The Global Startup Ecosystem Report 2021

Rankings 2021: Top 100 Emerging Ecosystems

The Most Comprehensive Research On Startup Ecosystems Globally

Startup Genome’s coverage is growing. Our analysis expanded from 60 ecosystems in 2018 to nearly 300 in 2021. That has allowed us to rank the top 40 global startup ecosystems. Since 2020 we have also ranked the Top Emerging Ecosystems. These ecosystems are in earlier stages of growth; so we have adapted our methodology to reflect that. The ranking showcases the strengths in ecosystems with the highest potential to become global top performers.

Key Findings

  • Mumbai is once again the #1 Emerging Ecosystem. It outperformed all others in Performance, Funding, Experience, and Talent & Experience
  • Significant shifts occurred elsewhere in the Top 10.
    • Wuxi debuted at an impressive #7 after previously failing to break the Top 10.
    • Barcelona sprinted ahead of Madrid to #5. It is tied with Estonia, up from #14.
    • Miami joined the Top 10 at #10.
  • Europe and Asia dominate the Top 10, with five and four emerging ecosystems, respectively. Philadelphia—a Top 10 Emerging Ecosystem last year—has graduated to the Top 30 Global.

The Top 100 Emerging Ecosystems are collectively worth over $540 billion in Ecosystem Value, which is a 55% increase from last year. While Europe and North America still boast the majority of emerging ecosystems, Latin America has three more in the Top 100 than last year, with Buenos Aires, Santiago-Valparaíso, and Rio de Janeiro joining Mexico City and Bogotá. The MENA region has four emerging ecosystems in the Top 100 this year: Dubai, Cairo, Riyadh, and Abu Dhabi.

The Top 100 Emerging Ecosystems created 124 billion-dollar startups in the period between 2011 and 2020, with 53 ecosystems contributing the majority. MENA started producing unicorns in 2016 and Latin America in 2018. Asia is currently in the lead. It accounts for 36% of the billion-dollar club, followed by North America with 30% and Europe with 27%.

Emerging Leaders

A few startup ecosystems stand out from the 100 Emerging Ecosystems based on key Factors.