District ranks 24th among the world’s start-up hubs
By J.D. Harrison,
Washington, D.C. narrowly cracks the top 25 in new rankings of the top start-up ecosystems in the world, trailing seven other regions in the United States with regards to output of innovative new companies.
The rankings come courtesy of the Startup Genome project, part of a research project launched last February by a trio of successful entrepreneurs aimed at determining what allows some start-ups to take off and what drives others into the ground. Meanwhile, the data they collected over the past year has also provided insights in the evolution of several entrepreneurial hot beds around the world.
Not surprisingly, Silicon Valley still leads the pack, but the gap is closing between California’s tech Mecca and hubs like New York City (second on the list), London (third) and Toronto (fourth). The District ranks 24th, while fellow American cities Los Angeles, Seattle, Chicago, Boston and Austin all cracked the top 20.
The report also highlights some of the nuances that make each of the top start-up ecosystems unique. Among the most interesting findings:
●Silicon Valley churning out job creators: During the late stages of development, Silicon Valley start-ups create 11 percent more jobs than New York City firms and 38 percent more jobs than London start-ups.
●British start-ups demanding higher education: Most London start-ups’ founders have a masters’ degree or better, while most in the Valley and in the Big Apple have just an undergraduate degree.
●New York attracting female entrepreneurs: New York’s female-male founder ration (20 percent/80 percent) is almost double that of Silicon Valley and London.
●Silicon Valley founders aiming to change the world: Founders in the top start-up ecosystem are 30 percent more likely to say they want to change the world than those in London and New York.
●London, New York catering to late-stage firms: Silicon Valley companies tend to raise at least twice as much money as other firms during the early development stages. But when it comes time to scale, New York City start-ups raise 27 percent more money than their California counterparts, while London firms raise 30 percent more capital.