Global Startup Ecosystem Report, 2025 edition presented

10 July 2025
Publications, Institution, Observatories, Focus On, Innovation Center, Innovation, startup, Ecosystems

#GSER 2025: the report on global innovation ecosystems highlights a worldwide decline, new trends, and Italy’s counter-trend performance

The Global Startup Ecosystem Report 2025 (#GSER 2025) was presented in Paris during the Vivatech event on June 12.
Now in its thirteenth edition, the report analyzes 5 million innovative companies and over 350 ecosystems worldwide, offering a comprehensive overview of the startup world, trends, technologies, and providing a useful database for entrepreneurs, stakeholders, investors, and policymakers.
Also this year, Intesa Sanpaolo Innovation Center, Fondazione Compagnia di San Paolo, and Startup Genome collaborated to analyze and enhance the entrepreneurial ecosystem of Turin in the #GSER2025.

 

Global Context: a predicted decline

Globally, the value of ecosystems (Ecosystem Value) experienced a significant 14% decrease, mainly due to a reduction in large exits (over 50 million USD), a natural contraction following the overvaluations of 2020–21, and the macroeconomic slowdown. Despite this decline, the top three positions in the Global Startup Ecosystem Ranking have remained unchanged since 2020, with Silicon Valley in first place, followed by New York City and London. Among the top 20 global ecosystems, Asian ecosystems such as Shenzhen (+11), and hubs like Philadelphia (+12), showed solid growth. Notably, Hong Kong improved, moving from the Emerging Ecosystems group in 2024 to 27th place globally in 2025.
Regarding trends and technologies, #GSER 2025 emphasizes the growing importance of artificial intelligence (AI), introducing a new indicator, the “AI Startups Factor,” aimed at rewarding the ecosystems most active in creating native AI startups. AI and blockchain are considered enabling transversal technologies (general purpose tech), while interest and investment in Cleantech and the Blue Economy have declined.

Europe: Between Confirmations and Stagnation

The report highlights a loss of momentum for Europe, with few exceptions. Many European cities have dropped positions in the global ranking, such as Berlin, which fell from 15th place in 2024 to 24th in 2025, and Stockholm, from 23rd to 31st. However, some cities like London and Paris remained stable or showed moderate signs of recovery, with Paris confirming its resilience at 12th place. Conversely, cities like Amsterdam recorded a drop in ecosystem value due to reduced investments and the absence of large exits.
In 2025, the European startup ecosystem saw a 24% drop in Ecosystem Value, reflecting the contraction of investments and large exits. Exceptions include Paris, driven by an increase in the number of unicorns and early-stage deals, and Istanbul, which ranked 3rd among the top 100 emerging countries, gaining 10 positions thanks to growth in performance, funding, and market reach.

cover report #GSER 2025 cover report #GSER 2025

Among Italian Ecosystems, Turin Shows Counter-Trend Growth

Italian cities appear in the #GSER only among emerging ecosystems: Milan remains stable at 14th place, while Rome shows strong growth, moving from the 41–50 to the 31–41 range, thanks to excellent performance in the “market reach” factor, which measures an ecosystem’s ability to provide early-stage startups access to customers and markets, both local and global, thus facilitating scalability and internationalization. Turin maintains its positive trajectory and continues to climb the ranking, improving its position from the 81–90 range to the 71–80 range. Turin is also among the “Top 35 European Ecosystems in Performance” — which evaluates the size and performance of an ecosystem based on the value accumulated by tech startups through exits and funding — and among the “Top 35 European Ecosystems in Funding,” which measures innovation through early-stage financing and investor activity.

In a European context marked by a general contraction of Ecosystem Value, Turin stands out as a rare case of growth, recording a 19% increase. The city is rapidly consolidating its role as an emerging innovation hub, also thanks to sub-sector strengths in Smart City, AI & Big Data, and Spacetech. Recognition as European Capital of Innovation 2024–2025, the establishment of the national AI4I center, and the organization of Italian Tech Week support the ecosystem’s consolidation.

Intesa Sanpaolo Innovation Center has always been a key player in Turin’s innovation ecosystem, supporting and promoting it in collaboration with other actors. Among its initiatives are the Techstars Transformative World Turin acceleration program, joint work with Fondazione Compagnia di San Paolo, Fondazione CRT, local administrative bodies, and local companies, which led to Turin winning the recognition of European Capital of Innovation in 2024.

Intesa Sanpaolo Innovation enter has helped transform Turin into a global innovation

hub by fostering public-private collaboration, attracting startups, and cultivating a vibrant ecosystem

where talent, technology, and entrepreneurship drive sustainable growth and solutions, to global challenges.

(Viviana Bacigalupo - General Manager Intesa Sanpaolo Innovation Center)