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Rabat – The Global Startup Ecosystem Report (GSER) 2024, released by Startup Genome on June 10 at London Tech Week, has recognized Ben Guerir as an emerging player in the global startup landscape.
This acknowledgment is largely due to the presence of Mohammed VI Polytechnic University (UM6P), a key institution driving innovation and entrepreneurship in the region.
UM6P’s initiatives and projects significantly contribute to the local ecosystem as it fosters a supportive environment for startups and new ventures.
Startup Genome, a leading research organization in innovation policy, offers its network members—UM6P being one of them—valuable advice and exclusive research, according to the report.
Startup Genome Network Members benefit from a global network of policymakers, government representatives, and leaders dedicated to accelerating the growth of innovation ecosystems.
UM6P has long committed to the socioeconomic development of Morocco and the African continent through cutting-edge research, entrepreneurship, and knowledge transfer.
One of UM6P’s key initiatives is its emphasis on entrepreneurship and startup incubation. The university provides support for aspiring entrepreneurs through programs, training, and access to resources. Examples include UM6P’s Entrepreneur Academy, which hosts entrepreneurial bootcamps and business model coaching.
In addition, UM6P is known for its international partnerships and collaborations with prestigious universities, research institutions, and companies worldwide.
“UM6P, originating from OCP, Morocco’s largest company, is pivotal in Ben Guerir’s tech ecosystem. Its R&D efforts are a strategic driver, encouraging creativity and meeting challenges by focusing on the applied research, entrepreneurship, and innovation that serves Africa,” the report said.
The GSER provides a detailed analysis of over 300 entrepreneurial innovation ecosystems and 4.5 million startups, ranking the Top 40 global ecosystems and emerging ecosystems, and expanding regional rankings.
The report highlighted various regional ecosystems, with 30 ecosystems ranked in Asia, Europe, and North America. Fewer than 30 ecosystems qualified in Latin America, MENA, Oceania, and sub-Saharan Africa.
Casablanca: A Rising Player in MENA’s Startup Landscape
According to the report’s criteria for regional ranking inclusion, ecosystems must either rank in the Top 40 Global Leaders or Top 200 Emerging Ecosystems, or have an Ecosystem Value exceeding $200 million.
The report highlighted 16 ecosystems in the MENA region, including Casablanca, which claimed the eighth spot among MENA ecosystems. Leading the MENA region are Tel Aviv, Dubai, Cairo, Riyadh, and Abu Dhabi.
Casablanca, Morocco’s largest city and economic hub, is a significant player in the MENA region’s startup ecosystem.
It is known for its vibrant business environment and strong infrastructure that supports various industries, including finance, commerce, and technology.
The city is home to numerous startups and entrepreneurial ventures that benefit from a growing number of incubators, accelerators, and innovation hubs.
Positive Signs for Early-Stage Startups
The Startup Genome report provides an overview of the global startup economy in 2023, a year marked by mixed outcomes. Despite easing inflation in most regions and better-than-expected global GDP growth, the tech sector faced ongoing challenges, with exits and VC funding yet to return to pre-COVID-19 levels, the report said.
However, the report noted positive signs, particularly for early-stage startups. While global Series A funding fell by 46% in 2023 compared to 2022, the average deal size for Series A rounds increased in the latter half of 2023 compared to the same period in 2022.
Early 2024 showed signs of further improvement. Sectors like Cleantech and Generative AI (GenAI) continue to attract investor enthusiasm, “demonstrating that frontier innovation can still attract investor enthusiasm regardless of global funding conditions,” according to the report.
Among the report’s key findings, the top three ecosystems—Silicon Valley, New York City, and London—have maintained their positions since 2020.
Tel Aviv climbed one rank to tie with Los Angeles at the fourth position, whereas Seoul has risen three spots to rank ninth, entering the Top 10 ecosystems.
Meanwhile, Tokyo has entered the Top 10 for the first time, moving up from the 15th position in 2023 to the 10th in 2024. This marks the most significant improvement among the top ecosystems.
Read also: Morocco’s UM6P Incubated 500 Startups in the Past Three Years
