per Carla Escolà Costa,
Over the last few decades, innovation activity has become concentrated in clusters or ecosystems, where finance, academia, industry and entrepreneurs rub shoulders to allow the free flow of ideas. Clusters inspired by Silicon Valley have emerged in global hotspots where these unique ingredients coalesce. It's a recipe that's slowly changing, however.
A report from Startup Genome in 2018 highlighted the growth in ecosystems around the world, with many increasingly focusing on a specific domain, whether that's fintech for London, biotech for Boston, or AI for Toronto.
“In this new era of tech, one strategy for smaller ecosystems to increase their footprint is to focus on specific sub-sectors in either verticals or deep tech areas where they have existing strengths,” the authors explain.
Their latest report highlights how this growth in emerging ecosystems is continuing apace. They predicted last year that around 100 cities would have ecosystems worth at least $4 billion by 2029, but they now believe this milestone will be hit even earlier. Indeed, of the 12 "Challenger Ecosystems" identified in last year's report, 7 had progressed into the top 30 ecosystems in the world.
Original news here.