The yearly Global Startup Ecosystem Report (GSER) for 2024 was published this month by StartUp Genome, the world-leading innovation ecosystem development organisation, having worked with more than 160 economic and innovation ministries and public/private agencies in over 55 countries. The GSER provides insights into the world’s leading startup ecosystems, emerging trends, and current challenges for entrepreneurs. It is based on research and analysis of data from 4.5 million startups across 300 global entrepreneurial ecosystems. The report states that 2023 was a year of contradictions for the global startup economy. When inflation eased in most regions and global GDP grew more than expected, many were optimistic that growth would return at the end of 2023 and in early 2024. Instead, the tech winter endured, with exits and funding showing no promising signs of recovery toward pre-Covid levels.
The 2024 Report found that the top three startup global ecosystems, New York City, Silicon Valley, and London, have held their positions since 2020. However, other cities have moved up and grown since 2023. For example, Tokyo, Seoul, and Paris are all ranked higher than they were previously. Additionally, Madrid was named as the #1 emerging startup ecosystem, with a high potential to become a top global performer in the coming years.
While the global startup ecosystem is facing challenges from funding concerns and a slowdown of large exits, Cleantech and GenAI startups have significantly grown. EU policies and initiatives have driven Cleantech startups, which provide sustainable solutions in energy, water, transportation, and agriculture, to receive more funding. Additionally, GenAI startups surged in 2023 and received 18% of all global venture capital funding. This was caused by many factors, but the recent release of ChatGPT caused many investors to direct their attention to this emerging field.
Source: INSME Secretariat
