Facts for Prelims (FFP)
Source: IE
Context: PitchBook recently released its 2024 global Venture Capital ecosystem rankings, spotlighting the top 50 startup cities worldwide.
Mumbai secured the 32nd spot, Bengaluru ranked 34th, and Gurugram made it to 48th place. The report highlights a surge in innovation and growth in the global startup landscape, attracting significant investments and fostering multi-billion-dollar valuations.
The top five cities were:
- San Francisco Bay Area, USA
- New York City, USA
- Beijing, China
- Shanghai, China
- Los Angeles, USA
India has emerged as the 3rd largest ecosystem for startups globally as of 31st May 2023. India ranks 2nd in innovation quality with top positions in the quality of scientific publications and the quality of its universities among middle-income economies.
Government initiatives:
- National Initiative for Developing and Harnessing Innovations (NIDHI)
- Startup India Action Plan (SIAP)
- Ranking of States on Support to Startup Ecosystems (RSSSE)
- Startup India Seed Fund Scheme (SISFS): Provides financial aid to startups for various stages like proof of concept, prototype development, and market entry.
- National Startup Awards: Recognizes exceptional startups and ecosystem enablers for their contributions to innovation and economic growth.
- SCO Startup Forum: Launched to enhance startup ecosystems collectively among SCO countries.
- Prarambh Summit: Provides a platform for startups and young innovators worldwide to showcase ideas and inventions.
PitchBook, renowned for its comprehensive financial data and insights, serves as a vital resource in the capital markets, with offices in London, New York, San Francisco, and Seattle.
