In a year marked by global economic headwinds, Calgary’s startup ecosystem is proving its strength — charting growth while many others contracted.
That's according to the 2025 Global Startup Ecosystem Report (GSER), launched at Vivatech Paris, which analyzes data from over five million companies across more than 350 innovation ecosystems worldwide. The report, penned by Startup Genome and the Global Entrepreneurship Network, is recognized as one of the world’s most comprehensive research projects on startups.
“Calgary is a launchpad for the next generation of global innovators. With the right talent, cost advantage and momentum behind us, we’re scaling companies that are shaping the future — from fintech to cleantech and beyond,” said Brad Parry, President & CEO, Calgary Economic Development.
“We’re no strangers to innovation, and as we continue to double down on our efforts to grow this momentum, we're creating opportunities for Calgarians to build a meaningful life and career both today and 50 years from now.”
Calgary defies the downturn
Unlike other global startup ecosystems, Calgary experienced a 13 per cent growth in ecosystem value between the 2023 and 2025 reports — in contrast to a 14 per cent average decline globally.
The report also places Calgary among the Top 30 ecosystems in North America and in the Top 50 emerging ecosystems globally, while giving high marks for the city’s affordable talent and startup return on investment. The city ranked in the Top 10 in North America for talent affordability and was named a Top 15 ‘bang for buck’ ecosystem globally — meaning founders here get more growth, traction and runway for every dollar spent.
"There is something special happening here in Calgary. Despite headwinds facing a lot of other tech ecosystems, Calgary's incredible resilience and growth are on full display,” said Terry Rock, President & CEO, Platform Calgary.
“Platform Calgary and our network of partner organizations play an important role in this journey, uniting entrepreneurs, investors, and partners at the Platform Innovation Centre to support founders at every stage of their journey. Together, we are building a tech ecosystem that is the best place in the world for anyone to launch and grow a tech startup."
Calgary’s rankings are a signal of the city’s durability in a turbulent global startup environment. Local firms like Neo Financial, Eavor, Carbon Upcycling Technologies and Summit Nanotech have recently closed significant raises, putting Calgary on the map for high-growth potential.
While other Canadian cities — including Vancouver and Toronto-Waterloo — saw their global ecosystem rankings slip, Calgary’s value position remains stable.
Calgary highlights from GSER 2025:
- $6.7B ecosystem value
- $2.6B in venture capital raised (2020–2024)
- 90 startup exits in the past five years — above the global average
- 2 unicorns (companies valued over $1B USD)
- Fastest tech employment growth in North America, surging 78 per cent from 2018–2023 (CBRE)
“Ranking in the top tier globally for affordable talent and startup runway, Calgary stands out as fertile ground for founders to scale with impact,” said JF Gauthier, Founder & CEO, Startup Genome.
“We’re proud to partner with Platform Calgary, Calgary Innovation Coalition and Calgary Economic Development — their collaboration continues to power this momentum.”
Behind the ecosystem valuation
So, why does Calgary’s ecosystem value appear to drop from $8.1B in the 2024 report to $6.7B now?
The shift is largely due to Startup Genome’s updated methodology — including changes to how unicorns and large exits are accounted for. Recalculated using the new approach, the 2024 figure would be closer to $7B, according to Startup Genome’s data team.
This year’s $6.7B figure, while lower on paper, actually reflects continued organic growth. Some outsized, one-time transactions — like Benevity’s $1B exit — have simply moved outside the current dataset’s timeframe.
A strategy for long-term growth
Calgary's continued growth in ecosystem value shows the city’s startup scene is still gaining strength, even as most ecosystems decline. That growth aligns with the city’s long-term vision through Calgary’s Innovation Strategy — a city-wide plan to make Calgary the innovation capital of Canada.
Unveiled by Calgary Economic Development earlier this year and crafted with input from community partners, the strategy focuses on building a network of sector-specific innovation nodes that create community, attract investment and fast-track commercialization. These nodes will support key industries including cleantech, life sciences, digital media, aerospace and agritech.
Through Calgary’s Innovation Strategy, the city could see up to 187,000 new jobs and a $28B boost to Calgary’s economy by 2034. It also addresses capital gaps, fosters industry-academic partnerships and drives inclusive job creation across the innovation ecosystem.
The 2025 GSER underscores Calgary’s position as a city on the rise — with the fundamentals, collaboration and long-term strategy in place to support continued growth in the innovation economy for decades to come.
This year’s GSER spotlights Calgary’s entrepreneurial strengths thanks to collaboration between Platform Calgary, Calgary Innovation Coalition, Calgary Economic Development and Startup Genome.
Learn more about the city’s thriving tech sector and how we're promoting growth via Calgary's Innovation Strategy. Read Startup Genome’s full report here.