India has moved up to the 17th position in 2018 from 37th spot in 2017 in the Startup Ecosystem Ranking.The ranking has been released by the StartupBlink.The report has taken the startup ecosystems of 1,000 cities and 100 countries into consideration.
In terms of global rankings,the top three spots remained unchanged with the United States,United Kingdom and Canada taking the first,second and third rank respectively.Further,countries such as Estonia(13),Ireland (14) and Germany(9) were ranked ahead of India for their startup ecosystems.
The ranking is carried out on the basis the impact startups have been able to make in the country.Further,it has also considered how many startups and support organisations are there such as accelerators, coworking spaces,startup events along with technology infrastructure,red tape,bureaucracy among others.
The rise in India’s rank can be attributed to a number of factors such as (a)World Bank upgrading India’s ‘Doing Business’ score (b)growing entrepreneurial spirit throughout the country and (c)3800 new startups were launched in India during the last year.
In StartupBlink cities ranking,six Indian entries made it to top 100. Bengaluru was the top startup city in India at 11th while New Delhi followed in the 18th spot.Mumbai has stood at 29th rank while Chennai,Hyderabad and Pune also made it to top 100.
However,the major challenge before India will be improving the overall quality of startups and increasing the number of startups that currently exist.