separately to the rest of ‘Tier 1 US’, since that ecosystem is quite distinct and, for various reasons, we consider that it is unrealistic for others to model themselves on that ecosystem. Tier 2 peers are lower-ranked ecosystems which we feel have many similarities with the Canadian ecosystems selected.
Tier 1 Benchmark Ecosystems
Tier 2 Peer Ecosystems
New York Boston Los Angeles
Austin Chicago Seattle Washington DC
2.4. Obtaining Funding Data & Estimating Gaps Data for the chosen Canadian ecosystem and comparators were obtained from Startup Genome’s proprietary database, which draws on sources including Crunchbase, PitchBook and Dealroom. For each ecosystem, we extracted data on all known funding rounds since 2006. In total, this amounted to approximately 65,000 funding rounds across the ecosystems under consideration. For some of our analysis – especially the percentage of startups obtaining seed funding – we also needed estimates of total numbers of startups per ecosystem (what we term ‘Startup Output’). These numbers are difficult to obtain, since many startups are not recognised until a funding event occurs: that is to say, a startup formed in a given year might not actually be picked up by data sources until it raises funding 2-3 years later, or more. Moreover, some startups may never be picked up, if they die before a fund-raising event. This data lag varies over time and geography.
To correct for this, we examined historical snapshots of the database to see how the total number of startups, formed in a given year within a given ecosystem,
Startup Genome | San Francisco • Berlin • London • Delhi • Tokyo • Abu Dhabi • Bangalore • São Paulo
p. 14
Powered by FlippingBook