Edmonton’s Innovation Ecosystem Value Grows 96% to $1.3B

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World’s paramount report on enriching startup and economic growth highlights Edmonton’s impressive trajectory

Edmonton, Alberta, June 15, 2023 (GLOBE NEWSWIRE) — Alberta’s Capital City achieved a new growth milestone in the 2023 Global Startup Ecosystem Report (GSER) by Startup Genome and the Global Entrepreneurship Network, launched today at The Next Web Conference in Amsterdam. With its thriving and diverse startup ecosystem, Edmonton’s ecosystem value is up 96 percent to $1.3B since 2022.

The GSER is powered by the world’s most comprehensive and quality-controlled dataset on startup ecosystems. Informed by data on 3.5 million startups across 290+ global ecosystems, the report provides compelling new insights on startup trends around the world. Contributions from expert thought leaders and local key players further enrich the report’s extensive, evidence-based findings, the product of over a decade of Startup Genome’s independent research and policy work.

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“Edmonton’s innovation sectors and startups are firing on all cylinders, contributing to this phenomenal ecosystem growth and diversification,” said Edmonton Unlimited CEO Catherine Warren. “Together we are building and positioning our city as an inclusive global innovation capital, delivering solutions that meet international market demands with game-changing technologies and ingenuity to address global challenges, such as the climate emergency, public health, food security, digital inclusion, social justice, and Reconciliation.” 

Edmonton Unlimited worked in concert with Startup Genome to showcase Edmonton’s innovation ecosystem in the #GSER2023 report, with the following significant highlights: 

  • Edmonton created $1,253,710,792 in ecosystem value up from $641 million in 2022, $435 million in 2021, and $191 million in the 2020 report. Ecosystem value is a measure of economic impact, calculated as the value of exits and startup valuations.
  • #4 North American Ecosystem in Affordable Talent — measures the ability to hire tech talent.
  • Artificial intelligence (AI), machine learning (ML), big data and analytics, and life sciences sectors are highlighted for Edmonton’s density of talent, support resources, and startup activity.
  • Skilled talent and affordability are cited among the reasons a startup should move to Edmonton.

“Edmonton-based solutions and companies are a key driver of economic growth for our City,” said Amarjeet Sohi, City of Edmonton Mayor. “These results prove we’ve moving in the right direction and generating prosperity and pride for all Edmontonians.”

“Startup Genome is thrilled to see such incredible growth in the Edmonton innovation community,” said Founder & President of Startup Genome Marc Penzel. “We are honored to have Edmonton Unlimited as a crucial partner within an ever-growing network of the world’s leading innovation policy executives and key community players. We are very excited to work together and create new opportunities in their local region as well as build up an even stronger global connectedness.”

The 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.

The GSER is created in partnership with the Global Entrepreneurship Network, Dealroom, and Crunchbase. The 2023 GSER provides invaluable insights and guidance on how to promote thriving startup communities — the #1 engine of job creation and economic growth. Discover how 140 entrepreneurial ecosystems compare and view the full report here.

CONTACT: Erin Gobolos Edmonton Unlimited 7807215519 [email protected] 

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