Philadelphia now ranks among the top 25 startup ecosystems in the world, report finds

The Philadelphia region climbed two spots to 25th place in the latest rankings of the top 40 global ecosystems for entrepreneurs and startups.

The 2024 Global Startup Ecosystem Report, compiled by Startup Genome and the Global Entrepreneurship Network, analyzed data from more than 4.5 million companies across more than 300 markets to determine the rankings.

Philadelphia placed one spot below Delhi, India, and one spot above Sao Paulo, Brazil, in the international rankings. The region one again placed 11th in North America, just behind Seattle and ahead of Austin.

The Silicon Valley retains its rank as the No. 1 startup ecosystem in the world. London and New York City are tied for second place, followed by Tel Aviv and Los Angeles in a fourth-place tie. The rest of the top 10 are, in order, Boston, Singapore, Beijing, Seoul and Tokyo.

The Philadelphia region's key attributes for startups, according to the study, are local educated talent and a "deeply collaborative" ecosystem. The report also points to the city's Jump Start program, which supports new businesses through measures including exempting them from the business income and receipts tax (BIRT) during their first two years of operation.

The Philadelphia region, the report found, created $92 billion in ecosystem value — a measure of economic impact calculated by the value of exits and startup valuations — between July 1, 2021, and Dec. 31, 2023.

The region also ranked in the top 25 globally and the top 10 in North America for "knowledge," which measures innovation through research and patent activity.

"Progress happens in stages, and the work our anchor institutions, startup leaders, and government officials have done collectively is driving the city and region higher on this list," said University City Science Center CEO Tiffany Wilson.

Wilson noted that Philadelphia has moved up three places in the rankings since 2021. She said that "consistent growth" is a result of the region's ability to nurture talent, technological innovation, and available financial resources.

"It's safe to say we are a global destination for startups and business opportunities," Wilson said.

Here are the top 20 startup markets in the U.S., according to Startup Genome’s 2024 Global Startup Ecosystem Report: