The Global Startup Ecosystem Index is a metric to identify the ideal places to venture into a business. It can be very beneficial for entrepreneurs searching for blooming business communities where they can get guidance and support. The index ranks various startup ecosystems across 1000 cities, which gives every country a rank for ease of starting a business venture.
Global Startup Ecosystem Index Significance
The Global Startup Ecosystem Index takes a wholesome approach to startup centres across many nations. As a result, the index evaluates and highlights hundreds of startup centres instead of only a few leading nations coming to light. The index includes businesses, leaders, funders and other players in the entire ecosystem.
This index system considers any business that applies an innovative solution to obtain results. The solution can be a product, service or even a process. The report generated by the index is calculated based on three parameters, including quantity, business environment and quality.
- Quantity includes parameters such as number of startups, meets ups related to the startups, number of co-working spaces, accelerators, etc.
- Quality includes parameters such as the total number of employees in the startup, the existence of unicorns, events held on a global scale, influencers and more.
- The business environment includes ease in registering companies, ease of doing business, freedom to resources like the internet, availability of technology solutions like payment portals, cryptocurrency and more.
What Is India's Ranking In Global Startup Ecosystem Index?
In 2021, India rose by three ranks to reach the20th spot out of 100 countries in the Global Startup Ecosystem Index. Going back to 2020, India had ranked at the 23rd spot, while in 2019, it was the 17th spot for India.
So in the current year, India has once again acclaimed a spot in the top 20 countries in the world based on its startup ecosystem. The top 5 positions are currently held by Canada, Germany, the United Kingdom, the United States, and Israel, the same as many of the previous years.
Global Startup Ecosystem Index - Ranking Improvement
It is believed that the startup ecosystem in India can improve with the aid of good infrastructure and increased internet speeds. India must look beyond local markets alone and expand its outlook on startups with a creative approach that transcends global boundaries.
In recent years, there have been many new additions to the list of Indian cities, which include Raipur, Varanasi, Udupi, Agra, Jamshedpur, Vijaywada and Patna.
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With 43 of its cities listed in the top 1000 cities worldwide and 3 of its cities listed in the top 20 is a feat that only a few countries have been able to achieve. Even China has a very strong startup environment and has only two cities listed in the top 20.
FAQs on Global Startup Ecosystem Index
Q:1 According to the Global Startup Ecosystem Index, what is India's rank?
At present, India ranks 20th position per the Global Startup Ecosystem Index. This position changes each year based on several criteria.
Q:2 Is it possible for India to improve its rank on the Global Startup Ecosystem Index?
Yes, it is possible for India to improve its rank on the Global Startup Ecosystem Index, India can improve its current position with a robust system of reforms. Improved infrastructure and increased internet connectivity are a few reforms that can help.
Q:3 What is the meaning of a startup as per the Global Startup Ecosystem Index?
A startup is any company that innovates a solution and provides a scalable economic model to make the invention a business strategy as per the Global Startup Ecosystem Index.
Q:4 Where does the country's capital, New Delhi, rank on the Global Startup Ecosystem Index?
New Delhi stands at the 14th position on a list of the top 1000 countries worldwide as per the Global Startup Ecosystem Index.
Q:5 Which three Indian cities stand in the top 20 cities out of 1000 as per the Global Startup Ecosystem Index?
Bengaluru, New Delhi and Mumbai are the three Indian cities in the top 1000 cities as per the Global Startup Ecosystem Index.