Philadelphia’s growing VC strength contributes to its new global city “innovator” status
Philadelphia emerges as an “Innovator” city, one of ten city types reflecting the various roles cities play in the global economy.
October 16, 2019
- A new report from JLL and The Business of Cities, Demand and Disruption in Global Cities, includes Philadelphia as a ‘New World City’ for the first time in the report’s history, because it “now places among the top cities globally across the benchmarks of start-ups and science and technology” and because it is “gaining global influence in healthcare and now routinely ranks in the world’s top 30 cities in measures of economic clout due to its skilled talent pool, high-quality universities and business gateway infrastructure.” Specifically, Philadelphia emerges as an “Innovator” city, one of ten city types reflecting the various roles cities play in the global economy.
- The report pulls together data and analysis on hundreds of economic and quality of life topics to not only rank cities but also identify their roles in the global economy. One such ranking, total venture capital activity, is an area in which Philadelphia has surged enough for the city to rank among the top 20 cities globally for the number of VC deals and the top 25 cities in terms of total investment. What’s more, Philadelphia’s 18th place performance in total VC deals that helped secure its innovator status used 2015-2017 data. As published in our recent snapshot on gene and cell therapy, it seems likely that 2018-2019 data is already outpacing previous years, suggesting the city’s strength is still growing.
- In the U.S., Boston, Chicago, Los Angeles, New York, San Francisco, and Washington D.C. are all considered “Established World Cities”, whereas Philadelphia joins Austin, Denver, Miami, San Diego, and Seattle in the “New” World Cities” categories. Read the full report, available at JLL’s Cities Research Center, to see more on the categories of global cities.
Source: JLL Research, Center for American Entrepreneurship, Pitchbook