STARTUP GENOME 2019
Sydney has been ranked 23rd in the world, and while Melbourne was not included in the top 30, it was noted as a growing ecosystem and given the 'Challenger' moniker in Startup Genome's 2019 report.
Sydney's ranking has dropped 6 places since the 2017 report, which in itself was a fall of 1 place from 2016. It performed well in connectivity and talent of the local ecosystem, but lagged behind in many other areas including performance, market reach and experience (Figure 21).
Both Sydney and Melbourne were acknowledged as growing ecosystems, and it is important not to give the impression that we are moving backwards. But growth in absolute terms is not enough to maintain a consistent ranking when other cities and countries are investing more heavily and moving faster.
Startup Genome is one of the best global rankings available - its results are intuitive for those who work in technology, it has links with local ecosystems that provide good access to data on the ground and is particularly focused on startups (rather than focusing on broader terms like innovation or entrepreneurship.) Our decline therefore is a warning sign that if we continue to let our support for new industries stagnate, we will fall behind.