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Philadelphia on the cusp of becoming a top 10 startup ecosystem in the U.S., report finds

From the Philadelphia Business Journal

Philadelphia has the world's 27th-best startup ecosystem and ranks at No. 11 in the U.S., according to an annual report by Startup Genome.

The city inched forward one spot in both the international and national rankings after coming in at No. 28 and No. 12, respectively, in 2021. This year, the report lauded Philadelphia for being "a vibrant Life Science hub and a particularly attractive home base for female entrepreneurs."

Startup Genome’s Global Startup Ecosystem Report ranked more than 280 regional ecosystems based on factors like startup growth and activity, innovation and research, capital availability, talent and support for companies. Silicon Valley topped the 2022 rankings, with London and New York City tying for second.

The report comes as Philadelphia's startup scene is taking major strides nationally. The region shattered its record for venture capital funding last year, hauling in $8.1 billion. That was the fifth-highest total in the nation. Philadelphia-area startups followed that up with a first quarter of 2022 that saw a 71% increase in funding over Q4 2021, by far the highest increase in the U.S.

Startup Genome gave Philadelphia high marks for research infrastructure, which measures the number of accelerators and incubators, research grants, and research and development anchors, like hospitals and research labs. Philadelphia scored a nine out of 10 in infrastructure, putting it in the top 10 in the world in the category.

Besides being a "leader in innovation" and a research hub, Startup Genome adds that the city's diverse talent pool is a reason for startups to move to Philadelphia. Philadelphia was the fourth-best place to raise capital as a woman in the nation, according to PitchBook data.

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Kristen Fitch

Senior Director, Marketing