PitchBook分析师注：全球风险投资生态系统排名（英）-2023.10-16页_576kb

PitchBook Global VC Ecosystem Rankings Summary

PitchBook introduces a new location-based VC Ecosystem Rankings framework, published October 10, 2023. This framework scores ecosystems based on Development and Growth, using proprietary data to help stakeholders identify potential investment and expansion opportunities.

Methodology Overview
The rankings use quantitative data from PitchBook Platform, including VC deals, exits, and funds over a six-year period. Scores are derived from three steps: data transformation, Z-score calculation, normalization, and weighting aggregation. Development Score combines Size (50% weight) and Maturity (50% weight), with inputs like deal value and unicorn count. Growth Score measures short-to-long-term growth rates (25% each for one-year, three-year, five-year, and two-year rolling growth). Overall Score balances Development (70% weight) and Growth (30% weight). Data is anonymized to avoid outliers, and qualitative factors are excluded in this iteration.

Development Ranking Highlights (Q3 2017-Q2 2023)

• San Francisco is the most developed ecosystem, followed by New York, Beijing, Shanghai, Los Angeles, and Boston.
• US and Asia dominate, accounting for 85% of the top 20 locations, with London as the sole European city in the top 10.
• Key inputs include deal and exit values, fund counts, and maturity metrics like mega exits and unicorns.

Growth Ranking Highlights (Q3 2017-Q2 2023)

• Dubai leads in growth, with Detroit second. Berlin is the highest-scoring European city in growth.
• 65% of top-20 growth ecosystems are in Europe or the U.S., while Asia has only three locations among the top 20, indicating slower growth in some Asian markets.
• Growth scores focus on relative growth rates rather than absolute figures, with inputs like deal and exit volumes analyzed across multiple time frames.

Overall Score Highlights

• The overall score balances Development and Growth, with cities like New York, Shanghai, London, and Berlin showing strong performance.
• A global split shows strong regional presence: North America (40% of top 50), Asia (32%), and Europe (24%), reflecting VC globalization.
• An inverse correlation exists between large development scores and growth scores, suggesting established ecosystems may have limited growth potential.

Caveats and Considerations

• Factors like cost of living, tax rates, education, and reporting standards can influence scores, potentially biasing data.
• The framework focuses on quantitative metrics; qualitative aspects may be incorporated in future updates.