Philly is ranked one of the world’s best places to found a startup, climbing to No. 25 globally

Philly has officially cracked the world’s top 25 startup ecosystems, according to a respected industry ranking.

Philadelphia moved up two spots from last year’s No. 27 ranking on the annual Global Startup Ecosystem Report from trade association and research group Startup Genome and the Global Entrepreneurship Network.

Diverse talent and collaboration helped Philly stand out this year, per Tiffany Wilson. She’s president and CEO of the University City Science Center, a Startup Genome member.

“Sharing ideas and resources with other cities, and being a welcoming destination for life sciences and health tech companies to do business has definitely improved our standing,” Wilson told Technical.ly. “This recognition only opens more doors for us, and gives other cities a chance to learn about the assets and resources that we have here.”

Philly outpaces the global funding, growth averages

The value of Philadelphia’s startup ecosystem was $92 billion between 2021 and 2023 while the global average is $29.4 billion. This is 40% compound annual growth compared to 2019 to 2021.

Among Philadelphia’s strongest sectors are life sciences, which commercial real estate group CBRE ranked the region as the 6th best life sciences market in the country last year. AI, big data and analytics and advanced manufacturing and robotics, are also important industries according to the report.

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