
Edtech Fintech
The U.K.’s Edtech sector is expected to reach $4.4 billion London is the second-largest financial center in the world,
by 2021 and current U.K. education exports total $22.8 produced two Fintech unicorns in 2019, and has a financial
billion annually. London has more than 500 Edtech sector employing more than one million people. In 2018,
companies and ranked #1 in Europe for early-stage the Financial Conduct Authority launched a global Fintech
funding in Edtech in 2017. A Cloud Guru, a cloud regulatory sandbox after the success of a domestic
computing training platform, raised $33 million in 2019. sandbox that loosened financial regulations.
Memrise, a language learning platform, raised $15.5 Checkout.com, an online payments platform startup
million in 2018. raised $230 million and became a unicorn in May 2019.
Why you should invest in London
$6 bn Funding
GLOBAL AVG.
$4 31 m
#4 Global Ecosystem
8 10 6
Talent
ECOSYSTEM VALUE
$92 bn EXIT GROWTH

INDEX
INVESTOR ACTIVITY
INDEX
FUNDING GROWTH
INDEX
GLOBAL AVG.
Reasons to move your startup to Seed Enterprise Investment Startup visa
London Scheme London is the only top 5 ecosystem with a startup
A vibrant early-stage funding environment has visa program which was launched in the spring of
developed thanks to this, which provides investors 2019.
up to £150,000 of their investment back in income
SALARY
$650 k $4 m tax relief.
$66 k
COVID-19 Policy
$4 94 k $2.7 m GLOBAL AVG. The UK Government announced a Job Retention
$4 2.1 k
Scheme to pay up to 80% of wages for workers at
risk of being laid off due to the pandemic. All
employers in the country are eligible to apply to
HMRC for payments of up to £2,500 per worker
per month under this scheme.
Startup Community
STARTUP GENOME
PARTNERS
Accelerator Network / Balderton Capital / City of London / GEN / GSMA / KPMG / Level39 / MassChallenge / Microsof t Ventures / Microsof t for Startups / Northzone /
Tech London Advocates / TechUK / Techstars London / Wayra London
“
United St ates
Times of crisis reveal the resilience of our innovators, and in
New York City #2 New York’s case our startups have continued to adapt while
INT EGRAT ION PHASE
finding ways to serve the public. Even with COVID’s economic
MEMBERS:
New York City Economic Development Corporation / Tech:NYC
effects, there’s optimism in the NYC startup culture, ensured by
our entrepreneurs’ ambition and underwritten by our investors’
confidence.
Julie Samuels
Executive Director, Tech:NYC
AI, Big Data & Analytics Cybersecurity Life Sciences

New York City boasts the highest number of AI and Cybersecurity is a billion-dollar industry in New York City, New York City has nine academic medical centers, 50+
machine learning positions in a single metro area. Recent with 100+ companies and 6,000+ employees as of 2017. hospitals, and 100+ research foundations. New York
5-year growth in AI and Big Data VC funding is higher in Cyber NYC is a public-private initiative that includes institutions receive circa $2 billion in NIH R&D grant
New York City than the Bay Area and Boston. CTRL labs, a startup accelerators, bootcamps, and the Global Cyber funding and have now helped startups raise over $1 billion
startup that specializes in allowing humans to control Center – a dynamic home for ecosystem building that also in venture capital. The City is home to Life Sciences
computers using their brains, was recently acquired by connects New York’s largest economic players to state-of- companies like Kallyope, which received a $112 million
Facebook for between $500 million and $1 billion in 2019. the-art cybersecurity solutions. Dashlane, a password Series C in 2020 and Schrondinger’s successful IPO earlier
manager, raised $110 million in 2019. in 2020 with a valuation of $819 million.
Why you should invest in New York City
$8.3 bn Funding
GLOBAL AVG.
$4 31 m
#3 Global Ecosystem
8 10 6
Talent
ECOSYSTEM VALUE
$147 bn EXIT GROWTH

INDEX
INVESTOR ACTIVITY
INDEX
FUNDING GROWTH
INDEX
$10.5 bn
Reasons to move your startup to World’s Second Largest Tech Most Diverse and Cosmopolitan
New York City Ecosystem City
With 9,000+ startups, 22 unicorns and 100+ 8.5 million residents, 73 Fortune 500 companies,
accelerators, incubators, bootcamps, and co- 2.3 million people with bachelor’s degrees
working spaces. (including 1+ million degree holders in science &
SALARY
$850 k $6 m engineering-related fields), plus 410,000 women-
$98 k owned businesses. Nearly 50% of NYC’s tech
workers are foreign-born.

COVID-19 Policy
$4 2.1 k In response to the crisis, the City invested in and
partnered with startups and local manufacturers to
develop face shields, gowns, a bridge ventilator,
and test kits, saving countless lives. The City
launched a temporary small business grant and
interest free loan program, and a competition that
Startup Community awards up to $100,000 to tech companies and

community groups to solve COVID-19-related
challenges in the City’s commercial districts.
STARTUP GENOME
MEMBERS
MEMB ER MEMB ER
New York City Economic Development Tech:NYC

Corporation
Tech :NYC is an engaged network of tech
Tech:NYC
NYCEDC is the City's primary vehicle for leaders working to foster a dynamic,
promoting economic growth across all its diverse, and creative New York. It brings
neighborhoods. NYCEDC's mission is to together principled New Yorkers to
stimulate growth through expansion and support a successful technology
redevelopment programs that encourage ecosystem, attract and retain top-tier
investment, generate prosperity, and talent, and celebrate New York and the
strengthen the City's competitive position. companies that call it home.
NYCEDC serves as an advocate to the
business community by building
relationships with companies that allow
them to take advantage of New York City's
many opportunities.
START UP GENOME
PART NERS
St art a Vent ure Ac c elerat or / Blue Ridge Labs / Brooklyn Chamber of Commerc e / Bunker Labs / Cela / Civic Hall / Coindesk/Consensus / Company (previously Grand Cent ral Tec h) /
Copyright
Ent repreneurs Roundt able Ac c elerat or / Flat iron Part nersh ip / Ga©ry2020
's GuStartup
ide / Genome
Innovat ivLLC.
e CoAll
lleRights / Mayor's Of f ic e of Int ernat ional Af f airs - NLearn
ct ive Reserved. YC / more
Meet Uand
p /get
Newconnected
Lab / NewatYostartupgenome.com
rk Angels / 172
NY Fashion Tec h Lab / NY Tec h Allianc e / NYC Blend / SAP / Tec hSt ars / Urban-X / Vent ureOut
“
United St ates
Despite rising real estate prices and increased scrutiny, Silicon
Silicon Valley - Bay Area #1 Valley remains a vibrant place for startups. In fact, the external
INT EGRAT ION PHASE
forces acting on Silicon Valley are changing how companies
develop products and manage teams.
Robert Siegel
Partner at XSeed Capital and Lecturer in Management, Stanford Graduate School of Business
AI, Big Data & Analytics Fintech Life Sciences

