Sydney is ranked among the top 20 startup ecosystems in the world, according to a global report that assessed more than 100 cities.
In the 2017 release of its annual Global Startup Ecosystem Report, San Francisco-based Startup Genome has listed Sydney as the 17th best startup ecosystem in the world, ahead of Chicago, Amsterdam and Bangalore.
The report provides an overall ranking of startup ecosystems based on the performance of startups, funding, market reach, talent and experience.
Sydney, the only Australian city to make the top 20, has slid down one spot since last year but StartupAus chief executive Alex McCauley says it’s not all bad news.
“Sydney still ranks as one of the best startup ecosystems in the world, and there are only nine countries ahead of Australia on this list,” McCauley said in a statement.
“Yet despite the clear progress we’ve made, the rankings remain largely static.
“There’s a very clear message here: this is a hugely competitive, global race — we need to run fast to even maintain our position. That’s why it’s so critical that we don’t lose focus.”
Read more: Sydney ranked as 8th best city in the world to be a female entrepreneur
The report, which surveyed more than 10,000 founders across 50 countries, found that Sydney has had the highest growth rate of startup exits, with these increasing by 370% over the past two years.
It also ranks Sydney as the 10th leading ecosystem for funding and 12th destination for startup talent.
Tech Sydney chief executive Dean McEvoy says Sydney’s ecosystem can be strengthened through a more established centre of gravity to drive startup growth and connectivity.
“If we provide space for the density our industry needs to grow and we all come together — in spirit and in one location — we will be an unstoppable force,” said McEvoy in a statement.
Here are the top 20 startup ecosystems in the world, according to Startup Genome:
This article was first published by StartupSmart.
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Dinushi is a journalist at SmartCompany.
