Philadelphia is among the world’s top 25 cities for its startup ecosystem, writes Sarah Huffman for Technical.ly.

The ranking comes from the annual Global Startup Ecosystem Report from trade association and research group Startup Genome and the Global Entrepreneurship Network.

Philly moved up two spots from its No. 27 ranking last year.

Tiffany Wilson, president and CEO of the University City Science Center, highlighted diverse talent and collaboration as the factors that have helped Philly stand out.

“Sharing ideas and resources with other cities, and being a welcoming destination for life sciences and health tech companies to do business has definitely improved our standing,” Wilson said.

Philly’s startup ecosystem was valued at $92 billion between 2021 and 2023, while the global average is $29.4 billion.

Among the city’s strong sectors are life sciences, AI, big data and analytics, and advanced manufacturing and robotics.

The global average for early stage funding between 2021 and 2023 was $655 million, while Philadelphia averaged $2.5 billion.

Philly also produced seven unicorns between 2019 and 2023, compared to the global average of three.

“This recognition only opens more doors for us, and gives other cities a chance to learn about the assets and resources that we have here,” Wilson added.

Learn more about why Philadelphia is such a top tier city for startups in Technical.ly.

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