The Next Wave: Biggest Movers in the Top 100 Emerging Startup Ecosystems of 2025

The Global Startup Ecosystem Report 2025 (GSER 2025) shines a spotlight on the world’s most promising early-stage innovation hubs through its Top 100 Emerging Ecosystems ranking. These are the startup communities poised for global breakout success — and this year, several ecosystems made major leaps, signaling rising momentum and investor interest across diverse global regions.

Unlike the Top 40 ranking, which focuses on mature hubs, the Emerging Ecosystems list emphasizes early-stage funding and startup activity over late-stage exits. It’s built to spotlight ecosystems that may not yet be widely recognized — but are rapidly on the rise. Here are the standouts reshaping the global map of startup opportunity.

China’s Wuxi leapt an impressive 14 spots to claim the #1 position in the 2025 Emerging Ecosystem ranking. This surge was powered by a 67% increase in exits over $50 million, a remarkable achievement for an ecosystem at this stage. Wuxi’s ascent underscores its growing potential as a global innovation hub and highlights the value of building exit momentum early.

Jakarta moved up four positions to become the #2 Emerging Startup Ecosystem, reinforcing Southeast Asia’s growing presence on the global stage. The Indonesian capital is benefitting from increased access to early-stage capital, a thriving Fintech scene, and growing investor confidence in the region.

Istanbul climbed 10 spots to secure the #3 position, driven by improvements across three core areas: Performance, Funding, and Market Reach. As Turkey’s economic center, Istanbul continues to strengthen its infrastructure for early-stage startups, particularly in Gaming, SaaS, and Ecommerce.

Two ecosystems — Phoenix and Nanjing — each climbed 13 places, landing at #11 and #9 respectively. Phoenix’s rise is a testament to its expanding Healthtech and Climatetech scene, while Nanjing is gaining traction through consistent early-stage funding activity and talent retention.

In the MENA region, Riyadh posted the most significant movement, jumping from the 51–60 range in 2024 to the 21–30 range in 2025. The Saudi capital’s rise is fueled by increased startup performance and notably, the $1.1B exit of insurtech firm rasan.co.

Meanwhile, Las Vegas vaulted an astonishing 53 spots, now breaking into the Top 30. This acceleration reflects growth in both ecosystem infrastructure and investment pipeline.

• Hartford, Connecticut surged from the 61–70 group into the 21–30 range, building on Insuretech strengths.
• Pune, India advanced from the 91–100 group to the 41–50 range, thanks to a major $2.8B acquisition of FirstCry.com.
• Chongqing, China entered the rankings for the first time, debuting in the 61–70 group on the strength of two sizable exits.
• Gothenburg, Sweden also joined the Top 100, signaling Sweden’s continued ecosystem expansion beyond Stockholm.
• Mexico City remains Latin America’s top Emerging Ecosystem, currently ranked in the 31–40 range GSER 2025.

To explore the full rankings, methodology, and global trends in emerging innovation hubs, download the Global Startup Ecosystem Report 2025.