The Global Startup Ecosystem Index Report 2024 by StartupBlink offers a comprehensive ranking of the startup ecosystems of 1,000 cities and 100 countries worldwide, providing valuable insights into the dynamic and evolving global startup landscape.
Global Rankings: Top Countries:
The United States continues to dominate as the leading startup ecosystem globally, driven by innovation hubs like Silicon Valley, New York, and Boston. The United Kingdom follows closely, with London serving as a major tech hub. Israel also stands out for its high-tech industry and innovation, particularly in cybersecurity and biotech.
Top Cities:
San Francisco, USA, remains the top city for startups, boasting a robust ecosystem supported by venture capital, talent, and innovation. New York, USA, is a major financial and tech hub, offering a diverse and dynamic startup environment. London, UK, leads Europe with its fintech and AI sectors. Other notable cities include Los Angeles and Boston in the USA, Tel Aviv in Israel, Berlin in Germany, and Beijing and Shanghai in China.
Africa’s Top 10 Cities.
- Cape Town, South Africa: Cape Town remains Africa’s leading startup ecosystem, ranking 128th globally. The city excels in fintech, health tech, and renewable energy.
- Lagos, Nigeria: Lagos is Nigeria’s strongest startup ecosystem, ranking among the global top 100 cities. It has a vibrant tech scene, particularly in fintech and e-commerce.
- Nairobi, Kenya: Nairobi is highlighted for its vibrant tech ecosystem, driven by fintech innovations like M-Pesa, ranking 120th globally.
- Johannesburg, South Africa: Johannesburg climbed 17 spots to rank 139th globally, with a diverse startup ecosystem.
- Cairo, Egypt: Cairo made a significant jump, joining the global top 100 cities, noted for its expanding startup ecosystem with significant investments in tech and innovation.
- Pretoria, South Africa: Pretoria had a massive increase of 333 spots, entering the top 500 at 426th, gaining recognition for its growing tech ecosystem.
- Durban, South Africa: Durban increased 268 spots to rank 547th globally, showing significant growth.
- Port Louis, Mauritius: Port Louis jumped two spots to rank 288th globally, helping Mauritius retain its position as the second top startup ecosystem in Africa.
- Kampala, Uganda: Kampala experienced significant growth, driven by software and data provision, climbing 22 spots in the global rankings.
- Addis Ababa, Ethiopia: Addis Ababa is gaining recognition for its growing tech ecosystem, ranking 328th globally.
Notable Startups and Investments.
- Kenya’s M-Kopa: Secured a $51 million loan from the United States International Development Finance Corporation (DFC) to expand its offerings in solar lighting systems, televisions, fridges, smartphones, and financial services.
- Benin’s Spiro: An e-mobility startup with operations in Kenya, received a $50 million loan from the African Export-Import Bank (Afreximbank).
- Senegal’s Wave: Raised the biggest-ever Series A round for an African startup, pushing its valuation to $1.7 billion, making it Africa’s first francophone unicorn.
- DR Congo’s Altech: Announced an $18 million debt funding round to expand access to energy in the Central African country.
The key Trends and Insights is that Countries and cities with strong digital infrastructure and supportive government policies are leading the way in startup innovation. Fintech continues to be a dominant sector, particularly in Africa, where mobile money and digital financial services are driving economic inclusion. The rise of remote work and digital collaboration tools has enabled startups to operate and scale globally, regardless of their geographic location.
The Global Startup Ecosystem Index Report 2024 highlights the dynamic and evolving nature of the global startup landscape. With significant investments, supportive policies, and innovative solutions, countries and cities around the world are fostering environments where startups can thrive. The report underscores the importance of digital infrastructure, talent, and access to capital in building robust startup ecosystems. Notable investments in Africa, including those in Kenya, Benin, Uganda, and Tanzania, demonstrate the continent’s growing potential in the global tech scene.
By Mwendwa Kivuva.
X: @MwendwaKivuva
