2022 | StartupBlink View the Global Startup Map p. 12 It should be noted that the Index is comparative. An ecosystem that has decreased in its rankings has not necessarily performed worse overall than last year. The decrease may simply reflect the faster growth of other ecosystems climbing the rankings. Organizations interested in a deeper analysis of the algorithm are invited to obtain a StartupBlink PRO account, which offers packages of raw data for all ecosystems, access to unique filters on the map, data exporting options, and access to raw and processed components of our algorithm. What is a Startup? The innovation can be a product or service, process, or business model. Since this definition is not quantitative, our team manually evaluates most entities that register on the startup map. Entities without a unique innovation, such as non-technological service providers, digital forums built on white-labeled existing technology, and local directories such as simple lists of real estate or jobs listings will not be taken into consideration for the Index. We do not consider the founding year or team size of a startup as a criterion for determining startup innovation. However, companies that went through an IPO, acquisition, or received investments in total valuation above US$ 1 billion will not be categorized as startups, but will still influence the rankings as special entities. Other Stakeholders and Entities Aside from startups, other stakeholders are taken into consideration by our algorithm. The obvious ones are accelerators and coworking spaces, both of which facilitate and contribute to the growth of an ecosystem. Our algorithm also takes into account special entities which have “graduated” as startups. These entities include Unicorns and Exits. Unicorns are startups that received a total valuation of over US$ 1 Billion. Unicorns are critical success stories that not only increase the capital flow to the ecosystem but also tend to boost the ecosystem with a powerful story of success that draws more potential entrepreneurs and attracts investors to the location. Exits, on the other hand, are startups that are now publicly listed or merged with a publicly listed company. The valuation of these unicorns and exits are also taken into account in the algorithm. We define a startup as any business that applies an innovative technology-enabled solution that has the potential to achieve scalability.