The newly-released Global Startup Ecosystem Report (GSER) by research firm Startup Genome and the Global Entrepreneurship Network (GEN) revealed this year’s top global cities with a thriving start-up ecosystem, with Sydney and Melbourne ranking prominently in the list.
Sydney managed to maintain its position in the global top 20 spot and is the highest-ranked start-up ecosystem in Oceania, with its ecosystem value increased by 50 per cent as per GSER’s valuation.
Meanwhile, Melbourne placed second in the region and is ranked 33 in the overall rankings, having enjoyed a massive jump in ecosystem value with a 43 per cent increase to US$25 billion.
Overall, Oceania experienced a 152 per cent increase in Series B+ deal amounts, 81 per cent increase in Series B+ deal count, and 60.7 per cent increase in early-stage funding amounts over the period 2018-2022. GSER noted that this is the highest growth of any global region for this period.
“The GSER shows Oceania experienced the highest increase in early-stage funding of any global region since 2018-2022,” Chad Renando, GEN Australia Managing Director, said. “GEN Australia is looking forward to welcoming 4000 delegates from across this thriving global start-up ecosystem to the Global Entrepreneurship Congress (GEC) in Melbourne later this year. Melbourne stands out as a worthy host and globally significant contributor to the startup ecosystem having gained six places this year in the GSER rankings.
“A 60.7 per cent increase can be attributed to a maturing ecosystem, including an increase in the number and type of venture capital firms, emerging investment syndicate platforms and models, and increasing involvement from state and national governments,” Renando added. “We are also seeing a push for greater representation in investment for females and First Nations founders, with more work needed to close the gaps.”
Other Australian cities also figured prominently in the report. Perth and Canberra were identified as two Top Emerging Ecosystems. Brisbane also made a significant jump in the Emerging Ecosystem ranking from 61-70 to 41-50 thanks to the successful IPO of electric vehicle charge manufacturer Tritium. Adelaide meanwhile managed to rank fifth in the Top Oceania Ecosystems by VC Funding per Capita, just behind Sydney, Melbourne, Brisbane, and New Zealand.
“Despite recent downturns in investment, this report foreshadows where we might see the world’s most disruptive and solution-driven companies emerge in the years to come,” Jonathan Ortmans, Founder and President GEN, said. “[The report] provides unparalleled insights that policymakers and community leaders need to build resilient start-up ecosystems.”
