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Global Report On Startup Ecosystem; Lagos Named Among “Challenger”

Challenger - cfamedia

Lagos got named among the 12 “challenger” Startup ecosystems. This was revealed in an annual Global report.

Sometime in the second week of May 2019, Startup Genome released the Global Startup Ecosystem Report, (GSER).

The annual report with over 190 pages shows researches on Startups across the world.

According to the report, the research was carried out in growing trends, seen in funding and talent among the Startup ecosystems.

Ranked among the 30 global Startup ecosystems are, Silicon Valley, Beijing, New York City, London and Boston, with no African cities getting featured in the mix.

Lagos in Nigeria, however, got a mention, as part of the 12 “Challenger” Startup ecosystems, joining the ranks of Mumbai, Melbourne, Hangzhou, São Paulo and Tokyo.

Each of the “Challenger” city has, at least, one “unicorn”, which secured over $1 billion.

The report failed to mention the identity of the Lagos-based Startup that got this massive valuation, nevertheless, indications for some time now has shown that Lagos is a focus point for the Startup ecosystem in Nigeria.

Two South African cities, Cape Town and Johannesburg, as well as Nairobi, which are notable Startup ecosystems in Africa, did not make the cut on the list.

This appears to be a sharp contrast to the 2017 edition that mentioned the two South African cities, alongside Lagos.

StartupBlink, also, recently released data on African ecosystems, with thousands of registered Startups, accelerators and working space.

The global Startup ecosystem map released the report, through its Startup Ecosystem Rankings 2019.

Lagos got the rating of the 99th most developed Startup city in the world, while Rwanda ecosystem got listed, as one of the fastest growing in the world.

The result was not quite good for Africa, as the continent had no city, making it into the top 50, this time around.

See Tech Trends video on building Nigeria’s Startup Ecosystem here.

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