Each year, we create the Global Startup Ecosystem Report, a comprehensive analysis of the current state of startup ecosystems worldwide. Now in its 11th year, the GSER provides insights into the world’s leading startup ecosystems, emerging trends, and key challenges facing entrepreneurs. In addition to a ranking of the world's leading tech startup ecosystems, it includes a ranking of the top 100 emerging ecosystems .

The top 100 emerging ecosystem ranking is built to showcase the ecosystems displaying high potential to be top global performers in the coming years. The factor weights used to rank these ecosystems are slightly different from those used with the top ecosystems to reflect their emerging status and emphasize the factors that have more influence in ecosystems that are just beginning to grow. Less weight is given to the number of exits over $50 million and startup activity is more focused on early-stage funding than in the top 40 ecosystems. For more information about how this ranking is created, please see methodology.

Which emerging tech startup ecosystems have moved up and which have declined in ranking?

• Copenhagen is at #1, moving from the runners-up in the main ranking due to being outperformed by other regions such as Zurich. However, its Ecosystem Value increased by 29% and it saw growth in early-stage funding amount and in the number of exits over $50 million.
• Barcelona has moved up five positions since last year, reaching #4. Its highest-valued unicorn, tech-enabled delivery platform Paack, was valued at $1.6 billion, helping to take the Ecosystem Value to $21 billion, a 91% increase from 2022.
• Estonia (pictured above) has moved up an impressive 28 positions since the GSER 2022, reaching #10. Its rise is thanks to an increase in early-stage funding rounds, a 100% increase in exits over $50 million, and the new inclusion of CRM and intelligence platform Pipedrive’s 2020 $1.5 billion buyout.
• New Zealand has moved up 14 positions, reaching #20 in the Emerging Ecosystems ranking thanks in part to an increase in exits of over $50 million and a new unicorn, Lodestone Energy, valued at $1.3 billion.
• Pune has moved into the 31–40 range from 51–60 in 2022, experiencing both an increase in exits over $50 million and in the number of unicorns
• Guangzhou dropped seven positions from last year, to #14.
• Riga has entered the Emerging Ecosystem ranking for the first time, in the 91–100 range
• Angola's  e-commerce and Fintech sectors are highlighted for their density of talent, support resources, and startup activity. 
• Fukuoka City created $469,148,318 in ecosystem value from Jul 01, 2020 to Dec 31, 2022, representing 10.86% in compound annual growth compared with 01 Jul 2018 - 31 Dec 2020. Ecosystem value is a measure of economic impact, calculated as the value of Exits and startup valuations.
• Ireland’s Mid-East Region created $354,018,887 in ecosystem value from Jul 01, 2020 to Dec 31, 2022, representing 347.21% in compound annual growth compared with 01 Jul 2018 - 31 Dec 2020. 
• Québec City ranks as the #2 North American Ecosystem in Bang for Buck — measures the amount of runway tech startups acquire, on average, from a VC round.
• Sharjah performed exceptionally well in the success factor “Funding” in the GSER 2023, moving up by an impressive 58 global ranks from the previous year. Within the MENA region, this upward movement was also decisive when benchmarked against peers.
• Sri Lanka ranks as the #4 Global Ecosystem and #1 Asian Ecosystem in Affordable Talent — measures the ability to hire tech talent.
• Telangana created $6,185,787,234 in ecosystem value from Jul 01, 2020 to Dec 31, 2022, representing 115.35% in compound annual growth compared with 01 Jul 2018 - 31 Dec 2020. 
• Adelaide has notably shown both very positive short- and long-term upward movement in the rankings, demonstrating positive increases over the past 3 years and moving up an impressive 33 spots this year from the GSER 2022.
• Muscat, Oman created $301 million in Ecosystem Value from Jul 01, 2020 to Dec 31, 2022, representing 70% in compound annual growth compared with 01 Jul 2018 - 31 Dec 2020.
  

Read the full article and explore the ranking table here.