London, Mumbai and Bangalore have featured among the many world’s high startup hubs, in keeping with a complete rating of worldwide startup hubs compiled by Startup Genome for its annual World Startup Ecosystem Report 2021. Regardless of Brexit and the coronavirus pandemic, London maintained its second-place rating tied with New York for the second 12 months in a row.
Bangalore additionally ranked within the high 30 international tech hubs (#23 globally) and Delhi made it into the highest 40 listing, coming in at thirty sixth. Mumbai maintained its first place within the Rising Ecosystems rating (ecosystems in earlier levels of progress which have excessive potential to be international performers sooner or later), outperforming different fast-growing ecosystems in areas of funding, efficiency, market analysis and expertise.
Launched to coincide with London Tech Week, the most important tech occasion in Europe, the report ranks the main 140 startup ecosystems based mostly on seven success elements together with Efficiency, Expertise and Connectedness.
The findings revealed that London is essentially the most enticing vacation spot to arrange a tech startup outdoors of Silicon Valley, with an total ecosystem worth of $142.7bn. London has risen up the league desk in the previous couple of years, climbing from quantity eight in 2012 when the primary rankings have been launched to quantity two in 2020.
Silicon Valley held onto the highest spot this 12 months whereas Beijing and Boston got here in fourth and fifth respectively.
The analysis exhibits that Indian startups raised $12.1 billion within the first half of this 12 months, demonstrating the speedy progress of India as a worldwide hub for tech and innovation. As of August 2021, India has produced 24 unicorns in 2021, together with 6 in simply 4 days in April.
The town of Bengaluru and the encompassing state of Karnataka can be the world’s 4th largest expertise and innovation cluster and residential to greater than 400+ international R&D centres. Alongside Mumbai, plenty of different Indian hubs made it into the ‘Top 100 Emerging Ecosystems’ listing, together with Chennai, Pune and Hyderabad.
The findings additionally revealed London is without doubt one of the greatest cities on the planet for entry to funding and high quality and exercise within the funding ecosystem (referring to the variety of native buyers, investor expertise and their stage of exercise). London has already seen report ranges of VC tech funding this 12 months, with the UK capital’s tech startups receiving $13.3bn within the first seven months (January to July), greater than the $10.9bn raised in the entire of 2020.
London’s spectacular begin to 2021 has been boosted by main funding rounds for Revolut ($800m), Checkout.com ($450m) and Hopin ($400m). Bangalore’s rating was additionally boosted by wholesome entry to progress capital, demonstrated by current massive funding rounds from meals supply platform Swiggy ($1.3bn), social media firm ShareChat ($502m) and edtech agency Byju ($460m).
In contrast with different worldwide tech hubs, the analysis discovered that startups in London have entry to deeper swimming pools of capital, with a mean seed spherical of $653k, forward of the worldwide common of $494k. London is at the moment residence to over 1,370 VC corporations – greater than another European metropolis, offering entry to an unlimited community of buyers and a depth of capital within the ecosystem. A variety of international funding corporations have additionally elevated their presence in London just lately, with Index Ventures saying a $3.1bn fund for European start-ups in July and the information that Silicon Valley based mostly VC Sequoia Capital had expanded its footprint within the UK capital.
London can be recognised for its world class expertise pool, with town rating extremely throughout the board for high quality and entry to Tech and Life Sciences expertise. With 4 of the world’s high ten universities situated in or near London, town is residence to 484k software program builders in addition to a excessive variety of Life Sciences-focused universities and diploma programmes.
The Mayor of London, Sadiq Khan stated, “London is a unbelievable place to develop and scale a worldwide tech enterprise. We rejoice the varied, worldwide nature of our tech ecosystem and it’s nice to see our thriving start-up neighborhood being recognised on this report.
London’s tech sector has a pivotal function to play as we rebuild from the pandemic, and I’m excited to be a part of London Tech Week to debate how our tech neighborhood can work with different start-up hubs to resolve international challenges. Within the face of Brexit and the worldwide pandemic, London has demonstrated its resilience and confirmed itself as soon as once more to be among the best locations globally for tech improvements and start-ups.”
Janet Coyle, Managing Director Enterprise Progress, London & Companions stated, “India and London have shared strengths in expertise, innovation and entrepreneurship and as we speak’s report findings display the abundance of alternatives for Indian tech corporations trying to London for worldwide growth.
For startups and excessive progress corporations contemplating international growth, London has entry to excessive ranges of funding, expertise and clients multi function metropolis. As one of many world’s main hub for innovation, there may be enormous alternative for London to collaborate with different fast-growing startup hubs like Bangalore and Mumbai.”
JF Gauthier, Founder & CEO of Startup Genome stated, “Entrepreneurs, policymakers, and community leaders in Asia have been working hard to build inclusive innovation ecosystems that are engines of economic growth and job creation for all. The Global Startup Ecosystem Report is the foundation of knowledge where we, as a global network, come together to identify what policies actually produce economic impact and in what context.”
Whereas the US and China have lengthy been thought of the worldwide superpowers for startups and tech, the pandemic has accelerated the democratisation of startups, and Europe is shortly cementing its place on the worldwide stage.
The report exhibits Europe accounts for 17% of the highest 30 ecosystems this 12 months, with London the one European metropolis to make the highest 10 listing. Asian ecosystems additionally proceed to rise within the rankings, with Tokyo (from #15 to #9), Seoul (#20 to #16), Shenzhen (#22 to #19), Bengaluru (#26 to #23), and Hangzhou (#28 to #25) transferring forward.
Poppy Gustafsson, Founder and CEO at Darktrace, stated, “At Darktrace, we’re proud to be constructing on the UK’s wealthy heritage in tech and innovation. Being a part of the UK’s tech ecosystem affords us entry to an unlimited community of buyers, researchers and expertise and has been instrumental in constructing a profitable AI enterprise and – particularly – advancing our main place in Self-Studying AI.
I’m thrilled to be an envoy for London Tech Week, a unbelievable alternative not solely to rejoice the UK’s achievements to date, however to drive our business ahead.”
The discharge of the most recent World Startup Ecosystem Report coincides with London Tech Week, bringing collectively the worldwide tech neighborhood to handle how tech can clear up among the world’s most urgent challenges. Key audio system all through the week embrace Hilary Clinton, former US Secretary of State, Sebastian Siemiatkowski, Co-founder & CEO at Klarna, Alex Mahon, CEO at Channel 4 and Maria Raga, Founder & CEO at Depop.