Mumbai, Bangalore, London named among world’s top startup hubs
London, Mumbai and Bangalore are among the top startup hubs in the world, according to a comprehensive ranking of international startup hubs compiled by Startup Genome for its annual Global Startup Ecosystem Report 2021. Despite Brexit and the coronavirus pandemic, London maintained its second-place ranking. Tied with New York for the second year in a row.
Bangalore is also ranked in the top 30 global tech hubs (#23 globally) and Delhi has made it to the top 40 list, coming in at 36th position. Mumbai retained its first position in the Emerging Ecosystem Rankings (ecosystems in early stages of development that have high potential to perform globally in the future), among other fast-growing ecosystems in the areas of funding, exposure, market research and talent. perform better than
Released to coincide with London Tech Week, the largest tech event in Europe, the report ranks the leading 140 startup ecosystems based on seven success factors, including performance, talent and engagement.
The findings revealed that London is the most attractive destination for setting up a tech startup outside of Silicon Valley, with a total ecosystem value of $142.7bn. London has climbed up the league table over the years, climbing from number eight in 2012 when the first rankings were released to number two in 2020.
Silicon Valley took the top spot this year, while Beijing and Boston were ranked fourth and fifth respectively.
Research shows that Indian startups raised $12.1 billion in the first half of this year, reflecting India’s rapid growth as a global hub of technology and innovation. As of August 2021, India has produced 24 unicorns in 2021, including 6 in just 4 days in April.
The city of Bengaluru and the surrounding state of Karnataka is also the world’s fourth largest technology and innovation cluster and home to over 400 global R&D centres. Along with Mumbai, several other Indian centers made it to the list of ‘Top 100 Emerging Ecosystems’ including Chennai, Pune and Hyderabad.
The findings also showed that London is one of the best cities in the world for access to funding and quality and activity in the investment ecosystem (referring to the number of local investors, investor experience and their level of activity). . London has already seen record levels of VC tech investment this year, with the UK capital’s tech startups receiving $13.3bn in the first seven months (January to July), up from $10.9bn across 2020.
London’s impressive start to 2021 has been fueled by major funding rounds for Revolut ($800m), Checkout.com ($450m) and Hopin ($400m). Bangalore’s ranking was also boosted by healthy access to growth capital demonstrated by recent large funding rounds from food delivery platform Swiggy ($1.3 billion), social media company ShareChat ($502m) and edtech firm Byju’s ($460m).
Compared to other international tech hubs, the research found that startups in London have access to deeper pools of capital, with an average seed round of $653k, well ahead of the global average of $494k. London is currently home to over 1,370 VC firms – more than any other European city, providing access to a vast network of investors and the depth of capital in the ecosystem. Several global investment firms have also recently increased their presence in London, with Index Ventures announcing a $3.1bn fund for European start-ups in July and news that Silicon Valley-based VC Sequoia Capital has opened its doors to the UK capital. The footprint has been expanded.
London is also known for its world-class talent pool, with the city ranking high across the board for the quality and accessibility of tech and life sciences talent. Four of the world’s top ten universities are located in or close to London, with 484k software developers in the city as well as a plethora of life sciences-focused universities and degree programs.
The Mayor of London, Sadiq Khan, said, “London is a great place to grow and grow a global tech business. We celebrate the diverse, international nature of our tech ecosystem and our thriving start-ups in this report. It’s great to see the community being recognized.
London’s tech sector has an important role to play as we rebuild from the pandemic, and I’m excited to be part of London Tech Week, to discuss how our tech community can help other start-ups solve global challenges. How to work with hub In the face of Brexit and the global pandemic, London has demonstrated its resilience and has once again proven itself to be one of the best places globally for technological innovations and start-ups. “
Janet Coyle, Managing Director Business Growth, London & Partners, said, “India and London share strengths in technology, innovation and entrepreneurship, and today’s report concludes opportunities for Indian tech companies looking to London for international expansion. show abundance.
For startups and high growth companies looking to expand globally, London has access to a high level of funding, talent and clients in a single city. As one of the world’s leading hubs for innovation, there is a huge opportunity for London to collaborate with other fast-growing startup hubs such as Bangalore and Mumbai. “
JF Gauthier, Founder and CEO, Startup Genome, said, “Entrepreneurs, policy makers and community leaders in Asia are working hard to build inclusive innovation ecosystems that are engines of economic growth and job creation for all. The Global Startup Ecosystem Report is a foundation of knowledge where we as a global network come together to identify which policies truly create economic impact and in what context. “
While the US and China have long been considered global superpowers for startups and tech, the pandemic has accelerated the democratization of startups, and Europe is increasingly cementing its position on the global stage.
The report shows Europe accounts for 17% of the top 30 ecosystems this year, with London being the only European city in the top 10 list. The Asian ecosystem also continues to rise in the rankings, with Tokyo (#15 to #9), Seoul (#20 to #16), Shenzhen (#22 to #19), Bengaluru (#26 to #23), and Hangzhou . (#28 to #25) Moving on.
Poppy Gustafson, Founder and CEO of Darktrace, said, “At Darktrace, we are proud to build on the UK’s rich heritage in technology and innovation. Being part of the UK tech ecosystem gives us access to a vast network of investors, researchers and talent. and has been instrumental in building a successful AI business – in particular – in furthering our leading position in self-learning AI.
I am thrilled to be the ambassador of London Tech Week, a wonderful opportunity to celebrate not only the UK’s achievements so far, but also the growth of our industry.
The release of the latest Global Startup Ecosystem Report coincides with London Tech Week, which brings together the global tech community to explore how technology can solve some of the world’s most pressing challenges. Keynote speakers throughout the week include Hillary Clinton, former US Secretary of State, Sebastian Simiatkowski, Co-Founder and CEO at Klarna, Alex Mahone, Channel 4 CEO, and Maria Raga, Founder and CEO, Depop.
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