Calgary cements position as fast-emerging ecosystem in global report

A new global startup report highlights Calgary’s growing prowess as a tech ecosystem to watch.

The 2023 Global Startup Ecosystem Report (GSER) by Startup Genome and the Global Entrepreneurship Network was launched on June 15 at The Next Web Conference in Amsterdam. Calgary is celebrated in the report for experiencing nearly 35% growth in Ecosystem Value – a measure used by GSER to rate regional performance.

Startup Genome worked with local organizations Calgary Economic Development, Calgary Innovation Coalition, and Platform Calgary to compile the report’s data. Key findings for 2023 include:

• Calgary created $5.1B in ecosystem value from Jul 01, 2020 to Dec 31, 2022, representing 34.92% in compound annual growth compared with 01 Jul 2018 - 31 Dec 2020. (Ecosystem value is a measure of economic impact, calculated as the value of Exits and startup valuations.)

• Calgary ranks as a top 51-60 global ecosystem, moving up 14 spots from GSER 2022.

• Top 10 North American ecosystem in affordable talent (measures the ability to hire tech talent). This data point aligns with a recent Calgary Tech Journal survey in which readers identified talent as the city’s secret sauce.

• Top 30 North American ecosystem in funding (measures innovation through early-stage funding and investor’s activity)

• Top 40 North American ecosystem in talent and experience (measures long-term trends over the most significant performance factors and the ability to generate and keep talent in the ecosystem)

• Fintech, life sciences, and agtech and new food sectors are highlighted for their density of talent, support resources, and startup activity.

In addition, the low cost of doing business, global talent, and quality of life are cited as reasons a startup should move to Calgary.

“Startup Genome is thrilled to see such incredible growth in the Calgary startup community,” said Marc Penzel, founder and president of Startup Genome, in a statement. "We are honoured to have Calgary Economic Development as a crucial partner within an ever-growing network of the world's leading innovation policy executives and key community players.”

GSER 2023 ranks the top 30 as well as 10 runner-up global ecosystems and includes a top 100 ranking of emerging ecosystems. It also highlights startup communities from a regional perspective, separately ranking ecosystems in Africa, Asia, Europe, Latin America, MENA, North America, and Oceania.

Key themes of this year's report include inflation, AI regulation, talent attraction, global VC funding, and a wide range of market sub-sector analyses.