StartupBlink, the leading global startup ecosystem map and research center, has announced the launch of the Global Startup Ecosystem Index 2024, featuring rankings of 100 countries and 1000 cities. The Index, based on a rigorous and objective algorithm, empowers entrepreneurs, investors, and policymakers with reliable data. In the Nordics, Sweden remains the top-ranked country despite a slight decline, with Stockholm leading as the region’s premier startup city. Denmark climbed to 18th globally, while Finland and Norway saw minor setbacks. In the Baltics, Estonia reclaimed its best ranking since 2020, moving up to 12th globally, with Tallinn entering the EU’s top 10. Latvia and Lithuania also showcased their potential, maintaining strong positions.
The Index is powered by Global Partners including CrunchBase, Semrush, UNDP, Statista, and by over 100 governments, municipalities, and economic development organizations. StartupBlink’s rankings are based on an objective algorithm that uses quantifiable data that can be comparatively measured across regions, countries, and cities. This methodology ensures the accuracy and reliability of the rankings, providing stakeholders with reliable information to drive their decision-making processes. Since 2017, the Index has provided policymakers and startup ecosystem stakeholders with practical insights into their local startup economies.
StartupBlink believes that choosing the right location to base and scale a startup is often overlooked but can greatly impact your chances of success. While startups are chaotic in nature, the right ecosystem allows you to connect with high-quality opportunities and stakeholders on a daily basis. Additionally, founders and investors use the Index to make informed decisions and to discover the most promising startup ecosystems in the world.
Nordic Highlights
Despite a challenging year for many, all Nordic countries maintained their positions within the global top 50. Denmark stood out by climbing one spot to 18th place, showing resilience in a region otherwise marked by negative momentum.
“Gothenburg is an entrepreneurial city with nearly endless possibilities for innovators to develop their ideas, test their concepts and find successful collaboration opportunities” states Patrik Andersson, CEO of Business Region Göteborg.
Sweden remains the top-ranked country in the Nordics, although it experienced a slight decline, dropping to 6th globally. Stockholm continues to lead as the region’s premier startup city, despite falling seven spots to 26th globally. Notably, Gothenburg demonstrated remarkable progress, jumping 28 places globally and four within the Nordics, now ranking as the 5th top city in the region. Additionally, Karlstad made its debut in the global top 1,000.
Finland saw a minor setback, dropping to 14th globally. Helsinki continues to be the country’s top startup ecosystem, maintaining its 7th position in the EU and ranking 2nd in the Nordics. However, other Finnish cities like Oulu faced declines, indicating a need for strategic support beyond the capital.
Norway remained steady, with Hamar entering the global top 1,000 for the first time, highlighting emerging entrepreneurial hubs outside Oslo.
Baltic Progress
The Baltic countries also had notable performances, with Estonia reclaiming its best ranking since 2020, moving up two spots to 12th globally. Estonia continues to lead the Baltic states, with Tallinn improving its global ranking by five places to 55th, entering the EU’s top 10. Tartu, however, experienced a relative decline, underscoring Tallinn’s dominance in the Estonian startup scene.
Latvia and Lithuania both showcased their potential, although they did not see significant changes in rankings. Lithuania remains a strong contender, closely following Estonia, with Vilnius maintaining its position as a key startup hub in the region.
“Lithuania’s emergence as one of the fastest growing startup hubs in the region is not an accident. It is the result of a sustained effort to nurture a favorable environment for innovation and entrepreneurship, empowering talents and innovators, thus facilitating the growth of a thriving and dynamic ecosystem. StartupBlink’s latest index confirms this upward trajectory, with Lithuania rising by one spot in the Global Startup Ecosystem Index to 16th position. The capital, Vilnius, rose to 71st – up 2 from last year. We are intent on continuing our efforts to grow a competitive and attractive ecosystem able to deliver innovations that the world needs.” says Aušrinė Armonaitė, Ministry of the Economy and Innovation of the Republic of Lithuania.
Economic Landscape and Trends
The global startup economy is still feeling the aftershocks of the 2021 valuation bubble, with funding at its second-lowest level since early 2018. This funding winter has compelled startups to prioritize profitability over growth, leading to a shift in strategic focus across the board. Despite these challenges, the Nordics and Baltics have shown resilience and adaptability.
The Index, powered by extensive data from partners like Crunchbase and Semrush, provides a detailed analysis of startup environments, helping stakeholders make informed decisions. The current economic climate, with high inflation and geopolitical uncertainties, continues to test the resolve of startup ecosystems globally.
The Global Startup Ecosystem Index 2024 reveals a nuanced picture of the Nordic and Baltic startup landscapes. While challenges persist, the region’s resilience and ability to adapt are evident. With Denmark and Estonia making gains and cities like Gothenburg and Tallinn showing significant momentum, the future remains promising for these dynamic ecosystems.
The Global Startup Ecosystem Index 2024 is a free resource available for download via this link. The Index contains detailed information on the startup scene of 100 countries and includes insights on their most innovative cities, best-performing startup industries, unicorns, and notable organizations that contributed to local innovation. The rankings can also be viewed in our interactive ranking tables below the Global Ecosystem Map.
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