In the current climate for startups and entrepreneurs, with fundraising down, being part of an established ecosystem can be more important than ever. A recently released report suggests that type of environment is taking hold in Milwaukee.
Research center StartupBlink in its most-recent annual list of the top startup ecosystems across the globe ranked Milwaukee 127th on a list of the top 1,000 cities around the world, up from 153rd the year before. The city's new ranking represents what StartupBlink called "one of the most notable rises in North America," and puts it just four slots below Madison, which dropped 16 spots to 123rd.
The rise also puts Milwaukee among the top 50 in North America and 44th in the United States, according to StartupBlink. Healthtech was considered to be Milwaukee's top startup ecosystem, ranking 88th globally with a total of 21 startups in the space.
The best startup ecosystems were seen as the ones that offered new companies access to funding through local VC networks and accelerator programs and provide access to top-tier universities for both talent and new scientific research.
Startups worldwide continue to undergo a major recalibration from the highs of 2021 — and "the funding winter," as the report describes it, has no signs of ending. That means startups need to reassess how they pursue funding.
According to Crunchbase data, the first quarter of 2024 was the second-lowest for global startup funding since the beginning of 2018. As capital availability continues to be tight, the startup world has become more characterized by distinct clusters and shaped regionally with capital becoming increasingly concentrated in specific geographic areas.
To the south, Chicago ranked as a top 15 market globally and No. 6 among U.S. markets. StartupBlink's Global Startup Ecosystem Index has been updated annually since 2017, assessing 1,000 cities across 100 countries.
Within the United States, StartupBlink slotted Chicago behind only San Francisco, New York, Los Angeles, Boston and Seattle.
Chicago's global ranking was unchanged from last year's report. The city has been as high as 13 in previous iterations.
