The Israeli city of Tel Aviv, with 100 pc growth in ecosystem value, ranks in the Top 5 ‘Global Startup Ecosystem’ and has partnered with Startup Genome to recognise Tel Aviv’s entrepreneurial ecosystem in the GSER2023.

At The Next Web Conference in Amsterdam, research firm Startup Genome and the Global Entrepreneurship Network released the 2023 Global Startup Ecosystem Report (GSER), where the Israeli city of Tel Aviv, that recorded 100 pc growth in ecosystem value, ranks in the Top 5 ‘Global Startup Ecosystem’. Tel Aviv Global has partnered with Startup Genome to recognise Tel Aviv’s entrepreneurial Ecosystem in the GSER2023.

According to a press statement by the Israeli Ministry of Tourism, the research offers intriguing new insights and in-depth knowledge about startup trends around the world and is based on data on 3.5 million businesses across 290+ global ecosystems. The most extensive and well-maintained dataset on startup ecosystems in the world powers the GSER. Its thorough, fact-based conclusions of the report, the result of more than 10 years of independent research and policy work by Startup Genome, are further enhanced by contributions from knowledgeable thought leaders and regional key players.

“This is an extraordinary achievement for Tel Aviv-Yafo. The presence of the city among the top five in the ranking is conclusive proof that the freedom of creativity and thought, along with the values of diversity and liberalism, form the foundation for a thriving and successful tech industry. Tel Aviv-Yafo will continue upholding these values, offering tools, assistance, and support to the start-up and high-tech companies operating in the city. It will remain a central hub and a welcoming home for tech companies in Israel,” says Tel Aviv-Yafo’s Mayor, Ron Huldai.

According to the board, Tel Aviv generated USD 234.883 million in ecosystem value from July 1, 2020, to December 31, 2022, a 100 pc increase in compound annual growth over the period from July 1, 2018 to 2020. Ecosystem value, which is determined by the value of exits and startup valuations, is a gauge of economic effect.

The top 10 global ecosystem and the top Middle East/North Africa (MENA) ecosystem in funding measure innovation through early-stage funding and investor activity, while the top 10 global ecosystem and top MENA ecosystem in performance gauge an ecosystem’s size and effectiveness based on the total value of exited tech startups and funding.

The statement says that the top 15 Global Ecosystem and topmost MENA Ecosystem in Talent & Experience analyses long-term trends over the most important performance metrics as well as the capacity to attract and retain talent in the ecosystem. It measures innovation through research and patent activity, ranking as the top 25 global ecosystems and the number one MENA ecosystem in knowledge. The strong concentration of expertise, resources, and startup activity in the Life Sciences, Cybersecurity, and AI, Big Data & Analytics industries is highlighted.

“We are very proud to be working together with Tel Aviv Global to highlight their startup success stories in Tel Aviv and share with the world the top opportunities we see for continued strong entrepreneurial growth in the region. We are excited that Tel Aviv is part of our global network of world-leading innovators, and we look forward to driving further success through the power of connectedness and our ability to share key insights, best practices, and learnings for the future together,” says Stephan Kuester, Head of Ecosystem Strategy of Startup Genome.

GSER 2023 ranks the top 30 as well as 10 runner-up global ecosystems and includes a top 100 ranking of emerging ecosystems, says the board, adding that it also highlights startup communities from a regional perspective, separately ranking ecosystems in Africa, Asia, Europe, Latin America, MENA, North America, and Oceania. Key themes of this year’s report include inflation, AI regulation, talent attraction, global VC funding, and a wide range of market sub-sector analyses.

“The Startup Genome is crucial in laying the foundation for new startups to develop. It will bring the technologies and countries closer than they already are currently. As we look towards the future, we are sure that the economic growth will be stable since we have a stronger foundation than ever,” says Sammy Yahia, Director of Tourism India and Philippines.

“Israel is a country with a rich cultural, historical, and religious heritage, and is home to a variety of attractions that offer something for everyone. Whether you are interested in history, culture, nature, or just looking for a unique experience, Israel is a destination that is sure to deliver,” adds Yahia.