The 2024 Global Startup Ecosystem Report (GSER) from GEN and Startup Genome is now available for download. The GSER is the world’s most comprehensive and widely-read research on startups, with data from 4.5 million companies across 300 entrepreneurial innovation ecosystems. The report includes a ranking of the top 40 global ecosystems, the top 100 emerging ecosystems, and an expanded regional ranking.
On June 18, we invite you to join us for a deep dive into the findings, trends, and how they apply to you as a key member of the global entrepreneurship ecosystem.
In the meantime, here is a snapshot of the key storylines:
- 💸 As Series A funding drops, emerging ecosystems receive an increased share. Overall, Series A funding decreased 46% from 2022, and the value of large exits ($50M+) fell 47%. The share of Series A funding in the top 40 ecosystems dropped to 65%, a 14% drop since 2019. Meanwhile, Series A funding in the top 100 emerging ecosystems rose to 19%, up from 13%. While major ecosystems still dominate funding and access to resources, an increased share of funding was directed to emerging ecosystems.
- 🔎 Q1 2024 signals modest potential recovery for early-stage startup funding. The first quarter of the year projected a higher Series A funding amount and deal count than Q4 2023.
- 🦄 Unicorn birthrate stalls. The number of new unicorns in 2023 was down 58% from 2022 and 87% from the 2021 peak. More than half of new unicorns were in the GenAI and Deep Tech sub-sectors, a higher rate than in 2021.
- 📈 Surging investments in Generative AI. Nearly 20% of all VC funding in 2023 went to GenAI-focused startups. GenAI VC funding increased 3x in 2023 compared to 2022. Deal counts nearly doubled.
- ⬆️ ⬇️ Movement in the top 40 rankings. Tel Aviv, Seoul, Tokyo, Miami, Shenzhen, Paris, and Zurich showed impressive improvement in the top 40 rankings. Silicon Valley, New York City, and London maintain their top spots.
- 🚀 The Top 100 Emerging Ecosystems collectively have an Ecosystem Value of over $1.6 trillion. This is a slight increase from 2022. Europe is the most represented region in the Emerging Ecosystems Ranking, with a 42% share, followed by North America with 27%. Madrid, Barcelona, Jakarta, Metro Rhein-Ruhr, Greater Lausanne Region, Milan, Ottawa, Mexico City, and Athens made notable advancements in the ranking.
Attend the Virtual Launch Event
On June 18, GEN will dive into the key findings and trends with Startup Genome, followed by commentary from global ecosystem leaders and an open Q+A session. The event is free, virtual, and open to all. Join the discussion to learn what the key findings mean and how you can use the data to inform ecosystem building and policymaking in your region. Registration is required. Sign-up here.