Silicon Valley Leads: Discover North America’s Top Startup Ecosystems
The Global Startup Ecosystem Report 2024 includes a list of the top ecosystems by region. The criteria for inclusion in the list are that the ecosystem either needs to be ranked in the Top 40 Global Leaders or Top 200 Emerging Ecosystems or have an Ecosystem Value greater than $200 million.
Top Thirty North American Ecosystems
For information on our Methodology, click here: https://startupgenome.com/article/methodology-gser-2024
Key Findings
North American ecosystems have shown impressive growth in the GSER 2024. Insights include:
18 of the Top 40 ecosystems are based in North America, with three in Canada and the remainder in the U.S.
North America is the second most represented region in the Emerging Ecosystems Ranking, with a 27% share.
Toronto-Waterloo remains Canada’s leading ecosystem, however moving down one place to #18. With Vancouver dropping four places to #34, and Montréal gaining one place ranking #39, they remain Canada’s second and third highest ranked ecosystems.
The U.S. led all countries in new unicorns for 2023, with 57% of the global share.
In 2023, U.S.-based GenAI startups increased their share of all VC deals to 65%, an increase from 57% in 2022.
Silicon Valley continues to dominate the rankings as #1 globally. Silicon Valley accounts for 59% of the total Ecosystem Value within the Top 5 global ecosystems, up 3% since last year. A significant factor in Silicon Valley’s success has been its Late-Stage Funding (Series B+).
New York City ranks #2 globally in a tie with London. The ecosystem created $694 billion in Ecosystem Value from Jul 01, 2021 to Dec 31. Ecosystem Value is a measure of economic impact, calculated as the value of exits and startup valuations. New York City was the only Top 5 ecosystem to see a slight increase in the value of its large exits ($50M+) in 2023 compared to 2022 – even as its count of large exits declined.
Los Angeles remains #4 Global Startup Ecosystem (tied with Tel Aviv). The value of its large exits ($50M+) fell 36% in 2023 compared to 2022, which was less of a decline than London, Silicon Valley, or Tel Aviv.
Boston ranks as the #5 Global Startup Ecosystem. Boston had 11 large exits ($50M+), tied with Tokyo and behind just Silicon Valley and Tel Aviv for the most among the Top 10 global ecosystems.
After moving up 10 places from 2022 to 2023, Miami moved up another impressive seven places from #23 last year to #16 this year.
Seattle startups secured 49 late-stage deals (Series B+), 5th among U.S. ecosystems. Seattle fell the farthest among the Top 40 ecosystems – 10 ranks to #20. Its 10 large exits in the 30 months leading to the end of 2023 were 26th globally. It only had two in 2023.
Philadelphia moved up two spots, ranking as the #25 Global Startup Ecosystem. It created $92 billion in Ecosystem Value from Jul 01, 2021 to Dec 31, 2023, representing 40% compound annual growth compared to Jul 01, 2019 to Dec 31, 2021 time period. Ecosystem Value is a measure of economic impact, calculated as the value of exits and startup valuations.
Ecosystem Leaders Celebrate the Rankings
New York City - #2
“New York is where startups come to apply and scale emerging technologies. This is especially true for AI, and it’s why we’re more bullish on New York’s tech ecosystem than ever before,” says Julie Samuels, President & CEO of Tech:NYC.
Philadelphia - #11
“The innovation ecosystem in Philadelphia continues to thrive thanks to world-leading research universities and economic development partners. Philadelphia’s innovation leadership plays a critical role in elevating Pennsylvania’s position as a global destination for innovation,” says Secretary Rick Siger, Pennsylvania Department of Community and Economic Development.
Montréal - #18
“I don’t think there’s any city in the world that is more entrepreneurial than Montréal. I have no doubt that immigrants have contributed to shaping the city’s entrepreneurial spirit. Montréal is the perfect city for those who have business in their blood,“ says Harley Finkelstein, President at Shopify.
A Detailed Look
For more insights, explore our North American ecosystem pages:
To learn more about ecosystem performance around the world, read the full, free Global Startup Ecosystem Report 2024.