In The News 10 Dec 2024

Top organisations driving innovation in their respective ecosystems were unveiled in Paris last week during the ninth edition of the Startup Ecosystem Stars (SES) Awards, organised by the International Chamber of Commerce (ICC) and Mind the Bridge in collaboration with the Organisation for Economic Co-operation and Development (OECD) and the European Commission, with support from Microsoft. 

EIT Climate-KIC was honoured with a “Rising Star” Award for the second year in a row. Startup Ecosystem Stars Awards annually recognise government-related organisations or programmes that boost the development of startup ecosystems, focusing on areas like investment, talent nurturing, and industry support. In total, the 2024 edition crowned 64 organisations representing 36 countries. 

For nearly 15 years, EIT Climate-KIC has been at the forefront of climate entrepreneurship – from scaling European unicorns to strengthening innovation ecosystems across Africa, South America and the Pacific Islands. What sets EIT Climate-KIC apart is our comprehensive suite of entrepreneurship programmes including Climathon, ClimateLaunchpad and ClimAccelerator. This pipeline of ideation, incubation and acceleration supports start-ups tackling climate change through innovation. 

David Watt, Senior Programmes Manager at EIT Climate-KIC: “Being recognised as a Start-up Ecosystem Rising Star highlights the impact of our climate entrepreneurship programmes in empowering innovators to tackle the climate crisis. At EIT Climate-KIC, we are proud to support start-ups transforming bold ideas into real-world solutions for a sustainable future.”

Innovation as a critical driver of regional GDP growth

At the SES Awards, Mind the Bridge presented its new report: “Startup Ecosystem Stars Report 2024: Innovation or Isolation: The Future of Regional Ecosystems”. The study is aimed at policymakers who recognise innovation as a critical driver of regional GDP growth. It provides a roadmap for government-linked organisations at every level – city, region, country, or continent – to design and implement programmes that nurture local talent and technological innovation.

Here are the main highlights:

• Innovation is concentrated in a few dominant hubs like Silicon Valley, Israel, and others. These hubs benefit from dense networks, significant capital, and talent pools. Fifty percent of Fortune 500 companies have a presence in the Bay Area; 28 per cent in Israel.
• Transitioning across stages of the Innovation Ecosystems Life Cycle curve takes years. The further along the curve, the more selective each phase becomes. Developing a global innovation ecosystem takes 10 years; establishing a continental hotspot takes an additional 7 to 8 years.
• Innovation hubs are increasingly region and city-centric (e.g., 65 per cent of France’s scaleups are in Paris; 68 per cent of the UK’s are in London). High concentration levels: Saudi Arabia, South Korea: ~75 per cent of scaleups in key hubs; UAE, Chile, Kenya: ~90 per cent concentrated.
• Europe risks losing relevance in the innovation race without increased investment while emerging regions like LATAM, Africa, and parts of Asia show promise but need targeted strategies. Policies and public investments play a critical role in accelerating regional ecosystems. 

Read full report