Michigan Has the No. 1 City for Emerging Start-Ups in the World
Story by Charles Ken, photo by Photo by Marvin Meyer on Unsplash
One Michigan city has been named the best in the world for emerging start-up companies
When you think of start-ups, you probably don’t think about Michigan. Cities known for their lush environments for start-ups include Denver, Colorado; Austin, Texas; Atlanta, Georgia; and Salt Lake City, to name a few. That’s not to mention Napa Valley, which is considered one of the hottest spots in the world for start-ups.
As it turns out, Michigan as the No. 1 in the world for emerging start-ups, according to a new report. According to newly released rankings from Startup Genome’s 2022 Global Startup Ecosystem Report (GSER), Detroit is the best spot in the world for those emerging companies. The GSER offers a comprehensive review of the startup world, with data from more than three million companies across 280+ entrepreneurial innovation ecosystems.
Detroit has made the list for a while now, but the city’s No. 1 ranking is a 13-spot jump from the previous year. According to the study, Detroit also ranked No. 1 in GSER’s list of Top 10 Ecosystems by Ecosystem Value at $90.6 billion, beating out both national and global cities such as Kuala Lumpur, Hong Kong, Jakarta and Minneapolis.
“This latest ranking from Startup Genome highlights the tremendous growth for Detroit as a destination for startups and VC investment,” Fred Molnar, senior vice president of entrepreneurship and innovation at MEDC said in a statement. “As Michigan’s economy continues to thrive, we will continue to work on providing the most dynamic environment for startups across Michigan to find growth and success.”
Reading through GSER’s local findings, Detroit garnered a score of 10/10 in Performance, measuring the size and performance of an ecosystem based on the accumulated tech startup value created from exits and funding; Market Reach, measuring scaleups and unicorns in the ecosystem, size of local reach, and IP commercialization; and Talent and Experience, measuring long-term trends over the most significant performance factors and the ability to generate and keep talent in the ecosystem. Detroit also garnered a score of 8/10 in Funding, measuring innovation through early-stage funding and investor’s activity. Find the full study here.
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