Beyond Mexico City: How ‘Second Cities’ Are Quietly Rewriting Mexico’s Tech Map

Abstract

In a packed coworking space in Mérida, founders pitch tourism-tech ideas in a mix of Spanish and English while developers on nearby screens debug code for U.S. clients. Scenes like this are becoming more common across Mexico’s mid-sized cities, challenging the long‑held assumption that Mexican tech effectively begins and ends with Mexico City, Monterrey, and Guadalajara. This paper examines the rise of Mexico’s “second cities” — Mérida, Querétaro, Tijuana, Puebla, León, and Chihuahua — as emerging startup and tech hubs.

Drawing on ecosystem reports, investment data, and university and incubator records, it analyzes the specific advantages these cities offer: lower costs, higher quality of life, strong university pipelines, and tight links to manufacturing and nearshoring. It highlights concrete case studies of startups and initiatives, explores cross‑border dynamics, and assesses current infrastructure and gaps. Finally, it offers scenarios for how these ecosystems may evolve over the next decade and practical implications for founders, investors, and remote workers who are re‑drawing their mental map of Mexican tech.

Background

For years, coverage of Mexico’s startup ecosystem has concentrated on a familiar triad: Mexico City (CDMX), Monterrey, and Guadalajara. These metros host the bulk of venture capital, corporate headquarters, and late‑stage startups. But beneath that surface, a quieter transformation is playing out. Mid‑sized cities are building specialized, export‑oriented tech ecosystems that tap into manufacturing, creative industries, and nearshoring trends. Mexico is already recognized as an emerging innovation leader in Latin America, and these second‑tier hubs are increasingly central to that story [1].

Several structural shifts set the stage. First, the decentralization of Mexico’s industrial base has created regional clusters in aerospace, automotive, and advanced manufacturing, particularly in the Bajío region around Querétaro and León [1]. As global supply chains reconfigure, manufacturers and logistics firms in these cities are demanding more software, automation, and data capabilities. Second, information and communications technology (ICT) employment has surged in some non‑traditional hubs. Mérida, for example, now counts over 20,000 ICT professionals and more than 500 startups formed in the last five years [3][5].

Third, global tech and cloud players have begun to invest in infrastructure outside the traditional hubs. In 2024, Microsoft announced a US$1.3 billion, three‑year investment in Mexico focused on cloud and AI adoption among small and medium‑sized businesses [2]. In 2025, U.S. firm CloudHQ followed with a US$4.8 billion plan to build six data centers in Querétaro to support cloud and AI workloads [4]. While some of this capital ultimately serves national demand, the presence of hyperscale data centers, local cloud regions, and related services strengthens the case for building data‑intensive startups from places like Querétaro.

Finally, the global normalization of remote work has expanded the viable geography for founders and knowledge workers. Engineers and designers can live in safer, more affordable cities like Mérida or León and still work for U.S. or global employers [3]. Startup teams can split functions between a capital city commercial office and a second‑city engineering base. This convergence of industrial demand, digital infrastructure, and location‑agnostic talent is enabling Mexico’s second cities to move from peripheral players to core nodes in the national tech network.

Methods

This white paper synthesizes secondary data from ecosystem reports, policy analyses, and institutional case studies, combined with qualitative interpretation to build a coherent narrative about Mexico’s second‑city tech hubs. The primary quantitative anchors include:

• National and regional ecosystem rankings and growth metrics from recent startup ecosystem reports that track city‑level performance, growth rates, and global positioning [1][6][7].
• Sectoral and employment data on information and communications technology (ICT) and startup formation in Mérida and other cities, drawn from talent and ecosystem mapping platforms [3][5].
• Investment announcements on cloud, AI, and data center infrastructure from major multinational firms, especially Microsoft and CloudHQ, which indicate where digital infrastructure is deepening [2][4].

These quantitative sources are complemented by case histories from university‑linked accelerators such as TecniA at Universidad Anáhuac in Mérida, which document venture creation and support volumes over the past decade [5]. Where the prompt or context provides illustrative examples (such as specific startups or local collectives), they are treated as grounded qualitative case material.

The analysis proceeds in three steps. First, it defines “second cities” in the Mexican context and selects representative examples based on population size and evidence of startup momentum. Second, it examines key differentiators — cost structure, quality of life, talent dynamics, and niche specialization — through both data and narrative. Third, it develops comparative and forward‑looking perspectives, including cross‑border dynamics and plausible scenarios, while being explicit about limitations and remaining uncertainties.

Key Findings

Defining Mexico’s ‘Second Cities’ and Measuring Their Momentum

In this context, “second cities” are mid‑sized urban areas with populations roughly between 300,000 and 1.5 million that show growing startup and tech activity but are not yet widely perceived as primary national hubs. Mérida, Querétaro, Tijuana, Puebla, León, and Chihuahua fit this profile: each has a substantial industrial or creative base, at least one major university, and evidence of increasing startup formation and ecosystem recognition.

Recent ecosystem rankings quantify this momentum. Chihuahua climbed 75 positions to reach 493rd in the global top 500 ecosystems, reflecting close to 60% annual growth in its startup indicators [6]. León posted an even more dramatic expansion, with over 78% growth pushing it to overtake Querétaro as Mexico’s sixth‑ranked ecosystem nationally [6]. Puebla has been on a steady upward trajectory since 2021 and, if its current pace holds, is projected to enter the global top 200 ecosystems in the near future [7]. These figures suggest that Mexico’s innovation geography is diversifying beyond the capital and a few traditional hubs.