Seven of the world’s top 10 AI investors — companies like Drawn by the region’s strength in Fintech, global financial Silicon Valley has a long history of innovation in Life
Google, Facebook, and Apple — are based in Silicon companies are increasing their presence in the region. JP Sciences, producing success stories such as Acerta
Valley. Microsoft invested $1 billion in Open AI In 2019, Morgan announced plans to open a Fintech innovation hub Pharma and Vir Biotechnology. It is home to more than
Databricks raised over $650 million in two financing in Silicon Valley by 2020. Stripe, a Fintech unicorn, raised 1,400 Life Sciences companies employing over 82,000
rounds in 2019, and Snowflake Computing, data $245 million in 2018, followed by a $100 million in Jan people. In 2018, Grail raised $300 million in Series C
warehousing platform raised $478M in a Series G round in 2019 and $250 million in September 2019. funding and Allogene went public at a valuation of $2.2
March 2020. billion.
Why you should invest in Silicon Valley - Bay Area
$18 bn Funding
GLOBAL AVG.
$4 31 m
#1 Global Ecosystem
8 10 6
Performance
ECOSYSTEM VALUE
$677 bn EXIT GROWTH

INDEX
INVESTOR ACTIVITY
INDEX
FUNDING GROWTH
INDEX
GLOBAL AVG.
Reasons to move your startup to Ranks #1 Across the Board World-Class Resources
Silicon Valley - Bay Area Silicon Valley top in most startup Sub-Sector Startups have access to talent (Stanford
rankings from AI, to Robotics, to Life Sciences. It is University, UC Berkeley and USCF), capital, plus
the world’s main unicorn factory, producing more numerous investors and mentors.
MEDIAN SEED ROUND MEDIAN SERIES A ROUND SOFTWARE ENGINEER than 96 through December 2019.
SALARY
$1000 k $8 m
The Coronavirus Aid, Relief, and Economic Security
$4 94 k $2.7 m GLOBAL AVG. (CARES) Act offers an Employee Retention Tax
$4 2.1 k Credit — a refundable payroll tax credit to
encourage and enable employers to keep
employees on their payroll. The tax credit is equal
to 50% of the first $10,000 of qualified wages that
employers pay each employee.
Startup Community
STARTUP GENOME
PARTNERS
Engine / GSV / Manos Accelerator / Parisoma / Rocketspace
Methodology, Framework, and

