Hi-tech Hyderabad has made it to the list of ‘Top 100 Emerging Startup Ecosystems’ globally. The rating given by the latest Global Startup Ecosystem Report has also put Telangana among the ‘Top 20 Asian Ecosystems’ in funding and among ‘Top 15 Regional Ecosystems’ when it comes to affordable talent.
Not surprisingly, Bengaluru continued its dominance in India’s startup space as it was the sole Indian city to make it to the ‘Top 30 Global Startup Ecosystem’ at 23rd rank. While Mumbai raced to numero uno spot in the ‘Top 100 Emerging Startup Ecosystems’ list this year, Hyderabad shared its rank with Pune and Chennai.
The three cities – Hyderabad, Chennai and Pune -- were designated between 61-70 ranks without any specific rank being mentioned for each city. Last year, Hyderabad was placed among the 71-80 rank band.
This year, Hyderabad scored higher than Pune and Chennai in funding, but it trailed behind these two cities in the areas of performance and talent.
When it comes to Asia, the report cited Telangana government’s recruitment assistance and performance grants as the key reasons why a startup should move to Telangana.
As per the report, the Telangana government offers a recruitment assistance of Rs 10,000 per employee for the first year of operation.
Besides, Telangana-based startups that record a Yo-Y growth rate of 15%, as per their audited accounts, during their first three years since incorporation are eligible for a grant of 5% on turnover, subject to a limit of $13,600.
Telangana was also deemed strong in the life sciences sector as well as emerging technologies like AI, Big Data and Analytics.
The report evaluated over 280 ecosystems globally and ranked leading 140 ecosystems.
Overall, despite a turbulent year, the same five global startup ecosystems that stood among the top 5 in 2020 remained at the top of GSER rankings this year as well.
Silicon Valley, followed by New York City and London (tied at second rank for two consecutive years), Beijing and Boston held the top ranks in the top ‘30 Global Startup Ecosystem’.
North America continued to dominate the global rankings with 50% of the top 30 ecosystems in this region. Asia accounted for 27%, whereas Europe had 17% of the top 30 ecosystems.