2021年创业时代的创业城市报告（英）-56正式版

StartupcitiesintheEntrepreneurialAge

8JULY2021

Globaldataplatformforintelligenceonstartups,

innovation,ecosystemsandventurecapital.

x

FinancialTimes-backednewmediasite

tellingtheuntoldStoriesofEuropeanTech.

Page/2 EuropeanStartups.co

CreatedbyDealroomandSifted,andsupportedbytheEuropeanCommissionandEuropeanParliament,EuropeanStartupsisatwo-yearprojectaimedatfacilitatinginformedconversationandcollaborationamongEuropeantechecosystemstakeholders,totakeEurope’sstartupeconomytothenextlevel.

AtthecentreoftheinitiativeistheEuropeanStartups

database,

adefinitiveplatformprovidingmacro-leveltrends.Wealsopublishseveral

researchreports

andorganiseafeweventseachyear.

Previousreports:

»Corporateinnovation(June‘21)

»DeepTech(Jan‘21)

»IndexVentures/NotOptional(Oct‘20)

»Covid-19StartupSurvey(Jul‘20)

»Europesteppingup(Jun‘20)

»Launchreport(April‘20)

Page/3

Joinevent

Whatyouneedtoknow.

Recordventurecapitalinvestment

Globallyventurecapitalinvestmenthassmashedpreviousrecordswith€264Binthefirstsixmonthsof2021.Thisrepresentsyear-over-year(YoY)growthof2.3x

Europeisthefastestgrowingmajorregionbyventurecapitalinvestment(growingfasterthanUS,China,Asia).InvestmentintoEuropeanstartupsgrewby2.9xYoYto€49B.

Twonewunicornsperday

Eachday,morethantwonewunicornsemergedgloballyduring2021.Therearenow1,601unicornsand$1B+exitsofwhich1,071stillprivateunicorns.

Thecombinedglobalvalueoftechcompanieshasballoonedtoover$35trillion,ofwhich$18Tfromcompaniesfoundedafter2000,and$10Tfromcompaniesfoundedafter2010.Therateofinnovationisaccelerating

Entrepreneurshipisspreading

Knowledgeaboutbuildingstartupsismuchmorewidespread.Therearenow170citieswithatleastoneunicorn.Europehasthemostunicorncities.

TheBayAreaisstillgrowingbutitsrelativecontributionpeakedin2014.TherestoftheUShasmoreunicorns,moreVCfundingandisgrowingfasterbynumberofunicorns.

VCfundingintostartupsglobally

H1

2012

€264B

2.3x

€114B

H1

H1

‘20

‘21

Unicornsand$1Bexits 1,601 Citieswithoneormoreunicorns 170

155

1,322

50

22

2010

2021

2010

2021

Page/5 Source:Dealroom.co

Whyshouldcitiescareaboutstartupsandunicorns?

Startupshavebecomealeadingsourceofjobgrowth.IncitiesanalysedbyDealroom,startupjobsgrewbyabout10%annually,or2‒3xfasterthanthewiderlocaleconomy*.Techisalsomoreresilienttoexternalshocks(e.g.pandemic,Brexit).Today,1%ofEuropeanjobsareatstartups(mostareventurebacked).IntheUS,whereventurecapitalhasbeenaroundformuchlonger,itisestimatedthatventure-backedcompaniesareresponsiblefor10%ofalljobs.

Meanwhile,theglobaleconomyistransitioningtodigital.Techcompaniesarereshapingnearlyeveryindustryandtechgiantsareforming.UStechcompaniesareworth$24trillion(theentireS&P500is$32T).Theycontributeto50%ofalldomesticR&D.About70%ofallAIexpertsworkforGoogle,Facebook,Microsoft,Amazon.Butdespitetheconcentrationofeconomicpower,entrepreneurialismisontheriseasstartupsareabletoscalefasterthaneverbefore.Youngercohortsofstartupsarecreatingasmuchvalue,actuallytakingadvantageoftheinfrastructureofbigtech(AWS,Facebook,Google).

Thismeansthere’sahugeopportunityforyoungerstartupecosystems,likeEuropeandelsewhere.Europe’sstartupecosystemiscomingofage.Europe’stechcompaniesarenowworth$3trillion.Entrepreneurialecosystemsareincreasinglyborderless,asstartupteamscanbedistributedandventurecapitalisbeinginvestedremotely.Thisnewrealitymeansit’simportanttoembraceandfosterentrepreneurshipmorethanever.Italsomeansthatecosystemsdonotexistinisolation.Thisreportthereforetakesaglobalperspective,ofstartupecosystemsintheentrepreneurialage.

