London, Mumbai and Bangalore have featured among the world's top startup hubs, 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 also ranked in the top 30 global tech hubs (#23 globally) and Delhi made it into the top 40 list, coming in at 36th.
Mumbai maintained its first position in the Emerging Ecosystems ranking (ecosystems in earlier stages of growth that have high potential to be global performers in the future), outperforming other fast-growing ecosystems in areas of funding, performance, market research, and talent.
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 Connectedness.
The findings revealed that London is the most attractive destination to set up a tech startup outside of Silicon Valley, with an overall ecosystem value of USD 142.7bn. London has risen up the league table in the last few years, climbing from number eight in 2012 when the first rankings were released to number two in 2020. Silicon Valley held onto the top spot this year while Beijing and Boston came in fourth and fifth respectively.
The research shows that Indian startups raised USD 12.1 billion in the first half of this year, demonstrating the rapid growth of India as a global hub for tech 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 4th largest technology and innovation cluster and home to more than 400+ global R & D centres. Alongside Mumbai, a number of other Indian hubs made it into the 'Top 100 Emerging Ecosystems' list, including Chennai, Pune and Hyderabad.
The findings also revealed 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).
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