Mapping the startup ecosystem of emerging countries: Methodological challenges and policy implications for Serbia

Abstract

The mapping of the Startup Ecosystem has long been a challenge, both for researchers and policymakers. From a policymaker’s point of view, determining the current state of development, issues and challenges, all of which influence the directions of governmental actions. On the other hand, researchers have persisted with the emphasis given on the methodological aspects of choice of indicators depicting the startup ecosystem, weighting scheme underlying the composite indexes of startup ecosystem evaluation, etc. At the confluence of two sides of the same coin, lies the Global Startup Ecosystem Report, and its flagship Rankings 2021 for Top 100 Emerging Ecosystems. The list itself encompasses the hotspots of the early-stage startup ecosystems across the Globe and is founded upon four domains: Performance, Funding, Market Reach and Talent & Experience. The paper will tackle both the methodological aspects of composite index developments by utilizing the potential of multivariate statistical methods while laying the foundation for policy implications which can benefit emerging countries such as Serbia. Finally, future directions of potential improvement of the Global Startup Ecosystem methodology will be elaborated.