2022 | StartupBlink View the Global Startup Map p. 180 44 | Colombia Colombia advanced 3 spots this year, now ranking 44th globally and 4th in South America. The country's subscores tell an interesting story; Colombia has the 2nd lowest Business score among the countries ranked in the 40s, implying that the country's business environment lags behind its competitors. This may also explain why the country's Quantity score is low (2nd worst among the countries ranked in the 40s): a challenging business environment reduces the willingness and ability of founders to start a business. And yet the country's Quality score is the highest among countries ranked in the 40s, showing the strong potential of local founders. These insights provide a strong indication that the Colombian economy can benefit greatly from improving its business environment, because local talent has shown its ability to achieve results. Ranked 1st in Colombia, the city of Bogota had a substantial jump of 7 spots in the Index to rank 70th globally, 4th in South America, and 5th in the Latin America & Caribbean region. Bogota also ranks 35th for Ecommerce & Retail. Medellin is the only Colombian city that dropped this year, falling 22 spots to 205th globally and losing its place in the world's top 200, but remaining the 2nd highest ranked city nationally. This is the third year in a row that Medellin has dropped in the Index. Regionally, however, Medellin climbed two spots to rank 8th in South America, profiting from even greater declines by Belo Horizonte, Montevideo, and Porto Alegre. Colombia jumps 3 spots to rank 44th globally. 2020 2021 2022 Regional Rank Startup Ecosystem Ranking Global Rank National Rank and Change City Global Rank and Change Total Score Overperforming Industry 1 Bogota 70 9.467 Ecommerce & Retail 2 Medellin 205 3.989 3 Cali 293 2.214 4 Barranquilla 426 1.067 35 +7 −22 +5 +410 − − − − For more information about the rankings of cities, view the country dashboard on Startublink.com.