The Compass Global Startup Ecosystem ranking was announced on Wednesday, 13 Menachem Av, placing the city of Tel Aviv as the #1 startup center in all of Europe and #5 globally. The report focused on the Tel Aviv ecosystem’s uniquely high-quality talent and consistent ability to develop high performing startups and attract global capital.

“To be named the best startup ecosystem in all of Europe and one of the top five globally is a tremendous accomplishment for Tel Aviv and the entrepreneurs who call it home,” said Hila Oren, CEO and Founder of Tel Aviv Global. “Tel Aviv’s technology ecosystem possesses a unique spirit and is driven by a true collaboration between the city and its amazing companies to create a global hub capable of driving consistent innovation and creating a powerful global impact.”

Tel Aviv ranked highest in the global talent scale, ranking as the third most impressive talent base globally, with the report making specific mention of the quality and impact of Tel Aviv University. The city also ranked highly on all major indicators including startup performance, experience, sector growth and the ability to attract capital.

“Our greatest resource is the incredible quality and talent of our people, and it was especially exciting to see this amazing population rank so highly in that category,” said Yael Weinstein, Director of Global Economic Development, Tel Aviv Global. “It shows that our future is even brighter than our present and only reaffirms our focus on helping to foster an environment that doesn’t just laud the caliber of our people but actively looks to help them get even better.”

The report also focused on the impact of the diversification of Tel Aviv’s technology ecosystem, as more companies move away from the sectors that once dominated the landscape, using Wix, a Tel Aviv tech stalwart and consumer focused brand, as an example. Tel Aviv’s ranking is all the more impressive considering an especially small domestic market, which limited status on other indicators.

(YWN – Israel Desk, Jerusalem)