Page/6 *Source:variousreportsincluding

Amsterdam

,

Netherlands

,and

Berlin

.

Europe’sshareofworldequitymarketvaluehasshrunk,largelyduetotheriseofbigtech.

35%

30%

25%

20%

15%

10%

5%

2000

2005

2010

2015

2020

Source:Refinitiv(viaFinancialTimes).

TheEntrepreneurialAge.

Transitiontoadigitaleconomy

80%ofthepopulationisonlineand

increasinglyexpectingservicestobeonline.Simultaneously,techmakesiteasierthanevertolaunchandscaleacompany.

Supportivegovernments

Techandentrepreneurshiparebeing

recognisedasresilienteconomic&job

growthengine.Globalcompetitionfor

startupsandcapitalhasintensified(and

playingfieldhaslevelled).

Theriseofstartupseverywhere

Startupshavebecomethevehicleofchoiceforrapidinnovation.They’vebecomegreatplacestobuildacareerandfulfillindividualpotential,forentrepreneursandoperatorsfromdiversebackgrounds.

Availabilityofcapitalanywhere

Abundanceofcapitalandcapitalmovingmoretowardsventure.Techhasbecomethesafeasset.Capitalisalsoaccessibleinmoreplaces.

Page/7

Tableofcontents.

Theriseofstartupseverywhere

Availabilityofcapitalanywhere

Benefitingfromadistributedworld

Theriseofstartupseverywhere

“Ifyoustartastartupnow,yourparentswon'tfreakoutthewaytheywouldhaveagenerationago,andknowledgeabouthowtodoitismuchmorewidespread.”

“Butthemainreasonit'seasiertostartastartupnowisthatit'scheaper.Technologyhasdrivendownthecostofbothbuildingproductsandacquiringcustomers.”

“Technologyhasn'tjustmadeitcheapertobuildanddistributethings,butfastertoo.Thistrendhasbeenrunningforalongtime.IBM,foundedin1896,took45yearstoreachabillion2020dollarsinrevenue.Hewlett-Packard,foundedin1939,took25years.Microsoft,foundedin1975,took13years.Nowthenormforfast-growingcompaniesis7or8years.”

PaulGraham

Co-founderofYCombinator

writteninApril2021on

HowPeopleGetRichNow

Overtwonewunicornswereannouncedeachdayinthefirsthalfof2021.

Newunicornsannounced

During2021:

over2new

unicornsperday

400

2018‒2020:

anewunicorn

everyday

320

300

285

2014‒2018:

255

anewunicorn

241

everythreedays

200

Until2014:

oneunicornevery

month

121

122

100

90

71

26

34

18

13

0

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

H1

Page/11 Source:Dealroom.co

Inflectionpointaround2014.

Whathappened?

Populationonline/onsmartphones(80%ofadultsasoftoday)

Scalablesoftware(AWS)andglobaldistribution(Facebook,Google,...)availableon-demandtoanystartup

Massivegrowthofventurecapitalindustry

Largepoolsofexperiencedtalentwithknowledgeofbuildingstartupsandinfluxofnewtalent

Chineseinternettookoffduring2014-2018

TheUScontinuestooutperformtherestoftheworldintermsofnewunicorns,especiallythe“RestoftheUS”i.e.outsideoftheBayArea.

Numberofnewunicornsannounced

250

200

150

100

50

Projectedat

currentpace

RestofUSA(excl.BayArea)

BayArea

Europe

RestofAsia

RoW

China

2010

2012

2014

2016

2018

2020

2021E

Page/12 Source:Dealroom.co

1,601techcompaniesfoundedsince1990thathavecrossedthe$1billionmilestone.

Cumulativenumberofunicornsand$1Bexits

Techcompaniesgloballyhavereachedacombinedvalueof$35trillion,ofwhich$27trillion(79%)after1990.

Cumulativevaluation($T)

1,601

1,322

50

2010

Jan‘21

Today

2000

Page/13 Source:Dealroom.co.*Pre1990includescompanieslikeMicrosoft,Apple,Intel,Adobe,IBM,Oracle,SAP.

$35T

$30T

$25T

$20T

$15T

$10T

$5T

$1.9T

2010

$35T

1990+

cohort

$27trillion

Pre1990

cohort

$7.3trillion*

2021

Therearenow170“unicorncities”withoneormoreunicorn,ofwhich65inEurope.

