Philippine ranks 52nd in global startup ranking
The Global Startup Ecosystem Index by research center StartupBlink assesses the startup ecosystems of 1000 cities and 100 countries based on the quantity and quality of startups and other supporting organizations, as well as the prevailing business environment*. In the report, StartupBlink said the index is used annually by startups and other stakeholders to “support critical decisions about strategy, relocation, and investment.” Moreover, StartupBlink is using the index and related datasets in their analyses and policy advising projects related to the development of startup ecosystems for governments and international organizations. Results of the 2021 index** show the Philippines ranking 52nd out of 100 countries, up one spot from the previous year. The report noted the Philippines is making strides toward becoming a “formidable startup ecosystem” in the Asia-Pacific region, and that it has a promising future in terms of startup development given the interest from both international and local venture capitalists. However, it noted some challenges that limited the country from developing into a fully mature startup ecosystem such as the lack of infrastructure and “slow regulatory support” faced by entrepreneurs for their startups. Beside the country rankings, there are five Philippine cities included in the top 1,000 cities list: the Manila Area (87th overall), Cebu City (268th), Cagayan de Oro City (493rd), Davao City (786th), and Baguio City (944th).