Greater Philadelphia has solidified its position as a global business startup ecosystem leader, ranking among the world’s top 25 places to start a company in the 2024 annual Global Startup Ecosystem Report (GSER) by Startup Genome. This achievement underscores the region’s innovative, interconnected, and inclusive business community.

Key Factors Driving Greater Philadelphia Startup Success

Power of Greater Philadelphia Incubators and Accelerators 

Greater Philadelphia is home to numerous business incubators and accelerator programs that provide new companies with essential support, services, and mentorship to start and thrive. Some of these include:

Greater Philadelphia Technology Incubators
  • 1Philadelphia: Focuses on creating equitable opportunities in the tech industry through education, mentorship, and community engagement under the leadership of a coalition of local tech leaders and organizations. 
  • Ben Franklin Technology Partners: Provides funding, business and technical expertise, and access to a network of resources to foster innovation and growth throughout Pennsylvania. This includes a Greater Philadelphia-focused initiative,  ImpactPHL, which aims to increase venture capital investment in the region and support startups through funding, resources, and strategic partnerships.
  • Comcast’s LIFT Labs: An accelerator program that provides startups with mentorship, resources, and opportunities to collaborate run by Comcast NBCUniversal. 
Greater Philadelphia Life Sciences Industry Incubators
  • B+ Labs: A dynamic, collaborative business ecosystem managed by the Pennsylvania Biotechnology Center (PABC) and built by Brandywine Realty Trust that empowers startups with state-of-the-art laboratory facilities, expert mentorship, and a robust network of industry connections to accelerate their growth and innovation.
  • BioLabs Philadelphia: A premier coworking space and innovation hub that provides life science startups with cutting-edge laboratory facilities, expert guidance, and a vibrant community to foster scientific breakthroughs and business growth.
  • CIC Philadelphia: A dynamic coworking space and innovation hub within uCity Square, offering entrepreneurs and startups flexible workspaces, expert resources, and a strong network to drive business success and innovation.
  • Philly Startup Leaders: A community-driven organization that supports startups through mentorship, networking events, and educational programs. 
  • Drexel University: Offers extensive resources for entrepreneurs through programs like the Baiada Institute for Entrepreneurship, which provides 
  • Johnson & Johnson Innovation (JLabs): Provides a capital-efficient and flexible platform for emerging companies to progress their research and development. 
  • Pennsylvania Biotechnology Center (PABC): The home for the Hepatitis B Foundation and The Baruch S. Blumberg Institute, this leading life sciences incubator offers state-of-the-art laboratory facilities, business support services, and a collaborative environment to help biotech startups thrive and innovate.
  • Persephoni BioPartners: Specializes in supporting life sciences startups by providing comprehensive end-to-end drug development services, helping founders navigate business challenges and focus on scientific innovation. 
  • Pennovation Works: Anchored by the Pennovation Center, this cutting-edge business incubator and laboratory space fosters innovation and collaboration, providing startups with the resources, expertise, and community needed to transform ideas into successful ventures.
  • Temple University: The 1810 Accelerator is offered through the Fox School of Business. It provides workspace, mentoring, and a structured accelerator program for early-stage ventures. 
  • The Innovation Center at Eagleview (ICE): Provides startups with office space, laboratory facilities, and a collaborative environment to foster innovation.
  • The Innovation Space: A premier incubator and coworking facility at the DuPont Experimental Station near Wilmington, Delaware, that provides startups with state-of-the-art laboratories, office spaces, and a collaborative environment to accelerate scientific and technological innovation.
  • ThinkUBator: Provides biologics, cell, and gene therapy startups support the ability to lease the process development and wet lab space in an college setting incubator.
Non-Sector Specific
  • 1810 Accelerator: Through Temple University’s Fox School of Business, this program provides workspace, mentoring, and a structured accelerator for early-stage ventures.
  • The Baiada Institute for Entrepreneurship at Drexel University: Not industry specific, the Baiada Institute for Entrepreneurship provides incubation space, mentoring, and access to supports student entrepreneurs from all academic disciplines to develop and launch their startups.
  • Penn Venture Lab: The University of Pennsylvania’s joint incubator-accelerator that introduces students to the key aspects of entrepreneurship.
  • Philly Startup Leaders:  A community-driven organization that supports startups through mentorship, networking events, and educational programs.

Greater Philadelphia’s startup ecosystem has demonstrated impressive growth and resilience. Between 2021 and 2023, the ecosystem was valued at $92 billion, significantly higher than the global average of $29.4 billion. This represents a 40% compound annual growth rate compared to 2019 to 2021. 

Among the Philadelphia area’s strongest sectors are life sciences, which CBRE ranked as the 6th best life sciences market in the country last year. Other important industries include AI (Artificial Intelligence), big data and analytics, advanced manufacturing, and robotics. 

Spotlight on DriQ Health 

Dr. Gregory Dean, founder of DriQ Health, exemplifies the region’s entrepreneurial success. His participation in the Science Center’s Capital Readiness Program highlights the robust support available to startups. The program has supported 50 companies that have gone on to raise $23.8 million over 18 months.

DriQ Health now has an office in the Cambridge Innovation Center (CIC Philadelphia @ Market Street), adjacent to the Science Center. 

Join Our Thriving and Collaborative Business Community

The Science Center is accepting applications for its next Capital Readiness Program cohort until September 27, 2024. For more details and to apply, visit their website. 

For further information on Greater Philadelphia’s business ecosystem, contact James Medaglio, Director of Business Attraction and Expansion at the Chamber, at [email protected]. 

Read the full version of this article on our Chamber of Commerce for Greater Philadelphia website.