Even as India boasts of being the third largest startup ecosystem globally, in terms of the number of startups, but the country has a lot of catching up to do when it comes to the quality of startups and business environment coupled with the quantity. A report by mapping and research center for startup environment of countries globally — StartupBlink has ranked India 17th (out of 100 countries), much below the top five — the US, the UK, Canada, Israel, and Australia.
StartupBlink’s technology algorithm analyses data points from over 61,000 startups, more than 500 accelerators, and over 1,400 coworking spaces registered on its platform along with data gathered from its global partners including Crunchbase, SimilarWeb etc.
The ranking is carried out on the basis the impact startups have been able to make in the country, how many startups and support organisations are there such as accelerators, coworking spaces, startup events along with technology infrastructure, red tape, bureaucracy, etc.
While India India climbed 20 spots (rank 37) from the previous ranking, countries such as Estonia (13), Ireland (14), and Germany (9) were ranked ahead of India for their startup ecosystems, according to the report seen by Financial Express Online. Importantly, China was ranked 27th.
The main challenges facing India as it works to keep its current ranking and advance will be improving the overall quality of startups, and increasing the number of unicorns than currently exist, the ranking said.
StartupBlink also ranked cities globally in its top 25-city ranking that included Bengaluru at 11 and New Delhi at 18. Mumbai, at 29, couldn’t make it to top 25. San Francisco Bay, New York, London, Los Angeles, and Boston were the top five ranked cities.
“Many founders, myself included, have made the mistake of assuming personal effort is what determines success, regardless of location,” said Eli David, CEO, StartupBlink.
As an entrepreneur, location will greatly influence the chances your startup will succeed. Knowing how well your ecosystem performs is also important, added David.
StartupBlink has 3,043 startups, 82 coworking spaces, and 7 accelerators from India on its platform. According to a Nasscom report on the Indian startup ecosystem last year, there are close to 8,000 technology startups in India after the US and China.