North America’s Startup Powerhouses Hold Strong in GSER 2025

The Global Startup Ecosystem Report 2025 (GSER 2025) affirms North America’s enduring global leadership in innovation, with the region home to many of the world’s most mature and dynamic startup hubs. From Silicon Valley’s continued dominance to the strength of New York and Boston, North American ecosystems are setting the pace for global entrepreneurship.

At the same time, a wave of emerging cities — including Philadelphia, Detroit, and Las Vegas — is rapidly gaining ground, demonstrating the region’s growing geographic diversity and capacity to support startup success beyond traditional hotspots.

• 17 of the Top 40 ecosystems are based in North America, with three in Canada and the remainder in the U.S. 
• Silicon Valley remains the #1 Global Startup Ecosystem, producing the highest number of large exits, with Openai.com being the top valued unicorn at $147 billion. 
• New York City maintained its position as the #2 Global Startup Ecosystem, while previously-tied London fell one place to #3.
• Los Angeles, at #7 globally, is the only North American ecosystem within the Top 40 to show positive ecosystem value growth in 2025 vs. 2024. 
• Philadelphia moved up 12 places to reach #13 globally, driven by a 10% increase in exits over $50 million. Tmunity Therapeutics was the top valued exit at $1.3 billion.
• Boston moved up one position to enter the Top Five Ranking this year. It is tied with Beijing at #5.
• Toronto-Waterloo continues to dominate as Canada’s leading ecosystem, despite slipping two places to #20. It is the #2 North America Ecosystem in Knowledge, measuring innovation through research and patent activity.
• Las Vegas showed incredible upward movement, jumping from the 81-90 range in 2024’s Emerging Ecosystem ranking to the 21-30 range this year, driven by growth in exits over $50 million.
• Quebec City is the #3 North America Ecosystem in Bang for Buck, measuring the amount of runway tech startups acquire, on average, from a VC round and the #4 North America Ecosystem in Affordable Talent.

New York City - #2 Global Startup Ecosystem

"New York remains a key hub for startups scaling emerging technologies, especially AI, life sciences, and climatetech. With a strong talent pool and growing investment, the city’s tech ecosystem is poised to drive economic growth, making us more optimistic than ever about New York’s future." — Julie Samuels, President and CEO, Tech:NYC

Philadelphia - #13 Global Startup Ecosystem 

“Philadelphia remains a leader in innovation thanks to its diverse talent supply, dedicated economic development partners, and world-class institutions that are putting out some of the most cutting-edge research in the country.” — Secretary Rick Siger, Pennsylvania Department of Community and Economic Development

Montréal - #39 Global Startup Ecosystem

"There's no city in the world that is more entrepreneurial than Montréal. So many immigrants, including my own family, have emigrated here and contributed to the entrepreneurial energy that oozes out of the city.” — Harley Finkelstein, President at Shopify