Lauded for “exceptional talent base” and “startup performance,” Tel Aviv ranked exceptionally well. Jerusalem also received honorable mention.
The Compass Global Startup Ecosystem, which ranks the top 20 startup ecosystems around the world, announced its ranking on Wednesday, placing Tel Aviv as the best startup center outside of the US as well as fifth globally – after the Silicon Valley, New York, Los Angeles and Boston.
Jerusalem came in seventh in the European category with an “honorable mention.”
The report focused on the Tel Aviv ecosystem’s uniquely high-quality talent and consistent ability to develop high performing startups and attract global capital.
Tel Aviv’s consistent innovation over the last few decades has given it a strong international reputation amongst start-up investors,” the index wrote.
“To be named the best startup ecosystem in all of Europe [category] and one of the top five globally is a tremendous accomplishment for Tel Aviv and the entrepreneurs who call it home,” said Hila Oren, CEO and Founder of Tel Aviv Global. “Tel Aviv’s technology ecosystem possesses a unique spirit and is driven by a true collaboration between the city and its amazing companies to create a global hub capable of driving consistent innovation and creating a powerful global impact.”
Tel Aviv ranked highest in the global talent scale, ranking as the third most impressive talent base globally, with the report making specific mention of the quality and impact of Tel Aviv University. The city also ranked highly on all major indicators including startup performance, experience, sector growth and the ability to attract capital.
“Our greatest resource is the incredible quality and talent of our people, and it was especially exciting to see this amazing population rank so highly in that category,” said Yael Weinstein, director of Global Economic Development, Tel Aviv Global. “It shows that our future is even brighter than our present and only reaffirms our focus on helping to foster an environment that doesn’t just laud the caliber of our people, but actively looks to help them get even better.”
The index also focused on the impact of the diversification of Tel Aviv’s technology ecosystem, as more companies move away from the sectors that once dominated the landscape, using Wix, a Tel Aviv tech stalwart and consumer focused brand, as an example.
Tel Aviv’s ranking is all the more impressive considering an especially small domestic market, which limited status on other indicators.
The index is meant for entrepreneurs who are looking for role models and good ideas and for investors seeking promising ventures.