Thanks to its abundant tech talent, access to funding, and strong life sciences and data analytics presence, the Philadelphia new business climate has placed among the top 30 cities in the world for startups, writes Hannah Kanik for Philly Voice.

The research firm Startup Genome ranked the City of Brotherly Love No. 28 among over 275 “startup ecosystems” from around the globe.

The 2021 ranking raises the city 15 spots higher from its position last year.

To determine the best cities for new companies, Startup Genome evaluated them based on six main factors:

• Performance
• Funding
• Market reach
• Connectedness
• Talent and experience
• Knowledge

Philadelphia ranked highest in the market research, talent, performance, and funding categories.

“Philadelphia’s notable acceleration to a top 30 global ecosystem demonstrates our momentum as a region and shines a spotlight on our ecosystem’s rare combination of investor activity, diverse talent, and ingenuity,” said University City Science Center CEO Tiffany Wilson.

Local startups managed to raise $994 million in early-stage funding, which is significantly higher than the global average of $548 million. Meanwhile, the city’s ecosystem is valued at $18.8 billion, once again higher than the global average of $13.68 billion.

Read more about the rosy Philadelphia new business status in Philly Voice.