Acknowledgments
177 Methodology
187 References
205 Acknowledgments and Partners
Methodology
The Startup Genome quantitative data infrastructure •• Orb Intelligence: global dataset on company infor- Dealroom.co BV. (2017-2020). Dealroom.co Database
includes data on over 1.27 million companies, 250+ mation
Orb Intelligence Inc. (2017-2020). orb-intelligence.
ecosystems, and survey data from more than 10,000
•• PitchBook: private capital market data provider com Database
startup executives across the globe -- the Voice of En-
trepreneurs. •• Dealroom: global dataset on funding, exits, and lo- PitchBook (2018-2020), a private capital market data
cations of startups and investors provider Database
Below is a description of the main datasets that make
up this data science infrastructure: •• Local partners (accelerators, incubators, startup Startup Genome LLC (2017-2020). StartupGenome.
hubs, investors): com Database
•• Startup Genome proprietary data:
•• list of startups
•• Interview of 100+ Experts Secondary Data Sources
•• list of local exits and funding events
•• 2017-2019 Startup Ecosystem Survey with more • Forbes 2000
than 10,000 participants per year • Github API
•• 2020 COVID-19 Founder Survey with more than Data Sources
• International IP Index
2000 participants
Primary Data Sources • Meetup.com
•• 2020 COVID-19 Knowledge Base with more 200
In alphabetical order • OECD, R&D Spending
articles on policies actions taken all over the world
Crunchbase (2017-2020). Crunchbase.com Database • Other sources from Life Sciences Rankings
•• Crunchbase: global dataset on funding, exits, and
locations of startups and investors CB Insights (2019-2020). Cbinsights.com Database • Salaries data from Glassdoor, Salary.com, and Pay-
Scale
• Shanghai Rankings Ranking Methodology (For Top Ranking Details
• Techboard
Ecosystems) Performance
• Times Higher Education Rankings
Captures the actual leading, current, and lagging indi-
• Top 800 R&D Hospitals, Webometrics Overall Ranking cators of ecosystem performance.
• USPTO The overall global ecosystem ranking is a weighted
• 50% Ecosystem Value = log of sum of all exits and
average of the following factor scores:
• WIPO estimated startups valuations during the timeframe
• Performance: 30% without double-counting
• World Bank, Ease of Doing Business
• Funding: 25% • 37.5% Exits
Selected Data Timeframes • Market Reach: 15% • 80% Volume of Exits (80% log of number of exits
of $50M+ and 20% log of number of exits of $1B+)
• Ecosystem Value, Exit Value, and Startup Valuation: • Connectedness: 5%
sum of exits and funding rounds of 2017, 2018 and • 20% Exit Growth Index (scored from 1 to 10)
• Experience & Talent: 20%
first half of 2019. • 12.5% Startup Success
• Knowledge: 5%
• Based on our previous analysis we assessed that it • 60% Growth-Stage Success (100% Ratio of Series
We calculated an ecosystem index value for each factor,
takes one year for half of the seed rounds to find C-to-A Startups)
based on the sub-factor and metrics detailed below.
their way into major data sources. Therefore, we use
The ecosystems scores were multiplied by the above • 30% Speed to Exit (50% average company age at
the first half of 2019 as the latest period for which
weights to establish the overall rank of each ecosys- exit and 50% average company age at IPO)
earlier-stage metrics can be computed to create re-
tem. The weights of the factors were determined from
liable benchmarks at the ecosystem level. • 10% Early-Stage Success (Ratio of Series B-to-A
2017- 2020 through correlation analyses and modeling
Startups)
• Early-Stage Funding: Sum of all Seed and Series A work based on linear regression analyses, using factor
investments in 2017, 2018, and first half of 2019, indexes as independent variables with the performance
corrected for obviously missing rounds. index as dependent variable. Finally, adding the actual
Performance Index to the ranking formula serves to
include the influence of unobserved factors on the
performance of an ecosystem.
Funding • 60% Globally Leading Companies • 60% Log of Life Sciences-focused measure of ac-
celerators and incubators
Quantifies funding metrics important to the success of • 50% Ratio of billion-dollar club to GDP (B)
early-stage startups. • 10% Log of Count of Research and Development
• 30% Ratio of exits over 1B by Metro population
Hospitals
• 90% Access (in M)
• 10% Count of Research and Development Loca-
• 90% Early-Stage Funding Volume (80% log of count • 20% Log of Ratio of Exits over 50M in 2017-1H2019
tions
and 20% log of sum of total early-stage funding to Funding Series A on 2017-1H2019
deals) • 10% Log of Average amount of LS specific Grants
• 30% Local Market Reach
• 10% Log of Early-Stage Funding Growth • 10% Log of Count of LS specific research organi-
• Log of GDP of country
zations
• 10% Quality and Activity
• 10% Quality
• 70% Volume of Investors (50% log of total number Talent and Experience
• Log of Commercialization of Tangible IP Assets
of VCs and CVCs(in Q1 2020); and 50% log of total
(tiers from 1 to 10, score based on the Internation- 37.5% Talent
number of large $100M+ AUM VCs and CVCs(in
al IP Index, measured at the country level) Assesses the talent early-stage startups have access to.
Q1 2020))
• 90% Tech Talent
• 10% Experience of Investors (50% number of in- Connectedness
vestors with above average exit rates in (Q1 2020) • 90% Quality & Access
Measures how connected the ecosystem is to the global
and 50% average years of experience of investors
fabric of knowledge lying within the ecosystem (Local • 70% Log of Count of Exits over 50M 2009-2018
in (Q1 2020))
Connectedness and Innovation Infrastructure).
• 10% Share of top github coders to total github
• 20% New Investor (50% log of total number of new
• 90% Local Connectedness coders
investors (less than 5 years of activity) (in Q1 2020)
and 50% ratio active investors (in Q1 2020)) • 60% Log of Count of Meetup Groups on meetup. • 10% Log of Count of Github coders on github.
com com with more than 10 followers
Market Reach • 40% Log of Ratio of Number of Meetup Groups • 10% English Proficiency Score
Measures early-stage startup access to customers al- from meetup.com by population (in M)
• 10% Cost
lowing them to scale and “Go-Global.” • 10% Infrastructure
• 50% Log of software engineer salary — lower
is better — from Glassdoor, Salary.com, and • Log of Count of Funding of Series A in 2009-2019 • 30% Global Growth of Technology Class
PayScale (10 years)
• 50% Size of Technology Class (log of number of
• 50% Log of Funding Runway: Ratio of Median • 20% Scaling Experience in Ecosystem (the cumula- global patents in class)
Series A funding rounds by software engineer tive number of significant exits, over $50 million and
• 10% Complexity Score of patents,a measure of the
salary $1 billion, over 10 years for startups founded in the
capacity of the ecosystem for producing patent in
ecosystem)
• 10% Life Sciences complex technology classes, based on a PageRank
• 60% Log of number of exits of $1B+ algorithm2
• 50% STEM Students: Log of Number of STEM stu-
dents • 40% Log of number of exits of $50M • 20% Research (H-index, a measure of publication
impact, this metric looks at the production of Life
• 40% Life Sciences Access
Knowledge Sciences research at the country level)
• 70% Log of Number of Life Sciences disciplines
The Knowledge Success Factor assesses:
• 30% Log of Number of institutes which have Life Growth Index
• 80% Patents (the volume, complexity, and potential
Sciences related disciplines • 50% Exit Growth Index: Index of growth in tech startup
of patents in Life Sciences created in the ecosystem,
• 10% Life Sciences Quality exits in the ecosystem from 2015-2016 to 2017-2018.
further described in the Life Sciences section of the
Measured on a scale of 1-10
• 25% Average of CNCI score from Shanghai Rank- Methodology)
ings • 50% Funding Growth Index: Index of growth in ear-
• 50% Log of Tier of number of LS patents in eco-
ly-stage funding (Seed and Series A) in tech startups
• 25% Average of TOP score from Shanghai Rank- system
in the ecosystem from 2014-2015 to 2016-2017. Mea-
ings • 30% LS three year moving average growth of sured on a scale of 1-10
• 25% Average IC score from Shanghai Rankings Patents.
• 25% Average PUB Score from Shanghai Rank- • 10% LS technology potential, a measure calculated
ings at the technology class level globally and calculat-
ed for each ecosystem based on the technologies
62.5% Experience it produces
Captures the degree of startup experience in an eco-
system • 20% Complexity of Technology Class, based on
a PageRank algorithm1 1. https://tandfonline.com/doi/abs/10.1080/00343404.2018.1437900
• 80% Startup Experience in Ecosystem 2. https://tandfonline.com/doi/abs/10.1080/00343404.2018.1437900
Emerging Ecosystems Rankings of $50M+ and 20% log of number of exits of $1B+) • 50% Ratio of Billion dollar club to GDP (B)
Emerging ecosystems are those ecosystems following • 20% Exit Growth Index (scored from 1 to 10) • 30% Ratio of exits over 1B by Metro population
the top 40 global ecosystems in performance. The factor (in M)
• 10% Startup Success
weights used to rank these ecosystems are slightly dif- • 20% Log of Ratio of Exits over 50M in 2017-1H2019
• 80% Growth-Stage Success (50% Ratio of Series
ferent from those used with top ecosystems (detailed
C-to-A Startups and 50% log of unicorns from to Funding Ser A on 2017-1H2019
in our methodology section) to reflect their emerging
2017-1H2019)
status and emphasize the factors that influence more
Talent and Experience
in ecosystems that are just beginning to grow. • 10% Speed to Exit (50% average company age at
exit and 50% average company age at IPO) 50% Talent
The Emerging ecosystem ranking is a weighted average
Assesses the talent early-stage startups have access to.
of the following factor scores: • 10% Early-Stage Success (Ratio of Series B-to-A
Startups) • 80% Tech Talent
• Performance: 45%
• 50% Quality & Access
• Funding: 30% Funding
• 70% Log of Count of Exits over 50M 2009-2018
• Market Reach: 15% Quantifies funding metrics important to the success of
early-stage startups. • 10% Share of top github coders to total github
• Experience & Talent: 10%
coders
• 100% Access
Emerging Eco Ranking Details: • 20% Log of Count of Github coders on github.
• 90% Early-Stage Funding Volume (80% log of count com with more than 10 followers
Performance and 20% log of sum of total early-stage funding
deals • 50% Cost
Captures the actual leading, current, and lagging indi-
cators of ecosystem performance. • 10% Log of Early-Stage Funding Growth • 50% Log of software engineer salary — lower
is better — from Glassdoor, Salary.com, and
• 70% Ecosystem Value = log of sum of all exits and
Market Reach PayScale
estimated startups valuations during the timeframe
without double-counting Measures early-stage startup access to customers al- • 50% Log of Funding Runway: Ratio of Median
lowing them to scale and “Go-Global.” Series A funding rounds by software engineer
• 20% Exits
salary
• 80% Volume of Exits (80% log of number of exits • 100% Globally Leading Companies
• 20% Life Sciences ness and quality. As we improved the data, one of the in ecosystem value of the top ecosystems
key outcomes was an increase in the ecosystem value.
• 100% STEM Students: Log of Number of STEM 4. Fine Combing through Big Deals: As a final check, we
The major factors that influenced the ecosystem value
students scrupulously worked on the big deals of each ecosys-
exchange are:
tem to make sure that deal was valid, reflected the
50% Experience 1. Technology Startup Classification: We have made true value and belonged to that particular ecosystem.
Captures the degree of startup experience in an eco- significant improvements in our classification of tech-
system nology companies by adding more comprehensive
classification criteria and tags from multiple sources. Ecosystem Deep Dive Metrics
• 80% Startup Experience in Ecosystem
