Manchester-Liverpool was ranked ninth in the world’s emerging startup ecosystems and first in the UK, according to a recent report by Startup Genome. The report ranked the top 100 emerging startup ecosystems out of 270 places across the world in 2020.
Additionally, as an overall ecosystem, Manchester-Liverpool placed second in the UK. The report looked at a range of factors, including performance, funding, market reach and talent. This North West region ranked particularly well for performance and talent, followed closely by funding.
Startups have become a top growth sector of modern economies. By looking at the value of the emerging startup ecosystems across the globe, Manchester-Liverpool is ranked seventh with a value of $9.2bn.
This further shows how Manchester is on par with some of the world’s leading cities. Manchester was even recently named the fastest growing city for tech in Europe, further adding to the city’s long list of accolades and positioning itself as a top European and international city.
With world-renowned universities and one of the highest retention rates in the UK, Manchester-Liverpool scored highly for local talent within the report. There are an especially large number of STEM graduates in Manchester, providing high-quality local talent. With strong career prospects, more students, graduates and professionals are expected to move to the city.
Boasting strong connections and employment and business opportunities, Manchester is seeing even more businesses in a range of sectors moving or opening their doors in the city. And as the population has increased dramatically and is slated for even more growth, especially in the city centre, this north-western city will continue to cement itself as a strong global city.
Even during recent challenging and uncertain times, Manchester has continued to show its resilience. Facing uncertainty, along with the rest of the UK, following the Brexit referendum, the city has answered with a strong economy and extensive growth in construction, development and regeneration, resulting in a dramatic boom hitting Manchester.
Additionally, property prices have remained strong and are expected to increase even further. The North West of England is even slated for a 24.1% increase in residential property prices over the next five years, according to Savills.
Recovery from COVID-19
Seeing sustained growth in a range of areas, Manchester is well placed to show resilience through the city’s economic recovery from COVID-19. In its report, Startup Genome also considered the impact the pandemic is expected to have on the different startup areas.
The organization recommends the top emerging areas should be an important focus during the world’s recovery post-COVID. Startups can help improve an area’s economy, drive productivity and provide jobs and competition, and Manchester is well placed to remain resilient throughout its recovery from the pandemic.