According to the Global Startup Ecosystem Index’s 2022 report, Australia has now reached 8th in the global startup ecosystem rankings, overtaking China and securing its position in the top 10 in the world.
The Index ranks the startup ecosystems of around 1000 cities in 100 countries, and is powered by a myriad of global data partners including Crunchbase, UNAIDS, SEMRush, Meetup, and more than 100 governments all around the world.
In recent years, Australia experienced a drastic decrease in their Index ranking. The 2019 rankings showed Australia as one of the best in the world at 5th place, but in just two years that ranking fell to a worrisome 9th place. Thankfully, it seems like the country is slowly gaining its footing once more and has started an optimistic recovery.
A closer look into our cities
At the national level, Sydney and Melbourne rank the highest among Australian cities in terms of global rankings, placing 38th and 42nd respectively. Although, while still remaining in the top 50, it should be noted that they have both decreased in rank from the previous year.
Within the Energy & Environment industry, Melbourne has risen to 4th place in the world, and Sydney is currently placed 23rd amongst the global rankings for Software & Data.
Australia will need to continue building momentum to completely recover from its ongoing decline in rankingsStartup Ecosystem Report 2022
But what about the others?
Perth, Brisbane, and Sunshine Coast are putting up numbers. With a 9, 11 and 6 place increase respectively, they have shown positive growth in both their national and global rankings.
Adelaide, Canberra, and the Gold Coast have each dropped substantially in the global rankings.
Like the previous year, the report suggests that more attention should be paid to creating higher quality startups in order to maintain their position in the top 10, and potentially move past its international competition.
An optimistic future
Looking forward, the report suggests Australia has the potential for more growth than ever before. While still recovering from the previous years, there are a few key positives.
Investment in the startup scene is growing, according to the report. Last year’s funding for startups was a record year and it seems to be trending upwards in 2022. Australia needs to utilise this influx of funding for their startups in order to grow globally.
Australia’s consumer market is also growing, even with its small population size in proportion to the geographical size of the country. Not to mention, the country enjoys a steady stream of tourism and immigration from overseas that bolsters its overall startup ecosystem.
The report concludes that Australia holds many key factors that ensures a successful startup scene that only looks to keep growing. This is due to a talented and educated workforce, high investments, and an entrepreneurial spirit.
To read the report, visit https://lp.startupblink.com/report/