With a drop of 1 spot, Georgia now ranks 80th on Global Startup Ecosystem Index. The country has one of the lowest levels as compared to its neighbors.
Currently, the only ranked city of Georgia is Tbilisi, since Batumi is no longer in the rankings for 2021.
“With a decrease of 1 spot, Georgia now ranks 80th globally and second in the Caucasus region. The only ranked city is Georgia’s capital, Tbilisi, which fell 11 spots to 407th globally and second in the Caucasus region,” reads the report at Global Startup Ecosystem Index 2021, recently published by StartupBlink, a startup ecosystem map and research center.
Pursuant to the authors of the report, Tbilisi is active in a number of industries, including Hardware & IoT and FIntech.
“The Georgian public sector should work on developing at least one more startup ecosystem to support entrepreneurial activity within the country,” the report suggests.
Last year, Batumi was ranked at 817th globally, however, this city is no longer in the rankings for 2021. “We hope to see it next year,” the researchers say.
According to the report, “the main challenges of Georgia’s startup ecosystem are a lack of experienced entrepreneurs and a small consumer market, which is expected from a country with such a small population. There is also less access to financial capital from both foreign and domestic investors.”
As for the neighboring countries and their rankings on the global level, the most advanced is Russia, ranked 17th, it is followed by Ukraine – 34th, Turkey – 44th, Armenia – 65th, and Azerbaijan – 89th.
So, the only country lagging behind Georgia is Azerbaijan.
The top ten countries for 2021 are United States, United Kingdom, Israel, Canada, Germany, Sweden, China, Switzerland, Australia, and Singapore.
StartupBlink releases the world’s most comprehensive Global Startup Ecosystem Report once a year, the report is ranking the Startup Ecosystems of 1,000 cities and 100 countries.
