Moscow Makes Top-10 of Global Startup Ranking Due to Opening Digital Business Space

MOSCOW, Nov. 28, 2019 /PRNewswire/ -- Moscow is moving up the rankings of cities favorable to startups and will soon be one of the world's top three locations in terms of the number and quality of startups, infrastructure, business climate and public acceptance of innovations, said Alexey Parabuchev, CEO of the Moscow Agency of Innovations at an event at the Digital Business Space (DBS). The venue is a top-notch space created by the Moscow Agency of Innovations to boost the quality of the local innovation ecosystem. Its successful operation helps strengthen the city's profile in international innovation and technology rankings. Hundreds of events are held at the DBS annually. They bring together well-known Russian and international entrepreneurs, experts and opinion leaders to discuss current local and international trends and developments in business and technology. Moscow occupies a prominent place in global innovation rankings largely due to the opening of the DBS, where entrepreneurs communicate and share innovative business ideas. This place often hosts events, the main purpose of which is to help entrepreneurs get support from the city administration.

This year, Moscow moved up from 14th to 10th place in the latest ranking of cities with the best ecosystems for startups, published by the international information and analytical portal StartupBlink.

The compilers of the ranking take into account parameters such as the number and quality of startups, infrastructure, business climate and public acceptance of innovations. Moscow has overtaken recognized development leaders in this area, including Beijing, Bangalore, New Delhi, Tokyo, Paris, Austin, Toronto, and Amsterdam.

The top cities in the 2019 ranking are mainly in California, including the Silicon Valley area and Los Angeles. Among other leaders are New York, Boston, Chicago, Seattle, London, Berlin, and Tel Aviv.

"Competition among the top 50 cities in the ranking is very tough, and the top 10 places are held by the strongest traditional leaders. Moscow is the only new city in the top 10 compared to the previous ranking compiled in November 2017, having overtaken Paris. Moscow's innovation ecosystem continues to develop rapidly, and the city is fully capable of progressing to 6th place in the ranking by 2021. To achieve this, it will have to overtake cities like Seattle, Chicago, Berlin and Tel Aviv. The next target, which can only be achieved through the concerted efforts of business, the city and innovators, is to take 3rd place behind the undisputed leaders of San Francisco and New York, but ahead of London," said Parabuchev.

"The city will continue to work on ensuring that Moscow startups get timely information about where precisely their developments can be deployed. We will be running hackathons, in which teams will seek solutions for real issues faced by the city and business. We hope that many of those who take part in the hackathons will go on to create their own companies", noted Parabuchev.

Moscow's innovative infrastructure will continue to expand. The number of coworking spaces is growing rapidly, and the city is hoping to turn them into a "breeding ground" for startups. The Russian capital has 36 technology parks for high-tech companies and plans to open yet another one for entrepreneurs in creative industries.

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