We have also included CB insights data as well as
• Log of Count of Funding of Series A in 2009-2019 Ecosystem Value
introduced in-depth checks conducted by our team
(10 years) to ensure the tech classification done is indeed true. A measure of economic impact, calculated as the value
• 20% Scaling Experience in Ecosystem (the cumula- This resulted in more companies being tagged as of exits and startup valuations over 2017, 2018, and the
tive number of significant exits, over $50 million and tech and hence more deals being added in our data first half of 2019
$1 billion, over 10 years for startups founded in the set. This contributed approximately 8% to the eco-
ecosystem) system value increase Exit Growth Index
• 60% Log of number of exits of $1B+ 2. Increasing the Age Criteria: We concluded that older Index of growth in tech startup exits in the ecosystem
startups are more likely of receiving higher and late from 2016-2017 to 2018-2019. Measured on a scale of
• 40% Log of number of exits of $50M stage funding rounds. With that in mind, for exits 1-10, where 10 is the highest tier of growth observed
over $100M we included companies with formation and 1 is the lowest
Notes on reason for changes of date till 1995. Similarly, for rounds later tha Series B,
companies with formation dates till 1995 were taken Funding Growth Index
Ecosystem Value into our data set. This added about 8.5% to the eco-
Index of growth in early-stage funding (Seed and Series
system vale of the top 100 ecosystems
Our constant endeavour at Startup Genome is to A) in tech startups in the ecosystem from 2016-2017 to
improve our quality of research and data to help our 3. Increasing Unicorns Data: We made enormous 2018-2019. Measured on a scale of 1-10, where 10 is
members and our readers to gain the absolute ‘on strides in expanding unicorns coverage in our data the highest tier of growth observed and 1 is the lowest
the ground’ knowledge into the world of startup eco- set. This included incorporating CB insights unicorns
systems. With that aim in mind, we have significantly and billion dollar exits (after in-depth checks by our
improved our data set - both in terms of exhaustive- team). This contributed to about 36% in the increase
Total Early Stage Funding Key Concepts and Definitions different dimensions of a startup ecosystem. These
allows us to determine the phase of development in
Total Seed and Series A funding in tech startups in 2017,
Ranking Score which the ecosystem is in -- Activation, Globalization,
2018, and first half of 2019
Attraction, or Integration.
The ranking is primarily driven by one question: In
Software Engineer Salary which ecosystems does an early-stage startup have the • Resource Attraction: captures the extent to which en-
best chance of building a global success? trepreneurs move to an ecosystem to start a startup
Average software engineer salary (lower is better): from
and how many startups relocate to an ecosystem.
Glassdoor, Salary.com, and PayScale; as well as local
Startup Increasing Resource Attraction at the national and
sources when applicable
global levels is an important determinant of an eco-
A technology-enabled business that is less than 10 system’s growth rate.
Median Series A years old. Steve Blank defines a startup as a “temporary
organization in search for a repeatable and scalable • Startup Leakage: measures the percentage of start-
Median of Series A rounds in tech startups in the eco-
business model.” We use this definition to look across ups that, in our global survey, reported leaving a
system for a 2.5 year time period (2017, 2018, and first
sectors and sub-sectors, including software, hardware, certain ecosystem. A low score on Startup Leakage
half of 2019)
health, energy, and others, and we use these parame- indicates that few startups have left that ecosystem
ters for data collection purposes. in favor of another one.
Median Seed
• Triggers: Triggers are the externally impressive exits
Median of Seed rounds in tech startups in the ecosys-
Startup Ecosystem and high startup valuations that spark a sharp in-
tem for a 2.5 year time period (2017, 2018, and first
A shared pool of resources, generally located within a crease in Resource Attraction, driving the growth of
half of 2019)
60-mile (100-kilometer) radius around a center point an ecosystem and its evolution to the next phase of
in a given region, with a few exceptions based on local the Lifecycle.
Investor Activity Index
reality. Resources typically include policymakers, ac-
Index of level of investor activity in the ecosystem based Ecosystem Success Factors Model
celerators, incubators, coworking spaces, educational
on various metrics measuring volume of investors, ex-
institutions, and funding groups. Our principal analytical tool, this measures different
perience of investors, and new investors for the first
dimensions of what supports the performance of local
quarter of 2020.
Ecosystem Lifecycle Factors startups. We look at multiple factors for our rankings:
Combined with some of measures from our Success one measuring actual performance, with other Success
Factor Model, Ecosystem Lifecycle Factors measure Factors associated with performance, each comprised
of sub-factors and metrics. These factors are highlight- • Founder Go-Global Strategy: measures whether edness capturing the number of tech events on
ed in our Ranking Methodology section, as well as in a startup is going global from the outset or first Meetup.com and the density of tech events per
each rankings section. targets its local market, and whether its customer startup in the ecosystem.
acquisition team is located, targeted, and skilled
• Performance: A combination of leading, lagging, and
to succeed.
current indicators that capture economic outcomes Sector and Sub-Sector Definitions
in a startup ecosystem. • Founder with High Ambition: Founders who ex-
Below are our definition for each startup Sub-Sector
pressed all of the following attributes: Total Ad-
• Funding: The level and growth of early-stage funding, analyzed here. Note that sub-sectors are not mutually
dressable Market of $30 billion USD or more; devel-
looking at both access and quality. exclusive nor comprehensive — some startups are in
oping a globally-new, or one of the globally-leading
• Market Reach: Measures early-stage startup access sub-sectors we did not consider.
or niche products; and the mission to change the
to customers allowing them to scale and “Go-Global.” world, get rich or create a great product. In addition, at least from patents, the data shows a
• Connectedness: Measures how connectednes within clear tech convergence. Technology like AI software
• Founders with Experience in Sub-Sector: found-
the ecosystem and the supporting infrastructure are increasingly inter-related, and we would expect a
ers who considered their graduate or postgradu-
similar convergence overtime for Startup Sub-Sectors.
• Resource Attraction: The gravitational pull of an ate degree to be directly relevant to their startup.
ecosystem in drawing in entrepreneurs and startups For more detail, including in our machine learning clas-
• Local Connectedness: A multi-variable assessment
from elsewhere. sification of sub-sectors, please see our Startup Classi-
of the local community, including sense of commu-
fication sub-section in this Methodology. For more cov-
• Startup Experience: The depth and diversity of the nity, relationships, and collisions between founders,
erage on each sub-sector, please see their respective
pool of prior startup experience in an ecosystem. investors, and experts.
sections in the report.
• Talent: Measures the accessibility, quality, and cost • Sense of Community Index: a sub-factor of Local
of software engineering expertise. Connectedness capturing the degree to which Advertising Tech (Adtech)
founders informally receive help from investors,
• Founder: success factors related to the startup Advertising Tech captures different types of analytics
experts, and fellow founders.
founder, under his or her control, or internal to the and digital tools used in the context of advertising and
startup as opposed to external (a function of the • Number of Relationships Between Founders: marketing. Extensive and complex systems are used
ecosystem) number of quality relationships between local to direct, convey, or monitor advertising to target au-
founders, where they know each other and can diences of any size and scale.
• Founder DNA: The background, experience, am- call upon the other for help “this week”.
bition, and motivation of local founders.
• Collision Index: a sub-factor of Local Connect-
Advanced Manufacturing & Robotics Cleantech Cybersecurity
Advanced Manufacturing involves smart technology to Cleantech consists of sustainable solutions in the fields Cybersecurity is the body of technologies, processes,
improve traditional manufacturing of products and/or of Energy, Water, Transportation, Agriculture, and Man- and practices designed to protect networks, computers,
processes. Robotics is the science and technology of ufacturing that include advanced materials, smart grids, programs, and data from attack, damage, or unautho-
robots, their design, manufacture, and application. water treatment, efficient energy storage, and distrib- rized access.
uted energy systems.
Agriculture Tech (Agtech) Education Tech (Edtech)
Construction and Property Tech
Agriculture Tech captures the use of technology in ag- Education Technology refers to an area of technology
riculture, horticulture, and aquaculture with the aim Construction Technology refers to technology that devoted to the development and application of tools (in-
of improving yield, efficiency, and profitability through can improve the construction processes and methods cluding software, hardware, and processes) intended to
information monitoring and analysis of weather, pests, including productivity gains, cost savings, improved redesign traditional products and services in education.
and soil and air temperature. safety, shorter lead times and maximised resources etc.
Property tech refers to the technology that helps orga- Fintech
Artificial Intelligence, Big Data & Analytics nizations and individuals research, buy, sell, rent, lease
Fintech aims to improve existing processes, products,
and manage real estate. Methods include searching for
AI, Big Data & Analytics refers to an area of technology and services in the Financial Services industry (including
property, listing available properties, setting up viewing
devoted to extracting meaning from large sets of raw insurance) via software and modern technology.
dates and finalizing the lease agreements and deals.
data, e.g. often including simulations of intelligent be-
havior in computers. Gaming
Consumer Electronics or Home Electronics (includes
Wearables, Smart Devices) Gaming involves the development, marketing, and
Blockchain
monetization of video games and gambling machines,
Consumer Electronics or Home Electronics are elec-
Blockchain is a decentralized data storage method as well as associated services.
tronic or digital equipment intended for everyday use,
secured by cryptography. Cryptocurrencies are one of
including smart devices used for entertainment, com-
many innovations utilizing the blockchain. Companies Government Tech (Govtech)
munications, and home-office activities as well as other
building their product/architecture on top of this de-
wearables. Govtech is the infrastructure of technology that the gov-
centralized and encrypted technology are defined as
ernments and government institutions use to provide
blockchain companies. specific services to its citizens with the aim of improving
public service. This technology enables the government
to effectively operate in a way that increases transpar-
ency and maximises public welfare and involvement.
Life Sciences
Life Sciences is the sector concerned with diagnosing,

