Friday, 12 July 2024

Chennai secured 18th spot in asia regional ranking in startup genome’s startup ecosystem rankings

Comprehensive Analysis of 3.5 Million Startups Across 290 Global Ecosystems in 50 Countries

Chennai secured the 18th spot in the Asia Regional Rankings among the top 30 Startup Ecosystems, as per the Global Startup Ecosystem Report by Startup Genome and the Global Entrepreneurship Network. The report, released at London Tech Week on June 10, also placed Chennai in the 21-30 range in the Emerging Ecosystem Rankings globally.

The report was based on extensive research and analysis of data from 3.5 million startups across 290 global ecosystems over 50 countries to date. Startup Genome, a leading innovation ecosystem development organization, aims to foster startup success and ecosystem growth. The report highlighted that Tamil Nadu generated $27.4 billion in Ecosystem Value from July 1, 2021, to December 31, 2023. This value represents the economic impact calculated from exits and startup valuations.

Chennai earned distinctions in several categories: it ranked in the top 25 globally and top 10 in Asia for Affordable Talent, reflecting the city's capability to attract tech talent. Additionally, it was placed in the top 15 in Asia for Performance, measuring the accumulated tech startup value from exits and funding, and in the top 20 in Asia for Funding, which evaluates early-stage funding and investor activity. Chennai also appeared in the top 25 Asia Ecosystems for Talent and Experience, underscoring its ability to generate and retain talent.

A primary goal of StartupTN is to elevate Tamil Nadu into the top 20 global startup ecosystems. To achieve this, measures are being taken to enhance the startup ecosystem across the entire state, extending growth to tier I, II, and III cities. Regional hubs have been established in cities such as Madurai, Tirunelveli, Erode, Salem, Thanjavur, Cuddalore, and Hosur, with satellite offices in Coimbatore and Tiruchi to foster widespread development. This approach is yielding results, with numerous startups emerging in smaller cities while Chennai continues to experience significant growth.

A Global Coordination Center (GCC) has been set up in Dubai to help startups from Tamil Nadu expand their market in Middle Eastern countries. Facilities have been created for startups to expand their business in Gulf countries through the center. Various training programs are being conducted for startups to explore opportunities outside the country. In the future, GCCs will be established in other countries with potential.

While the Honarble Tamil Nadu Chief Minister has set a goal of achieving a 1 trillion USD economy by the year 2030, StartupTN is striving hard to make a considerable contribution towards achieving this goal. To showcase the success of startups and fuel their growth further, the Tamil Nadu government has announced that a Global Startup Summit will be conducted in early 2025 in Chennai. Successful startups, stakeholders from around the globe, and aspiring entrepreneurs will participate in the program.

StartupTN also focuses on inclusive growth, aiming to foster mass entrepreneurship across all sections of society. The Tamil Nadu SC/ST Startup Fund, launched in 2022- 23, is a key initiative in this regard, with equity investments of Rs 54.20 crore sanctioned for 36 startups.

The efforts to increase the number of Startups in the state have yielded significant results. The number of DPIIT-registered startups surged from 2,300 in March 2021 to over 8,500 at present. Since the current government revitalized StartupTN, Tamil Nadu has been achieving national and international recognitions.

In 2022, Tamil Nadu was named the Best Performer in the States & Startup Rankings by the Union Government’s Startup India. In 2023, the Atal Innovation Mission (AIM) under NITI Aayog recognized Tamil Nadu as a Model State for Innovation Ecosystem due to its effective implementation of startup support schemes and initiatives.

Published on : 11th June, 2024