Contents

The Global Startup Ecosystem Report 2025

 

The Global Startup Ecosystem Report 2025 (GSER 2025) is a comprehensive analysis of the current state of startup ecosystems worldwide.

Introduction

The Global Startup Ecosystem Report 2025 (GSER 2025) is a comprehensive analysis of the current state of startup ecosystems worldwide.

Now in its 13th year, the GSER provides insights into the world’s leading startup ecosystems, emerging trends, and key challenges facing entrepreneurs. It is based on extensive research and analysis of data from 5 million startups across 350+ global ecosystems and over a decade of independent research and providing policy advice to more than 185 economic and innovation ministries and public/private agencies in over 65 countries.

With the GSER 2025, we hope to provide valuable perspective on the global startup landscape and actionable recommendations for entrepreneurs, investors, policymakers, and other stakeholders looking to drive innovation and economic growth even in these challenging times.

Key Insights

For the first time since 2019, London has slipped one position in the rankings to become the #3 Global Startup Ecosystem - it was tied with New York City for #2 from 2020-2024. 

Boston moved up one rank, entering the Top Five Global Startup Ecosystems again after two years in the #6 position.

Paris moved up two positions to #12, driven by increase in the number of unicorns and early-stage deal count.

Hong Kong made the most significant improvement of all Top 40 Global Startup Ecosystems, moving up from the Emerging Ecosystems ranking in 2024 to #27 globally this year.

Bengaluru also made impressive progress, reaching #14 in the Top 20 ecosystems, an improvement of seven positions from last year.

Philadelphia jumped 12 places to #13, the most significant movement of all North American ecosystems in the Top 40.

All Chinese ecosystems in the Top 40 made improvements to their rankings: Beijing (+3 to #5), Shanghai (+1 to #10), Shenzhen (+11 to #17), Hangzhou (+13 to #23), and Guangzhou (+6 to #35).

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