The 2024 Global Startup Ecosystem Report (GSER) by Startup Genome and the Global Entrepreneurship Network launched today at London Tech Week, in collaboration with the Founders Forum, Informa Tech and London & Partners. The GSER analyzes data from over 4.5 million companies across 300+ entrepreneurial innovation ecosystems and features rankings that indicate which ecosystems are currently driving innovation and deep knowledge about startup trends around the world. 

Compelling new insights include the notable decline in global VC funding, the sharp decrease in Exit Values, the scarcity of IPOs, the resilience of Cleantech investments, and the surge in Generative AI funding. The report also offers insights into the evolving dynamics of Series A funding, with a potential modest recovery in early-stage investment observed in Q1 2024.

Global key findings from the #GSER2024 include:

• Series A funding amount in 2023 was down 46% from 2022, and the value of large exits ($50M+) fell 47% over the same period.
• Q1 2024 has projected higher Series A funding amount and deal count than Q4 2023.
• The number of new unicorns in 2023 was down 58% from 2022 and 87% from the 2021 peak. With 15 unicorns, Silicon Valley led all ecosystems for the most new unicorns in 2023, though this was down 80% from 2022. 
• In 2023, more than half of new unicorns were in the GenAI and Deep Tech sub-sectors, a higher rate than 2021.
• Late-stage Cleantech startups raised 2.5x more funding in H2 2023 than in H1 2020. Europe has outperformed the U.S. and China in terms of Cleantech Series A funding growth from 2021 to 2023.  
• Generative AI saw a surge in funding, with nearly 20% of all VC funding in 2023 going to GenAI-focused startups. GenAI VC funding increased 3x in 2023 compared to 2022. Deal counts nearly doubled. 
• In 2023, the Series A funding amount share for Top 40 ranked GSER 2024 ecosystems was 65%, down from 79% for these ecosystems in 2019. The share of Series A funding amount for the Top 100 Emerging Ecosystems reached 19% in 2023 vs. 13% in 2019. 
• Top three global ecosystems: Silicon Valley remains at the top, followed by New York City and London tied for #2. 
• Europe is the most represented region in the Emerging Ecosystems Ranking, with a 42% share in the Top 100 Emerging Ecosystems, followed by North America with 27%.

“We persist in our role as expert advisors, dedicated to accelerating entrepreneurship and growth in startup ecosystems and innovation clusters worldwide. The Global Startup Ecosystem Report, as the most comprehensive and data-driven analysis in this domain, serves as the foundation of our mission,” emphasizes Stephan Kuester, Managing Partner at Startup Genome. “Armed with the right knowledge, we work side by side with entrepreneurs, policymakers, and community leaders globally in demonstrating how innovative technologies can drive exponential economic growth.”

The 2024 edition ranks the Top 40 global ecosystems, a ranking of emerging ecosystems, and expanded regional rankings. The report, driven by a consortium of representatives from 40+ countries, looks at the current state of startup activity and related investment. It also highlights startup communities from a regional perspective, separately ranking ecosystems in Asia, Europe, Latin America, MENA, North America, Oceania, and sub-Saharan Africa. Contributions from thought leaders further enrich the report’s extensive evidence-based findings, which are the product of over a decade of Startup Genome’s independent research and policy work.

“Creating more entrepreneurs is the most important thing that we can do as an ecosystem of enablers and policymakers. […] The progress we make on these issues in the next decade will determine the success of the next 100 years and beyond,” shares Jonathan Ortmans, President of the Global Entrepreneurship Network.

The GSER is created in partnership with the Global Entrepreneurship Network, Dealroom, Crunchbase, and Bella Private Markets. The 2024 edition provides guidance to public and private leaders on how to foster thriving startup communities — the #1 engine of job creation and economic growth. Discover how 140 entrepreneurial ecosystems across the world stack up and view the full report here: https://startupgenome.com/gser2024.