Citieswithoneormoreunicorn

78

65

3

52

3

10

9

7

2

6

38

3

32

6

24

28

3

24

22

3

4

20

3

4

3

18

1

14

15

25

32

13

13

21

7

8

10

2010

2011

2012

2013

2014

2015

2016

95

6

11

11

27

40

2017

119

8

15

16

30

50

2018

140

12

20

17

34

57

2019

155

15

21

20

38

61

2020

170

17

23

23

42

65

2021

RoW

China

RestofAsia

(excl.China)

USA

Europe

Page/14 Source:Dealroom.co

Since2014,thenumberofcitieswithoneunicorngrewfrom28to71.Thenumberofcitieswithover10unicornsgrewfrom2to29.

Numberofcitiesbysize

▉in2014

▉in2021

0

10

20

30

40

50

60

70

Citieswith1unicorn

28

71

Citieswith2unicorns

11

26

(incl.Prague,BeloHorizonte,Dubai)

3unicorns

1

15

(incl.Dublin,Vienna,Montreal)

4unicorns

8

8

(incl.Helsinki,Tampa,Madrid)

5unicorns

2

8

(incl.Houston,Copenhagen,Manchester)

6to10unicorns

4

13

(incl.AtlantaGA,HongKong,Tokyo)

11to20unicorns

1

16

(incl.Berlin,Singapore,NewJersey,SãoPaulo,Bengaluru)

21to50unicorns

0

6

(incl.Seattle,Chicago,Paris)

>50unicorns

1

7

(incl.BayArea,NewYorkCity,Beijing)

Page/15 Source:Dealroom.co

Successbreedssuccess.Ofthe28citieswithoneunicornin2014,82%havemorein2021,andseveralhavemorethan10.

Unicorns&$1B+exitspercity

20

15

10

5

1

Paris,Shenzhen(21unicornseach)

SaltLakeCityMetro(16)

NewJersey(15)

SanDiego(14)

NewDelhi(11)

Toronto(10)

Cambridge(9)

Sydney,Raleigh-Durham(6)

Manchester(5)

Madrid,Tampa(4)

Barcelona,Basel,Jerusalem(3)

Prague,Leed,Moscow(2unicornseach)

2014:28citieswith

2021:mosthave

oneunicorn

severalunicorns

Page/16 Source:Dealroom.co

Severalfirst-timeunicorncitieswerebornin2020and2021.

MoiRana

NedreVats

Glasgow

Malmo

Sheffield

Tattenhall

Munster

Bend,OR

GrandRapids

Venlo

Almaty

Baoding

Pittsburgh

KansasCity

St.Louis

TiratCarmel

Zhengzhou

Lexington

Morehead,KY

Cairo

Riyadh

Anhui

MexicoCity

Orlando,FL

ThaneChennai

Accra

BelloHorizonte

Montevideo

Page/17 Source:Dealroom.co

Wheretheworld’sunicornsand$1B+exitsarebased.

USA

853(53%)

BayArea

NewYorkCity

GreaterBostonRegion

GreaterLosAngeles

Seattle,WA

Chicago

Austin,TX

SaltLakeCitymetro,UT

NewJersey

Rest

China

280(17%)

392

Beijing

113

61 Shanghai

54 Hangzhou

28 Shenzhen

21

16 Nanjing

16 Guangzhou

15

137 Rest

Europe

268(17%)

London

113

Paris

Berlin

Stockholm

63

Amsterdam

Munich

21

21

10

Rest

45

RestofAsia

RoW

132(8%)

68(4%)

São

14

30

TelAviv

Paulo

71

Singapore

18

Melbourne14

21

Bengaluru

14

19

Toronto

10

18

Seoul

13

13

Sydney

6

11

NewDelhi

11

Montreal

3

HongKong

8

115

Rest

Rest

21

38

Page/18 Source:Dealroom.co

Whenlookingatearlierstages,Europeisstartingtotakeamoreprominentplace.

Combined

TotalUnicorns

enterprisevalue

and$1B+exits

Newunicorns

since1990*

since1990

since2020

3%

4%

4%

6%

8%

9%

10%

17%

15%

17%

17%

8%

64%

53%

65%

Future

Unicorns**5%

10%

14%

14%

56%

Numberof

seriesA+

companies

5%

10%

20%

6%

58%

Numberof

seedstage

companies

7%

9%

35%

3%

47%

RoW

RestofAsia

Europe

China

USA

Page/19 Source:Dealroom.co *Combinedenterprisevalueofallstartups&techcompaniesfoundedsince1990.**Futureunicornsarevalued$250M-$1Bandfundedinlast5years.

