The recently released StartupBlink Global Startup Ecosystem Index 2023 provides valuable insights into the performance and momentum of various countries’ startup ecosystems.
Delving into the country rankings, we’d be highlighting the countries that experienced positive momentum and those that faced declines. Understanding these trends can offer valuable insights into the evolving global startup landscape.
Positive Momentum
1. Mauritius and Senegal
Among the top 100 countries, Mauritius and Senegal showcased the steepest positive momentum, each jumping 10 spots in the rankings. Mauritius, in particular, achieved a significant milestone by becoming the second-highest ranked African country in the Index. Both countries, relatively new additions to the Index, have demonstrated consistent improvement, reflecting their growing startup ecosystems.
2. Middle East & Africa Region
Apart from Mauritius and Senegal, several countries from the Middle East & Africa region displayed noticeable positive momentum. Sri Lanka climbed 7 spots to 83rd globally, while Saudi Arabia and Ecuador advanced 6 spots to 66th and 81st, respectively. Liechtenstein, Ghana, Kuwait, and Uganda also made noteworthy progress, each climbing 5 spots in the rankings.
Declines and Challenges
1. Morocco and Rwanda
Morocco experienced a decline of 14 spots, dropping to 93rd place after a significant increase of 16 spots last year. Similarly, Rwanda fell 11 spots to 95th, registering a 30-spot decline since 2020 and losing its position in the top 10 of the African region. These declines highlight the challenges faced by these countries in maintaining their startup ecosystem momentum.
2. Belarus
Belarus continued to face consistent losses, decreasing another 10 spots to 80th in the rankings, compared to its rank of 63rd in 2020. This decline suggests ongoing challenges for the country’s startup ecosystem.
3. Panama and South Africa
After gaining nine spots between 2020 and 2022, Panama was unable to sustain its positive momentum and ended at 86th in the current rankings. While South Africa’s decline was relatively mild compared to other countries, its four-spot decrease resulted in the exclusion of the African region from the global top 50 rankings.
4. Nigeria
Nigeria, after two years of upward movement in the Index, experienced a drop of three spots to 64th globally. This decline can be attributed to the challenging funding environment faced by Nigerian startups in the past year.
Returning and Absent Countries
1. Uganda
Uganda made a comeback in the Index, securing the 96th spot after a one-year absence. This return highlights Uganda’s efforts to rejuvenate its startup ecosystem and re-establish its presence in the global rankings.
2. Kosovo
Unfortunately, Kosovo dropped out of the global top 100 this year, signaling a setback in the development of its startup ecosystem. It serves as a reminder of the dynamic nature of the rankings and the need for continuous efforts to foster startup growth.
Conclusion
The country rankings provided by StartupBlink Global Startup Ecosystem Index 2023 offer valuable insights into the performance and trends of various startup ecosystems worldwide. While countries like Mauritius, Senegal, and Sri Lanka showcase positive momentum, others face challenges and declines.
These findings underscore the dynamic nature of the startup landscape and the importance of fostering favorable conditions for startup growth. By analyzing these trends, policymakers, entrepreneurs, and stakeholders can identify areas for improvement and make informed decisions to nurture their respective startup ecosystems.
