Nordic capitals all strong startup ecosystems

Startup Genome has released its The Global Startup Ecosystem Report 2023. It ranks the top startup ecosystems using a formula based on performance, funding, connectedness, market reach, knowledge and talent+experience. Best ecosystem in the world? Still Silicon Valley, ahead of New York and London.

From a Nordic perspective Stockholm ranks 22 and Helsinki 39. In Emerging ecosystems Copenhagen ranks 1 and Oslo 17.

Among European ecosystems Stockholm reaches 5th place, behind London, Berlin, Amsterdam and Paris.

I don’t think the report fully does justice to how strong the Nordic ecosystems are as a whole (but it doesn’t set out to do that). Together the four Nordic ecosystems are easily competing with the top 10 global ecosystems.

But we need to continue to found and invest in great startups to keep or advance our place in the rankings. Especially Swedes, who in the most un-Jante way, keep repeating the phrase “Stockholm has the most unicorns per capita after Silicon Valley“, even if that is likely no longer true.

That is not to say it cannot be again, as a city like Tel Aviv (ranking 5th globally) is a great example that a small ecosystem can place significantly higher in the global rankings than 22.

Global Startup Ecosystem Ranking 2023 (Top 30 + Runners up)

Emerging Ecosystems

Author: Henrik Torstensson

Partner at Alliance VC. Investing in Nordic early-stage tech startups.

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