TheUSA,ChinaandUKarethetopthreecountriesbynumberofunicornsand$1B+exits.Australia,CanadaandBrazilarethefastestgrowing.

Unicornsand$1B+exits

875

USA

China

280

UnitedKingdom

100

Germany

43

Israel

34

India

34

France

23

Sweden

21

Australia

21

Canada

19

Brazil

19

Netherlands

19

Singapore

18

SouthKorea

15

Switzerland

13

HongKong

10

Japan

7

Norway

6

Spain

6

Indonesia

6

Denmark

4

Finland

4

Belgium

4

4

Russia

4

Mexico

Growth:increaseinnumberofUnicornssince2015

Australia

21x

Canada

19x

Brazil

19x

HongKong

10x

Japan

7.0x

Switzerland

6.5x

Norway

6.0x

Spain

6.0x

France

5.8x

Sweden

5.3x

SouthKorea

5.0x

India

4.3x

Israel

4.3x

Denmark

4.0x

Belgium

4.0x

UnitedStates

3.9x

Germany

3.9x

Singapore

3.6x

China

3.2x

Netherlands

3.2x

UnitedKingdom

3.0x

Indonesia

3.0x

Mexico

3.0x

Ireland

3.0x

Nigeria

3.0x

Italy

3.0x

Austria

3.0x

Page/20 Source:Dealroom.co

TheBayArea,Beijing,NewYorkandLondonarethetophubs,whileSaltLakeCity,NewJerseyandSãoPauloarethefastestgrowingbynumberofUnicorns.

Unicornsand$1B+exits

BayArea

392

Beijing

113

113

NewYorkCity

London

71

Shanghai

63

Growth:increaseinnumberofUnicornssince2015

GreaterBostonRegion

61

GreaterLosAngeles

55

TelAviv

30

Seattle

28

Paris

21

Hangzhou

21

Shenzhen

21

Chicago

20

Berlin

19

Singapore

18

Stockholm

18

Austin

16

SaltLakeCitymetro

16

NewJersey

15

SãoPaulo

14

Bengaluru

14

SanDiego

14

Amsterdam

14

14

Melbourne

14

WashingtonDC

SaltLakeCitymetro

NewJerseymetro

SãoPaulo

SanDiego

Melbourne

Nanjing

Toronto

Philadelphia

HongKong

Paris

Guangzhou

Tokyo

GreaterLosAngeles

Seoul

BostonMetro

TelAviv

Sydney

Dallas

Raleigh-Durham

Detroit

Munich

NewYorkCity

Mumbai

Houston

Manchester

16x

15x

14x

14x

14x

10x

10x

10x

8.0x

7.3x

7.0x

7.0x

6.8x

6.5x

6.1x

6.0x

6.0x

6.0x

6.0x

6.0x

5.5x

5.4x

5.0x

5.0x

5.0x

Page/21 Source:Dealroom.co

Exploreover1,600unicornsonline.

Whycountunicorns?

Withsomanyunicorns,thetermitselfhasbecomeamisnomer.Still,it’saveryhelpfulmetrictomeasurethedevelopmentlocalecosystems.Theriseofanewunicorncreatesaboostforlocalecosystems(thefounders,employees,theinvestors)whichcreatestonsofpositivesecondordereffects.Everyday,twounicornsemerge.Tokeeptrackofthemall,we’vecreatedadedicatedpage,includingasetofdefinitions.Checkoutthelinkbelowtoexplore:

Newunicornsin2021

Privateunicorns

Rumouredunicorns

More...

Capitalavailableanywhere

Globalventurecapitaliscrushingpreviousrecordsin2021.

Globalventurecapitalinvestment

»viewonline

€264B

2.3x

€200B

€114B

Megaroundsplus€250M+

Megarounds€100M–€250M

€100B

▊SeriesC€40M–€100M

▊SeriesB€15M-€40M▊SeriesA€4M-€15M

▊Seed€1M-€4M

▊Pre-seed€0M-€1M

H1

H1

H1

H1

H1

H1

H1

H1

H1

H1

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

Page/24 Source:Dealroom.co

InEurope,thegrowthinventurecapitalisevenmorepronounced.