treating, and managing diseases and conditions. This
includes startups in Biotech, Pharma, and Medtech (also
referred to as medical devices).
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Acknowledgments and Partners
Startup Genome Authors Project Team

JF Gauthier, Chief Executive Officer
A project like the Global Startup Ecosystem Report can Startup Genome
only be realized with an enormous effort from both the Marc Penzel, President
JF Gauthier, Chief Executive Officer
project team and external supporters. Several partners Stephan Keuster, Head of Ecosystem Strategy
have invested significant resources into the project. Marc Penzel, President
Arnobio Morelix, Chief Innovation Officer
Numerous advisors, founders, investors, and industry Stephan Keuster, Head of Ecosystem Strategy
experts have given us access to their knowledge, net- Michal Rozynek, Director of Research
Arnobio Morelix, Chief Innovation Officer
works, and time because they support our vision and
want to move their ecosystem and the whole startup Tricia Whitlock, Chief Operation Officer
sector forward. Startup Genome and Global Entrepre- External Authors
Michal Rozynek, Director of Research
neurship Network (GEN) would like to express our deep Martina Larkin, Head of Regional Strategies, Europe and
gratitude and appreciation to everyone who contribut- Eurasia; Member of the Executive Committee, World Rahul Chatterjee, Director of Operations
ed towards making this project possible. Economic Forum Adam Bregu, Director of Business Development &
Partnerships
GEN
Farshad Fahimi, Lead Data Scientist & Machine Learning
Expert
Patricia Russ, Manager, Business Dev.
Laure Poirson, Global Community Manager
Pranav Arya, Consultant Alexandra Wojciak, Intern Key Author Bios
Akshat Agarwal, Manager, Research Kunal Bhardwaj, Intern
Startup Genome
Sama Siddiqui, Senior Analyst Aradhey Gupta, Intern
Utkarsh Jain, Business Analyst JF Gauthier

Contributing Authors
Shreesh Dubey, Business Analyst Founder & CEO. JF is the world’s leading voice in inno-
Lubin Arora vation ecosystem development, having advised more
Poorva Mendiratta, Business Analyst
Sean Ludwig than 100 governments and private-public partnerships
Anand Niranjan, Data Analyst across 35 countries. He has founded five businesses
Jessica Stillman
and led others across two continents and three sectors
Dushyant Sharma, Data Analyst
Guadalupe Gonzalez (Tech, Life Sciences and Cleantech), achieving two exits
Parshant Sharma, Data Custodian plus one at scaleup stage. He is also an active angel
Laís de Oliveira
Pavan Kumar, Asst. Business Dev. Manager investor and previously worked in corporate innova-
tion, advising IBM, Cisco, Agilent/HP, J&J, and Abbott
Shekhar Parihar, Process Lead of Lead Generation Global Entrepreneurship Network
for the firm of Kim Clark (former dean of Harvard Busi-
& CRM Support Jonathan Ortmans, President ness School) alongside Clayton Christensen and other
Neha Thapliyal, Business Development Assistant Mark Marich, Executive Vice President thought leaders. Harvard MBA.
Karan Singal, India Operations Buke Cuhadar, Vice President for Global Operations
Marc Penzel
Marsbased, Website Development Cristina Fernandez, Vice President for Policy and
Founder and President. Marc is leading global growth
Kritivity Web Solutions, Design Research
and impact. Prior to founding Startup Genome, he
Malgorzata Olesiewicz, Intern Peter Komives, Vice President for Strategic co-led the startup ecosystem development unit at
Development Silicon Valley-based Startup Compass. At PwC, KPMG,
Julian Lehrer, Intern
Susan Amat, Vice President for Education and Bayer Group’s internal management consultancy,
Jose Romero, Intern Marc advised top executives across various sectors.He
also founded a nonprofit organization to catalyze social
Chok Hao Ze, Intern
innovation and was appointed Expert in Entrepreneur-
Anders Poirel, Intern ship, IT and Future of Economic Progress by the World
Economic Forum. In 2017, his work to develop startup vices companies (including Aviva, HSBC, Revoult, and researchers and affiliated support organizations. He
ecosystems everywhere has led him to receive a U.S. Visa), as well as mentored startups (Barclays Techstars, serves as a longtime advisor to the Kauffman Founda-
Visa for Individuals with Extraordinary Ability. Huge Thing Warsaw) and launched new products and tion and chairs the Global Entrepreneurship Congress.
ventures in Europe and the US.
Arnobio Morelix
In parallel to his advisory career, Michal has also Partners and Collaborators
Chief Innovation Officer. Arnobio leads a global team managed both academic and industry-led research pro-
researching and advising governments and private jects at the University of Edinburgh, University of Oxford, Global Partners
organizations in over 30 countries to help them boost and the Cambridge Centre for Alternative Finance. He
•• Bella Private Markets provides actionable advice on
their economies through entrepreneurship. Previously, is passionate about understanding and addressing the
private capital challenges. Combining rigorous aca-
he worked at Kauffman Foundation, where he created challenges and opportunities that technology-enabled
demic approaches with real world industry expertise,
the Growth Entrepreneurship Index and the Main Street innovation brings to society and businesses. Michal
our expert team focuses on complex, customized pro-
Entrepreneurship Index, hailed as the “bible of entre- holds a PhD in Social Sciences from the University of
jects that require thorough analysis, whether quan-
preneurship trends” by The Huffington Post and used Edinburgh and an MBA from the University of Oxford.
titative or qualitative in nature, to help our clients
by senators, governors, city leaders, Fortune 500 com-
assess or design strategies, improve performance,
panies, and the White House. Global Entrepreneurship Network (GEN) and chart winning strategies for the future.
Arnobio’s work has been featured widely in national
Jonathan Ortmans •• Crunchbase is the leading platform for professionals
and global media, including the New York Times, the
to discover innovative companies, connect with the
Economist, the Wall Street Journal, and the BBC. He is Founder and president of the Global Entrepreneurship
people behind them, and pursue new opportunities.
a frequent public speaker and has presented at South Network, working to foster healthier local entrepre-
by Southwest, Facebook, the Federal Reserve Bank, and neurship ecosystems in more than 170 countries while •• Dealroom.co provides data-driven intelligence on
many others. Arnobio also serves data science-focused connecting them into one global ecosystem. In 2008, high-growth companies.
appointments at Inc. Magazine and Stanford University. he launched GEN’s cornerstone initiative, Global En- •• Hello Tomorrow is a global non-profit organization
trepreneurship Week, enabling millions of people to on a mission to unlock the potential of deep tech-
Michal Rozynek explore their potential through thousands of local GEW nologies to solve the world’s toughest challenges by
Director of Research. Michal heads Startup Genome’s activities and competitions each November. Through highlighting, empowering and connecting the most
building GEW, Ortmans assembled a broad multi-dis- promising deeptech entrepreneurs across the globe
new research projects and academic partnerships.
ciplinary coalition that is the backbone of GEN opera- with the right enablers. They bring together a com-
Before joining the company, Michal specialised in fintech
tions, including entrepreneurs, investors, policymakers, munity of actors to facilitate collaboration between
and worked as a consultant with leading financial ser-
entrepreneurs, industries and investors in order to Startup Genome Network Members Cairo, Egypt
propel innovation from the lab to the market.
Information Technology Industry Development
•• TNW is a global brand that informs, inspires, and con- Amsterdam, Netherlands Agency
nects people who love tech through media, events, Techleap
and spaces. TNW has a track record of attracting start- Calgary, Canada
ups and talent, as well as helping ecosystems become Ministry of Economic Affairs and Climate Policy
Platform Calgary
more visible to the tech world via its custom-made
programs. Atlantic Canada Calgary Economic Development
•• Tech Nation (formerly Tech City UK) empowers Innovacorp

