Big Movers Reshape the Global Startup Ecosystem Landscape in 2025

The Global Startup Ecosystem Report 2025 (GSER 2025) reveals a year of dramatic shifts in the Top 40 global rankings, spotlighting ecosystems that are rapidly gaining ground on traditional innovation powerhouses. From Philadelphia’s 12-spot climb to Hong Kong’s breakout entry into the Top 40, this year’s report highlights how rising ecosystems are rewriting the geography of global innovation. These movements signal not only local momentum but also broader changes in where startups are thriving — and where the next wave of global innovation will likely emerge.

Philadelphia saw the most dramatic rise of any North American ecosystem, leaping 12 positions to claim the #13 spot. This performance reflects the city’s growing prowess in Biotech, Digital Health, and university-driven innovation. A deepening pool of early-stage capital and stronger founder pipelines are fueling this surge, making Philly one of the ecosystems to watch in 2025.

Across the globe, Hong Kong made the most striking leap in the Top 40 overall — catapulting from the Emerging Ecosystems ranking in 2024 straight into the Global Top 40 at #27. This remarkable ascent showcases the city’s maturing startup infrastructure, robust Fintech activity, and increasing access to regional and global markets.

Bengaluru-Karnataka also made an impressive move, advancing seven places to land at #14 globally. With a stronghold in SaaS, AI, and Deep Tech, and bolstered by a rich talent pool, Bengaluru is emerging as a global innovation heavyweight. The city’s startup ecosystem benefits from robust corporate partnerships and continued growth in early-stage funding.

Paris rose two spots to #12, continuing its upward trajectory thanks to an increase in both unicorn count and early-stage deal flow. The French capital has long benefited from a supportive policy environment and a vibrant VC scene, and this year’s results show it’s paying off in tangible ecosystem value.

In a rare and notable pattern, all five Chinese ecosystems in the Top 40 improved their positions in 2025:

• Beijing rose 3 spots to re-enter the Top Five at #5.
   
• Shanghai edged up to #10, reaffirming its global significance.
   
• Shenzhen leapt 11 places to #17.
   
• Hangzhou climbed 13 positions to #23.
   
• Guangzhou advanced 6 spots to #35.

This broad-based advancement underscores China’s continued strength in Ecommerce, AI, and Advanced Manufacturing, along with increasingly global-facing startup strategies.

Not all the movement was upward. For the first time since 2019, London slipped from its #2 global ranking, now standing at #3. From 2020 to 2024, London was tied with New York City — a signal of enduring strength — but the shift reflects growing global competition.

Meanwhile, Boston returned to the Top Five, moving from #6 to #5. Its world-class academic institutions, healthcare innovation, and strong early-stage funding ecosystem continue to reinforce its place among the global elite.

To explore the full rankings, trends, and analysis, download the complete Global Startup Ecosystem Report 2025.