Europeanventurecapitalinvestment

»viewonline

€50B

2.9x

€40B

€30B

€17B

€20B

€10B

H1

H1

H1

H1

H1

H1

H1

H1

H1

2012

2013

2014

2015

2016

2017

2018

2019

2020

€49B

Megaroundsplus€250M+

Megarounds€100M–€250M

SeriesC€40M–€100M

SeriesB€15M-€40M

SeriesA€4M-€15M

Seed€1M-€4M

Pre-seed€0M-€1M

H1

2021

Page/25 Source:Dealroom.co

Europe’sshareofglobalventurecapitalishigherthanit’severbeen,now18%.China’sshareofglobalVentureCapitalhasbeenshrinking.

Venturecapitalinvestmentbydestination

»viewonline

100%

80%

60%

40%

20%

7%

12%

11%

52%

RoW

RestofAsia

China

USA

16%

18%

15%

14%

12%

13%

12%

12%

12%

11%

10%

9%

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021H1

Europe

Page/26 Source:Dealroom.co

NearlyallregionsareseeingrapidgrowthinVCinvestment.

VCinvestmentbydestination

USA

$160B

$60B

$154B

+2.3x $40B

Europe

$53B$60B

+2.9x

$40B

China

+1.6x$30B

$120B

$80B

$40B

$20B

H1

2010

$40B

$30B

$20B

$10B

$20B

H1

H1

H1

H1

H1

H1

H1

H1

H1

2012

2014

2016

2018

2020

2021

2010

2012

2014

RestofAsia(excl.China)

RestoftheWorld

$34B$12B

$12B

+3.3x

+2.3x

$8B

$4B

H1

H1

H1

H1

2016

2018

2020

2021

LatinAmerica

$8B

$9B

+5.5x

$6B

$3B

H1

H1

H1

H1

H1

H1

H1

H1

H1

H1

H1

H1

H1

H1

2010

2012

2014

2016

2018

2020

2021

2010

2020

2021

2010

2021

2010

2021

Page/27 Source:Dealroom.co

NorthernEuropehasbeenoneoftheworld’sfastestgrowingregionsforVCinvestment.

VenturecapitalinvestmentinH12021

USA

$153.6B

China

$30.3B

UK

$17.1B

Germany

$8.4B

Sweden

$6.8B

France

$5.2B

Netherlands

$3.6B

Spain

$1.9B

Switzerland

$1.7B

Finland

$1.3B

Denmark

$1.1B

Norway

$1.0B

Ireland

$

1.0B

Belgium

$

0.8B

Austria

$0.5B

Russia

$0.4B

Italy

$0.4B

Canada

$7.8B

Brazil

$4.8B

Australia

$1.8B

Mexico

$1.5B

Colombia

$1.0B

Nigeria

$0.5B

India

$10.3B

Israel

$4.6B

Indonesia

$4.2B

Singapore

$3.3B

HongKong

$2.8B

SouthKorea

$2.5B

UAE

$1.3B

Turkey

$

1.3B

Japan

$

0.7B

Vietnam

$0.6B

USA

China

Norway

Netherlands

Sweden

Denmark

Spain

Austria

Finland

Germany

UK

Italy

France

Switzerland

Russia

Belgium

Ireland

Nigeria

Colombia

Mexico

Canada

Brazil

Australia

Turkey

HongKong

SouthKorea

UAE

Indonesia

Israel

Vietnam

India

Singapore

Japan

2021YoYgrowthbycountry

2.3x

1.6x

12.4x

7.0x

6.9x

5.2x

4.2x

3.9x

3.2x

2.8x

2.7x

2.2x

1.8x

1.7x

1.6x

1.3x

1.1x

9.2x

9.2x

8.6x

4.3x

4.3x

1.6x

21.1x

5.6x

3.0x

2.7x

2.5x

2.2x

2.2x

1.9x

1.5x

1.0x

Page/28 Source:Dealroom.co

Venturecapitalhasbecomemoreglobal,especiallymoreflowsfromtheUSAandAsiaintoEuropeanstartups.

Globalstartups

»viewonline

100%

90% Asia

80%

70% USA

60%

Europe

50%

40%

Domestic

30%

20%

10%

0%

2010

2021

2010

%ofinvestmentbysourceofcapital

USAstartups

Europeanstartups

»viewonline

»viewonline

Asia

Asia

Europe

USA