Copenhagen, Denmark
ambitious tech entrepreneurs through growth pro-
grammes, digital entrepreneurship skills, a visa Bahrain Digital Hub Denmark
scheme for exceptional talent and by championing Tamkeen
the UK digital sector through data, stories and media Curitiba, Brazil
campaigns. Belgrade & Novi Sad, Serbia SEBRAE
Digital Serbia Initiative
Edmonton, Canada
Cabinet of the Minister for Innovation and Technolog-
ical Development Innovate Edmonton
Edmonton Economic Development Corporation

Busan, South Korea
Busan Metropolitan City Frankfurt, Germany
Busan Center for Creative Economy and Innovation TechQuartier
Brisbane, Australia Georgia
Office of the Queensland Chief Entrepreneur Georgia Innovation and Technology Agency (GITA)
Greater Helsinki, Finland Miami, United States Rhineland, Germany
Helsinki Business Hub Knight Foundation North-Rhine Westphalia State Government
Houston, United States Mid-East Region Ireland Seoul, South Korea

Houston Exponential Meath Enterprise Seoul Business Agency
Seoul Metropolitan Government

Jerusalem, Israel Montreal, Canada
Jerusalem Development Authority Ville de Montréal Sharjah, United Arab Emirates

Centech Sharjah Entrepreneurship Center
Kampala, Uganda
Real Ventures
International Trade Centre, United Nations Singapore
Bonjour Startup Montréal
Project Netherlands Trust Fund IV Enterprise Singapore
Montréal International
Kuala Lumpur, Malaysia Sri Lanka
New York City, United States
Malaysia Digital Economy Corporation Information and Communication Technology Agency
New York City Economic Development Corporation of Sri Lanka
London, United Kingdom Tech:NYC
Tech Nation (formerly Tech City UK) Taipei City, Taiwan
New Zealand
Taiwan Tech Arena
Manila, Philippines Ministry of Business, Innovation and Employment
Department of Trade and Industry Tel Aviv, Israel
Nur-Sultan, Kazakhstan
Tel Aviv Global
Melbourne, Australia JSC “Zerde” National infocommunication holding”
LaunchVic Telangana, India
Québec City, Canada
T-Hub Foundation
Tokyo, Japan WeWork Osool
Tokyo Metropolitan Government Techstars Austin Rowad Program
Capital Factory Social Media Club

Western Denmark, Denmark
StartupBahrain
Digital Hub Denmark Bahrain
Startup MGZN
Bahrain Fintech Bay
Tenmou - The Bahrain Business Angels Company
Ecosystem Partners 500 Startups
UNIDO - Bahrain
Al Doseri Investments
Ecosystems by alphabetical order
Yo Startups
Bahrain Development Bank
Atlantic Canada, United States
Bahrain Fashion Incubator Bangalore, India
Atlantic Canada Opportunities Agency
Brinc 91springboard
Startup Zone
C5 Capital & C5 Accelerate Kyron Global
New Brunswick Innovation Foundation
Corporate Hub Microsoft Ventures
Austin, United States Economic Development Board Global Incubation Services
3 Day Startup Environment Arabia Microsoft
Tech Ranch Flat6Labs Bahrain Tlabs
Austin Technology Incubator Kickstart Bahrain Nasscom
University of Texas Austin Middle East Venture Partners The India Network
BuiltIN Kickstart Bahrain

Barcelona, Spain
Central Texas Angel Network Level Z
Alta Life Sciences
St. Edward’s University Nest Accelerator
Antai Venture Builder
BCN Tech City Suhehui Design Council Busan
Caixa Capital Risc Technode Busan IT Industry Promotion Agency
Capital Cell Busan Institute for Talent & Lifelong Education

