Startups are red hot these days, and they are pretty much popular all over the world, with Silicon Valley seemingly as the most popular destination for start-ups all over the world. However, this might soon change, according to an extremely comprehensible report, by Startup Genome.
Startup Genome examined how cities help to grow and sustaining vibrant startup ecosystems through eight major factors: funding, market reach, global connectedness, technical talent, startup experience, resource attraction, corporate involvement, founder ambition, and strategy.
It wasn’t a surprise at all to see that this year’s top three ecosystems are Silicon Valley, New York, and London. However, there is quite more than this that the report presents. There is much more stuff coming in from the report that needs to be considered.
One concerning factor for Americans which the report presents is the fact that America is losing its place to Asia and Europe. Los Angeles and Chicago, for example, had the biggest drop of the top 20 cities, mainly due to their lowered scores in ‘global connectedness’. However, the US is still prominent within the Americas (and the world), with seven US cities in the top 20.
It is true that Silicon Valley is still very prominent in many of the categories, however, it is also true that Silicon Valley is losing its prominence in other areas due to the high salaries that other places are offering – Singapore, for instance. Of course, it’s natural for the talent to be attracted where the best offer comes in from.
While 2 US cities have lost their place in the top 20 rankings, Europe is on the rise – having 6 representatives in the top 20 – featuring London, Tel Aviv, Berlin, Paris, Stockholm, and Amsterdam. It is extremely satisfying for Londoners to see that all the Brexit mess hasn’t really badly affected the Start-up system in their city. As a matter of fact, London has moved up three places since the last report.
Asia isn’t far off either. This year, Singapore ranks top in talent, which is quite the feat. This can be accredited to Singapore’s innovative policies that began in the 1990s.