Philadelphia's tech talent, funding access and strong life sciences and data analytics scenes has made it one of the top cities in the world for startups, according to Startup Genome's latest rankings.
The research firm ranked Philadelphia as No. 28 among more than 275 "startup ecosystems" worldwide, bumping it up 15 spots from last year's rankings. Startup Genome evaluates cities based on six factors: performance, funding, market reach, connectedness, talent and experience, and knowledge.
Philadelphia recorded one of the largest jumps in the rankings, the Philadelphia Business Journal reported. The city's best scores came in the market research, talent, performance and funding categories.
"Philadelphia's notable acceleration to a top 30 global ecosystem demonstrates our momentum as a region and shines a spotlight on our ecosystem's rare combination of investor activity, diverse talent and ingenuity," University City Science Center CEO Tiffany Wilson told Technical.ly.
Philadelphia startups raised $994 million in early stage funding, much higher than the global average of $548 million. Startup Genome estimated the city's ecosystem value to be $18.8 billion, also higher than the $13.68 billion global average.