Sydney falls in global ranking of best cities for start-ups
Sydney has dropped six spots on the year to 23rd position in the Startup Genome global rankings.
Sydney has moved down from 17th position to 23rd in a global ranking of the best cities for start-ups, according to 2019 Global Startup Ecosystem Report (GSER).
Melbourne, on the other hand, didn’t make the top 30, showing that a lack of political funding for innovation has negatively impacted Australia’s start-up community.
According to the report, while the start-up ecosystem in Sydney is still growing, it fell down the list as its level of funding is static.
Despite not making it in the top 30, Melbourne was placed in the challenger category, which comprised fast-growing ecosystems that are challenging the dominance of well-established places.
The GSER revealed that the global start-up economy creates lots of wealth, but that there's work to be done on sharing that wealth. The size of the global start-up economy rose 20 per cent in one year to reach $2.8 trillion, it said.
The GSER is based on input from over 10,000 founders globally and data on more than 1 million companies in 150 cities worldwide.
On Tuesday, Labor pledged to give start-ups an active role in advising the government, if elected, with the shadow minister for digital economy announcing the party’s plans to establish an entrepreneurs’ council.
The start-up sector has on several occasions accused both sides of politics of not presenting a strong enough agenda in the run up to the federal election.
In 2015, Malcolm Turnbull unveiled an innovation and science package, but start-ups today want to see a clear blueprint for support for the sector.