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Indiana a Hotspot for Entrepreneurship and Innovation, Global Report Claims

Yesterday, during London Tech Week, Startup Genome, a policy advisory and research organization, released its 2022 Global Startup Ecosystem Report. The comprehensive, data-driven report analyzed more than 280 entrepreneurial ecosystems including 3 million startups and ranked Indiana as a Global Top 40 Emerging Ecosystem. Indiana is also included in seven other subsets for talent, early capital funding and performance.

“The Start Up Genome Top 40 ranking is an exciting validation of the hard work of our entrepreneurs—but there is still more, as a state, we can do,” said Indiana Secretary of Commerce Brad Chambers. “We are leaning in and finding innovative new ways to enable our immensely talented young people to propel our economy forward. I see no more important investment of time and resources and no reason that Indiana should not be a Top 5 ecosystem for entrepreneurship worldwide.”

In November, Startup Genome and the Indiana Economic Development Corporation announced a partnership to study and support Indiana’s entrepreneurial and innovation ecosystem development. Using a combination of global datasets and survey data, Startup Genome conducted an ecosystem analysis to determine Indiana’s stage of development, create benchmarks against peer and top global startup ecosystems, and examine opportunities and gaps as well as strengths.

Indiana-specific rankings and findings from the report include:

  • Global Top 40 Emerging Ecosystem;
  • Top 15 North American Ecosystem in Affordable Talent — which measures the ability to hire tech talent;  
  • Top 20 North American Ecosystem in Bang for Buck — which measures the amount of runway tech startups acquire, on average, from a venture capital funding round;
  • Top 30 North American Ecosystem & Top 10 North American Emerging Ecosystem in Talent & Experience — which measures long-term trends over the most significant performance factors and the ability to generate and retain talent in the ecosystem;  
  • Top 25 North American Ecosystem & Top 10 North American Emerging Ecosystem in Funding — which measures innovation through early-stage funding and investor’s activity;
  • Top 25 North American Emerging Ecosystem in Performance — which measures the size and performance of an ecosystem based on the accumulated tech startup value created from exits and funding;          
  • Indiana created $3 billion in Ecosystem value from July 1, 2019 to Dec. 31, 2021;
  • Local connectedness and a business-friendly climate are cited as reasons a startup should move to Indiana; and   
  • The Industry 4.0, Life Sciences and Future of Energy sectors are highlighted for their density of talent, support resources and startup activity.

“Startup Genome is honored to work with Indiana Economic Development Corporation in accelerating ecosystem growth, job creation and impact in Indiana,” said JF Gauthier, founder and CEO of Startup Genome. “We are excited about Indiana’s startup community’s future because of the increasing investment in its innovative entrepreneurs.”

Since 2012, this research effort has provided rich insights and guidance to public and private leaders on how to cultivate thriving startup ecosystems and support local startups — the #1 engine of job creation and economic growth. The report ranks startup ecosystems on seven success factors, including performance and talent. Full global report details can be found online at https://startupgenome.com/report/gser2022.

Startup Genome is the world-leading policy advisory and research organization for public and private organizations committed to accelerating the success of their startup ecosystem. We have advised more than 125 clients across six continents in 45+ countries to date. Working side-by-side with 300 partner organizations, our frameworks and methodologies have become instrumental to define and execute robust policies and programs that drive lasting change. Many of the world’s leading governments and innovation-focused organizations have joined our knowledge network to cut through the complexities of startup ecosystem development and fuel sustained economic growth. Follow our work at startupgenome.com, and follow us on LinkedIn and Twitter.

The Indiana Economic Development Corporation (IEDC) is charged with growing the State economy, driving economic development, helping businesses launch, grow and locate in the state. Led by Secretary of Commerce Brad Chambers, @SecChambersIN, and governed by a 15-member board chaired by Governor Eric J. Holcomb, @GovHolcomb, the IEDC manages many initiatives, including performance-based tax credits, workforce training grants, innovation and entrepreneurship resources, public infrastructure assistance, and talent attraction and retention efforts. For more information about the IEDC, visit iedc.in.gov.