This year’s GSER 2022 ranking is perhaps Startup Genome’s most interesting to date, with a multitude of ecosystems showing significant movement, and two key themes emerging: the rise of India and the slowing of China’s growth in early-stage funding compared to other ecosystems.

• India’s ecosystems show overall growth in Ecosystem Value, and collectively Delhi, Mumbai, Bangalore, and Pune generated 25 unicorns between 2019 H2 and the end of 2021. Regardless of this growth, North America continues to dominate the Global Rankings, with 47% of the top 30 ecosystems in this region. Asia is next with 30%. In North America in 2021, exits over $50 million made up a total of $698 billion. In Asia, they made up $531 billion.

• The same five ecosystems remain at the top of the ranking as in 2020 and 2021, but Beijing has dropped one place, with Boston taking its former place at #4. Silicon Valley is #1, followed by New York City and London tied at #2, Boston at #4, and Beijing at #5.

• Silicon Valley’s share dollar amount in early-stage investment has declined from 25% in 2012 to 13% in 2021. As early-stage funding is a leading indicator of the future of tech, this trend suggests that the growth of tech in the rest of the world will continue to be faster than in Silicon Valley.

• Seoul entered the global top 10 ecosystems for the first time, up six places from #16 in 2021 and #20 in 2020.

• Helsinki has risen more than 20 places from last year, joining the runners-up category at joint #35.

Global Leaders

• The top five global ecosystems remain largely the same as in previous years, but with the notable difference that Beijing has dropped one place since 2021, trading places with Boston for #4. In aggregate, the top five ecosystems now account for an Ecosystem Value of $3.8 trillion. The remaining top 30 ecosystems, in aggregate, are worth $2.3 trillion in Ecosystem Value.

• Silicon Valley’s share dollar amount in early-stage investment has declined from 25% in 2012 to 13% in 2021. As early-stage funding is a leading indicator of the future of tech, this trend suggests that the growth of tech in the rest of the world will continue to be faster than in Silicon Valley.

• New York and London remain leading tech hubs, and their joint position at #2 largely derives from strong scores in Knowledge in both ecosystems. Los Angeles holds its place at #6 but shows a significant increase in Connectedness this year. Tel Aviv also held steady from last year, remaining at #7. The Israeli ecosystem saw three $1 billion exits in the period examined, crossing $100 billion in total Ecosystem Value this year.

• Thanks to five $1 billion+ exits, Seoul has moved into the top 10 for the first time. The Korean ecosystem has moved up an impressive 10 places since 2020 and six spots from 2021. Its biggest exit, e-commerce platform Coupang’s March 2021 $60 billion IPO, makes up approximately 42% of its Ecosystem Value.

Hot Spots & Rising Ecosystems

• India is showing significant changes in this year’s ranking. Delhi has moved up an impressive 11 places, coming in at #26, the first time that the ecosystem has entered the top 30 and a result of increased early-stage funding and three $1 billion+ exits. Bangalore is just ahead at #22, an increase of one place from last year. The ecosystem saw eight $50 million+ exits — three more than in the GSER 2021 period — and improved in Market Reach.

• Mumbai isn’t far behind, up to tied #36 this year thanks to two new unicorns and three $1 billion+ exits in the GSER 2022 time period, increasing its overall Ecosystem. Chennai, and Kerala also climbed the rankings significantly, and Pune and Telangana also added to India’s overwhelmingly successful year.  

• Berlin confirms its place as a leading European ecosystem by moving up six places from last year, to #16, with five $1 billion+ exits. The Berlin ecosystem has now produced 14 unicorns.

• On the other side of the Atlantic, San Diego moved up eight places from last year’s ranking, to #13. Its strong Life Sciences sub-sector was a major element in the change, contributing three of its four $4 billion+ exits and many of its 25 $50 million+ exits.

Top 30 & Runners-Up

• Sydney shows Oceania’s biggest leap in the rankings, moving up four places from last year to #20. Its $67 billion Ecosystem Value is in large part due to Canva’s $39 billion valuation.

• Denver-Boulder moved up three places from 2021, taking #24. The Colorado ecosystem is increasing in both value and count in early-stage funding, and has shown significant growth in Connectedness.

• Miami also moved up since last year, to tied #31. The number of $50 million+ exits here increased from four in the 2021 GSER period to 11 this year. The ecosystem also recorded two $1 billion+ exits.

• Both Copenhagen and Helsinki have entered the runners-up category this year. Copenhagen saw two $1 billion+ exits, including Unity’s $13.7 billion valuation at IPO in September 2020. Helsinki saw seven exits over $50 million, including food delivery company Wolt’s $8.1 billion November 2021 acquisition by DoorDash. Helsinki also gained two unicorns in the period considered.

For more insights, read the full report: https://startupgenome.com/report/gser2022