MIAMI, FL — When it comes to startup success, Silicon Valley gets all the glory. The area is home to Apple, Google and Facebook, which you may have heard of, and even inspired the eponymous TV show, "Silicon Valley," on HBO. But while the world fawns over the Bay Area, a new report found that Miami also has one of the best startup ecosystems in the world.



Startup Genome, a company that aims to help cities better support startups through data-driven strategies, last week released its "Global Startup Ecosystem Report 2019," ranking the 30 best startup ecosystems in the world. Miami ranked 29th in the world, the report found, just ahead of Munich and behind Dublin. The rankings were based on metrics in nine "success factors": performance, funding, market reach, talent, experience, connectedness and knowledge, all of which are explained below. The researchers placed cities into a tier for each category, with first tier representing the best.

Here are the tiers for Miami: Rank change from 2017: Miami is new to the list.

Performance: 4th

Funding: 5th

Market Reach: 1st

Connectedness: 5th

Talent: 5th

Experience: 5th

Knowledge: 4th

Growth Index: 5 Silicon Valley and New York City were, perhaps unsurprisingly, ranked as the top two startup ecosystems in the world, with the former holding the top spot since 2012. Boston ranked No. 5 and Los Angeles tied for 6th. Here are the overall ranks for every American city:

1. Silicon Valley

2. New York City

5. Boston

6. Los Angeles

12. Seattle

16. Austin

17. Chicago

19. Washington, D.C.

20. San Diego

21. Denver-Boulder

26-30 range. Atlanta, Miami To put it plainly, the rankings mainly show which cities have ecosystems where a new startup has the best chance to become a global success. The company defines a startup as a temporary organization looking for a repeatable and scalable business model.

In that regard, North America "continues to dominate," the report said. The continent is home to 14 of the top 30 startup ecosystems and a dozen of those are in America alone.

The global startup economy is expanding and created about $2.8 trillion in value between 2016 and 2018, the report said. That's about 20.6 percent more than the previous period and more than double what it was five years ago.

The list of largest corporations worldwide is now dominated by tech companies. In 2008, Microsoft was the lone tech company to make the list of the 10 largest companies across the globe. Today, seven of the 10 largest companies are tech-based, and three of them are in Silicon Valley. Interestingly, nearly half of startups being created are in sectors related to "deep-tech." This includes industries such as advanced manufacturing and robotics, blockchain, agtech and new food, artificial intelligence and big data and analytics.