Belgrade & Novi Sad, Serbia
Conector Busan Business Incubation Centers
Business Incubator (BITF)
Delvy Law & Finance Busan United Holdings
Business Incubator Novi Sad
ESADE BAN
ICT Hub Cairo, Egypt
Inveready
Innovation Fund Technology Innovation and Entrepreneurship Center
Nauta Capital (TIEC)
SC Ventures
Nekko Capital 500 Startups
Science Technology Park Belgrade
Rousaud Costas Duran A15
Serbian Games Association
Sabadell Ventures Flat6 Labs Cairo
Serbian Blockchain Initiative
SeedRocket Falak Startups
Startit
Ysios Capital AUC Venture Lab
The Office of the Minister without Portfolio Responsi-
ble for Innovation and Technological Development of Innoventures
Beijing, China the Republic of Serbia
Algebra Ventures
91Maker UNICEF Innovation Fund
EdVentures
Creative Young Community Vojvodina ICT Cluster
Sawari Ventures
Cyzone Innoway BJ
Busan, South Korea FEPS Business Incubator
Makes-global
Ministry of SMEs and Startups (Busan Office) Seedstars
Noodle & Meetup
Busan Economic Promotion Agency Endure
Startup Grind
Busan Techno Park HIM angel
Kamelezer Chicago, United States The Danish Growth Fund
The Cairo Angels Catapult Chicago Thinkubator (and SingularityU)
Ideavelopers University of Chicago Venture Cup
Matter Chicago
Calgary, Canada Edmonton, Canada
mHUB
A100 Innovate Edmonton
The Shift Chicago
Alberta Enterprise Corporation Startup Edmonton
1871
Alberta Innovation Corridor TEC Edmonton
WorldChicago
Bow Valley College University of Alberta Health Accelerator
Calgary Innovation Coalition Copenhagen, Denmark Startup TNT
Creative Destruction Lab - Rockies TechBBQ Valhalla Private Capital
Innovate Calgary #CPHFTW Advanced Technology Centre
Mount Royal University, Institute for Innovation and Accelerace (and Symbion) Edmonton Regional Innovation Network
Entrepreneurship
Copenhagen Fintech
National Angel Capital Organization Frankfurt, Germany
Digital Hub Denmark
Rainforest Alberta Frankfurt Economic Development
DTU Skylab
Southern Alberta Institute of Technology (SAIT) Goethe University Frankfurt
InnoFounder
Startup Calgary Hessen Trade & Invest (HTAI)
Leo Innovation Lab
University of Calgary, Hunter Hub for Entrepreneurial Hessian Ministry of Economics, Energy, Transport and
Thinking PreSeed Venture Housing
Venture Capital Association of Alberta Talent Garden Rainmaking HIGHEST TU Darmstadt
The Creators Community ING-DiBa
Station FRM Helsinki Games Factory TMCx
WIBank xEdu Unconventional Capital
·A-grid University of Houston - Hatch Pitch

Georgia
Health Incubator Helsinki
Startup factory by Georgian University Jerusalem, Israel
Aalto Startup Center
NASTA- National Startup Association of Georgia Alynnovation
Innovation House Helsinki
Spark AtoBe
Finnish Venture Capital Association
Startup Grind Tbilisi BioJerusalem
Finnish Business Angel Network
Impact Hub: Coworking space BioHouse
Ilia State University Pre-Accelerator Houston, United States Startup Nation Central
Circular Board Jumpspeed Ventures

Greater Helsinki, Finland
Fannin Innovation Studio Masschallenge Jerusalem
Espoo Innovation Garden
Houston Angel Network Made in JLM
Houston Technology Center Bizmax
Helsinki Think Company
JLaBS Ourcrowd
Nestholma
Mercury Fund HUJI Innovate
Maria 01
Redlabs JVP
NewCo Helsinki
Rice University - McNair Center for Entrepreneurship VLX
Butterfly Ventures
Rice University - Owl Spark Labs/02
Arctic Startup
Rice University - Rice Alliance for Entrepreneurship Haddasah Accelerator (by IBM)
Business Finland
Station Houston BioGiv
Butterfly Ventures
PICO Partners GEN Melbourne, Australia
QueenB Microsoft Ventures Potential(x)
LevTech Northzone ygap First Gens Accelerator Program
Cornerstone Venture Partners Microsoft for Startups ASTN HeadStart
Groundup Ventures Cyrise

Manila, Philippines
Fresh.fund SBE Australia, Springboard Tech
Department of Science and Technology
JerusML SBE Australia, Springboard Life Sciences
Department of Information and Communications
MakeGamesJLM Technology SBE Australia, E3
Intellectual Property Office of the Philippines Runway Hq

London, United Kingdom
Small Business Corporation ACMI X
MassChallenge
National Development Company BioMelbourne Network
Techstars London
Philippine Exporters Confederation, Inc. Inspire9
Balderton Capital
QBO Innovation Hub Runway Geelong
Wayra London
AIM-Dado Banatao Incubator Rome2Rio
Accelerator Network
IdeaSpace Foundation Startup Bootcamp
City of London
Startup Village Startup Victoria
KPMG
Launchgarage York Butter Factory
TechUK
Brainsparks
GSMA Miami, United States
Philippine Fintech Association
Level39 500 Startups
Fintech Alliance of the Philippines
Tech London Advocates Miami Angels
Endeavor Miami Athy Enterprise Centre Mid-East Action Plan for Jobs Committee
eMerge Americas Clane Project Centre Industrial Development Authority - IDA
Venture Cafe Miami Kells Tech Hub Media Ireland
Refresh Miami Maynooth Works

Montreal, Canada
Venture for America Wicklow Enterprise Centre
Real Ventures & FounderFuel
Florida International University Kells Enterprise & Technology Centre
Techstars AI
University of Miami PFS Accelerator
Tandemlaunch
LAB Miami Meath County Council
Fondation Montréal Inc.
Babson WIN Meath Local Enterprise Office
MT Lab
Idea Center at Miami Dade College Meath County Chamber
Centech
CIC Miami Louth-Meath Education & Training Board
Ministère de l’économie et de l’innovation du Québec
Code Fever Maynooth University
Techno-Montréal
The Venture City Kildare Chamber of Commerce
Ivado et Montréal international
WeWork Kildare County Council
Bonjour Startup Montréal
WhereBy.Us Kildare Local Enterprise Office
Ville de Montréal
Kildare-Wicklow Education & Training Board
Mid-East Region, Ireland District 3
Wicklow Chamber of Commerce
EO Accelerator HEC Montréal
Wicklow County Council
Meath Enterprise Centre MTL Newtech
Wicklow Local Enterprise Office
Boyne Valley Food Hub Notman House
Enterprise Ireland
Arklow Enterprise Centre PME MTL
Mid-East Regional Skills Forum
Quartier de l’innovation NY Fashion Tech Lab Enterprise Angels
Réseau Capital NY Tech Alliance Equitise
Startup Fest NYC Blend Flying Kiwi Angels
SAP GD1
New York City, United States
Techstars Global Entrepreneurship Network
Starta Venture Accelerator
URBAN-X Icehouse Ventures
Blue Ridge Labs
VentureOut KiwiNet
Brooklyn Chamber of Commerce
Kōkiri
Bunker Labs New Zealand
Ministry of Awesome
Cela Angel HQ
Movac
Civic Hall Angel Association New Zealand
New Zealand Trade and Enterprise
Coindesk/Consensus ArcAngels
New Zealand Growth Capital Fund
Company BizDojo
Northland Inc
Entrepreneurs Roundtable Accelerator Blackbird Ventures
SODA Inc
Flatiron Partnership Brandon Capital Partners
Sprout
Gary’s Guide Bridgewest Ventures
Startup Dunedin
Innovative Collective Callaghan Innovation
StartupWeekend
Mayor’s Office of International Affairs Creative HQ
Startup Queenstown Lakes
MeetUp COIN South
The Factory
New Lab Flux Accelerator
ThincLab
New York Angels Lightning Lab
TIN Network
WNT Ventures Ville de Québec MWIDE
ZeroPoint Ventures Quebec City Group if incubators NRW Bank Business Angel Initiative WIN
Quantino NRWalley
Nur-Sultan, Kazakhstan
Entrepreneuriat Laval NUK – Neues Unternehmertum Rheinland
AIFC
Pirate Summit / Jolly Rogers UG
Arkley VC Rhineland, Germany
S-UBG
Astana Business Campus 1stMOVER
STARTPLATZ
Astana Hub - International Technopark of IT-startups :agile Accelerator
Startup Dorf
Astana IT University Axa Startup Center
Startup Unit Düsseldorf
Astana Medical University BLSW
Tengelmann Ventures
Bridge Group Capnamic
Vodafone Uplift
I2BF Global Ventures Coparion
MOST Business Incubator Founders Institute Seattle, United States
Mua Incubator Future Champions Accelerator Startup Seattle
Nazarbayev University Gateway Gründungsservice der Universität zu Köln ARI
QazTech Ventures Getstarted, Bitkom Lighter Capital
Verny Capital Gründerzentrum RWTH Aachen New Tech Northwest
HEADQUARTER[S] Cologne Techstars

Quebec City, Canada
High-Tech Gründerfonds Fledge
BDC
Hub Aachen Microsoft Ventures
PwC Québec
Intelligent Venture Capital Management Seattle Angel Conference
ROBIC
Alliance of Angels Singapore InnoSquare
Startup Grind Action Community for Entrepreneurship ITRI Open Lab & Incubator
Seven Peaks Ventures 500 Startups KAFNU Taipei
Angel Resource Institute FocusTech Ventures NCU Innovation & Incubation Center
Microsoft for Startups Starburst Accelerator NTU Innovation Incubation Center
SURF Incubator 500 Ecosystems Singapore PTE. LTD. NTUT Innovation & Incubation Center
Startup X PTE. LTD. SOSV-MOX

Shanghai, China
Trendlines Medical Singapore SparkLabs Taipei
ChinaAccelerator
Star Rocket
Ether Capital Taipei City, Taiwan
Startup Lab at NCTU
Innoclub AppWorks
Taidah Entrepreneurship Center (TEC)
Innospace+ BE Accelerator
Taiwan Startup Stadium
NakedHub BE Capital
Techstars
People Square Business Incubator Center, NTUST
Yang-Ming Incubation Center (YMIC)
Startup Grind CDIB Accelerator
Technode Center for Innovation Taipei Tel Aviv, Israel
Xnode Center of Industry Accelerator and Patent Develop- Future Block Programs
ment Strategy (IAPS)
Future Block Coworking
Sharjah, UAE Center of Innovative Incubator, NTHU
Techstars
Sharjah Media City (Shams) Chung-Yuan Incubation Center (CYIC)
Startup Nation Central
DigiSpace
Geektime
Garage+
SOSA OneEleven Wavefront
Microsoft Ventures DMZ Spring
Microsoft for Startups City of Toronto New Ventures BC
World Canada Small Business BC

Tokyo, Japan
Brook eld Institute Foresight
Plug n Play
The Founder City Project LifeScience BC
Japan Venture Capital Association (KII, UTEC),
Venture Lab Bio Enterprise BC/Can
Keidanren,
RIC Centre
Keio University, Western Denmark
Innovation Factory
Mitsubishi Estate, AalborgSyndikatet
Haltech
Mitsui Fudosan, AAU Incubator (SEA), Aalborg University
Creative Destruction Lab
Mori Building, Agro Food Park Inkubator/Agro Business Park
Tokyo Chamber of Commerce and Industry, Vancouver, Canada AI Innovation House
Tokyu, Launch Academy Arsenalet
Tokyu Land Corporation, Sauder S3i Brains Business
The University of Tokyo, entrepreneurship@UBC Business Factory
Waseda University Creative Destruction Lab West Center for Industri
Toronto-Waterloo, Canada Highline BETA Danske Commodities (DC) Business Accelerator
Centre for Social Innovation RADIUS SFU Ecopark
Invest Toronto SFU Venture Labs Filmby Aarhus incl. Ideas Lab
Next 36 SFU Innovates Food ehub
Green Tech Center
Growing Investors
Ideas Lab
Incuba Science Parks incl. Incuba Startup Lab
It-forum (netværk)
Lynfabrikken
Novi
Odense Robotics
Odense Robotics Startup Hub
Office Lab
Robo Cluster
Startup Factory - Navitas
StartupWorks
TechBBQ
The City of Aarhus, Business Development
The Danish Growth Fund
UAS Denmark
VIA studentervæksthus Aarhus C
WeLoveStartups
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email, website download, or any other electronic or physical means without the prior written authorization of Startup Genome. This material has been
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The Global Startup

Learn more and get connected at startupgenome.com

71 Atlantic Canada, CA 113 Early-Globalization Phase 155 Seoul, KR

77 Busan, KR 120 Jerusalem, IL 161 Stockholm, SE

91 Ireland Mid-East Region, IE 133 Chicago, US

Our Global Network Ministry of Economic Aﬀairs and

Helsinki Business Hub

About Our Global Partners

Provides data-driven intelligence on high-growth companies.

Note from a Founder

A Word from GEN

I thank Startup Genome and all our report partners

Startup Genome Advisory Board

North America Africa & Middle East UK & Europe

State of the Global Startup Economy

done so, astoundingly. 8. https://hbr.org/2018/03/what-breaking-the-4-minute-mile-taught-

The Rise of Asia-Pacific

Third, total VC funding has dropped dramatically across

About 72% of startups saw their revenue drop since

The impact is uneven between different sectors and

Second, when we compare dollar for dollar, startup jobs

Economic Impact of Startup

Global Startup Ecosystem Ranking 2020

Traditional tech centers improved significantly in this • Montreal

Melbourne ranks very high in Connectedness and

Tokyo, Seoul, Shenzhen, and Hangzhou all have few

sub-sectors, namely Artificial Intelligence & Big Data,

Advanced Manufacturing & Robotics, Agtech & New Fr

said time period.

R&D-focused ecosystems have a unique opportunity

out a Smart Specialization strat- 6.00 Manufacturing

• Singapore, Taipei City, and Melbourne, among others.

opportunities for this particular

Startup Output concentration. © 2019 Ecosystem Potential 44

Key Findings The Funding Success Factor Assesses:

Key Findings The Market Reach Success Factor Assesses:

Key Findings The Connectedness Success Factor Assesses:

scaling experience, mostly in technology. Seattle 3 10 2 1 10 8 8

top developers on GitHub, English proficiency, and Denver-Boulder

• Cost — average software engineer salaries, Sao Paulo 9 1 10 5 2 4 2

Key Findings The Knowledge Success Factor Assesses:

Top 100 Emerging Ecosystem Ranking

Rank Country Continent Performance Funding Market Reach Talent

Jakarta Indonesia 26.3 Guangzhou China 9 Jakarta Indonesia 845.9

Five Ecosystem Archetypes:

• Primary Dimension: First and Early movers, Globally

• Examples: SIlicon Valley, Boston, Seattle

Global Business Hubs

• Primary Dimension: Global Business and Financial

• Examples: London, New York City, Singapore

• Primary Dimension: Technology Production

• Examples: Tel Aviv - Jerusalem, Stockholm

Save Your Startups: Using Policy to Kickstart

As a result, Startup Genome’s data shows that 39% of

More work must be done to enact policies that will

The Meteoric Rise of Seoul’s

Like other ecosystems, Seoul is facing a major challenge

Understanding Your Startup Ecosystem Lifecycle

b. Objective: Focus on increasing the Startup Output

Size & Resources

i. Trigger to this Phase: increased Startup Experi-

iv. Very few Success Factor gaps remain

b. Objective: use Global Resource Attraction to sig-

i. More than 3,000 startups