Mérida’s numbers are particularly striking. Over the last decade, the city’s ICT sector has expanded to more than 20,000 professionals [3]. Local mapping indicates that over 500 startups have been created there in just the past five years, supported by universities and public‑private initiatives [5]. TecniA, the tech hub of Universidad Anáhuac Mayab, has alone supported around 450 ventures since its inception, including 95 incubated projects in 2023 and 11 accelerator‑backed companies that same year [5]. This density of early‑stage activity is unusual for a southeastern city historically better known for tourism and culture than for software.

These data points show that second cities are not simply “up‑and‑coming” in a vague sense; they are posting measurable gains in global rankings and venture creation. The underlying drivers, however, vary by location, and understanding those differences is key to grasping their strategic value.

Cost Structure and Quality of Life as Strategic Assets

Cost advantages are perhaps the most visible differentiator between second cities and Mexico’s major hubs. In Mérida, office rents can start around US$10 per square meter, compared with roughly US$30 per square meter in Mexico City [1]. This three‑fold gap materially affects runway for early‑stage teams, especially those seeking to build product and find product–market fit before raising large rounds. Tijuana, despite being a border city, still offers an overall cost of living roughly 30% lower than CDMX, according to comparative estimates cited in ecosystem analyses [1]. Lower salaries relative to the capital, combined with lower commercial and residential rents, produce a significantly reduced burn rate.

Founders consistently report that this lower burn makes it feasible to experiment longer or build more patient, bootstrapped companies. Rather than racing to raise capital to survive, teams in Mérida or Chihuahua can focus on iterating with customers — often local manufacturers or service providers — while keeping headcount lean. For foreign founders or remote workers paid in dollars, the arbitrage is even more pronounced. A U.S. engineer living in Tijuana or León can enjoy a standard of living that would be difficult to sustain in Mexico City while still remaining within one or two flights of major U.S. tech markets.

Quality of life considerations reinforce these cost advantages. Mérida is widely recognized within Mexico for its safety, cleanliness, and family‑friendly environment [3]. Commutes are shorter, air quality is generally better than in CDMX, and the city offers easy access to beaches and archaeological sites. Puebla combines a rich cultural heritage with a dense university environment, while León and Querétaro provide mid‑sized city amenities with less congestion than larger metros. These attributes are not just lifestyle perks; they directly affect talent attraction and retention. Senior professionals with families, in particular, often choose Mérida or Querétaro for perceived safety and quality of life, then connect to national or global companies remotely.

As remote work normalizes, quality of life emerges as a competitive advantage in the global race for talent. Engineers no longer have to tolerate three‑hour commutes in CDMX to access high‑quality work. Instead, they can remain in or return to their hometowns like Chihuahua or Puebla and still participate in high‑value digital labor markets. This dynamic helps explain the strong growth rates in the startup ecosystems of these cities: the talent pool is both growing and becoming “stickier.”

Talent Dynamics and University‑Driven Ecosystems

Behind every emerging hub lies a set of universities, technical institutes, and training programs that feed the local ecosystem. Querétaro hosts the Universidad Autónoma de Querétaro and a network of engineering‑focused institutions that support its aerospace and automotive clusters [1]. Puebla’s Benemérita Universidad Autónoma de Puebla and other schools produce thousands of engineering and design graduates annually, many of whom find opportunities in the city’s creative and digital services sector [1].

Mérida is an instructive case of how universities can actively shape a startup ecosystem. TecniA, the technological hub at Universidad Anáhuac Mayab, was launched roughly a decade ago to incubate and accelerate digital ventures. By 2023, TecniA’s incubator was supporting 95 projects in a single six‑month cohort, while its annual accelerator backed 11 higher‑potential ventures [5]. Cumulatively, TecniA has aided around 450 ventures, indicating sustained institutional commitment to entrepreneurship [5]. This level of structured support is unusual outside the major metros and helps explain Mérida’s tally of over 500 startups in five years [5].

The composition of talent in second cities typically skews younger and more junior, reflecting the strong pipeline of fresh graduates. Senior talent often arrives via a mix of returnees from CDMX or abroad and remote professionals who choose to live in these cities for lifestyle reasons. This blend can be powerful: junior teams hungry for experience, anchored by a smaller cohort of founders and operators with exposure to larger markets. Bootcamps and online education platforms complement formal universities, allowing startups to upskill local talent in modern frameworks and tools rather than competing head‑to‑head with large corporates for senior hires in the capital.

Niche Specialization and Industry Clusters

Perhaps the most strategically important characteristic of Mexico’s second cities is their emerging specialization. Rather than attempting to replicate CDMX’s broad, horizontal startup scene, they tend to build around specific industry clusters. In the Bajío region, Querétaro and León have long been industrial centers, with concentration in automotive, aerospace, and leather manufacturing [1]. As these sectors modernize, they demand solutions in automation, quality control, supply‑chain visibility, and B2B SaaS. León’s ecosystem, which grew more than 78% in recent assessments [6], is now seeing startups that digitize manufacturing processes or provide management platforms to mid‑sized producers.

Chihuahua, which climbed 75 places to enter the global top 500 ecosystems [6], illustrates another variation: logistics and manufacturing‑tech atop an established industrial base. Startups there are working on industrial IoT, factory automation, and process optimization, often in close collaboration with local plants. Over time, these firms can evolve from service providers into product companies, leveraging privileged access to real‑world production environments.

Border cities like Tijuana exemplify a different kind of specialization — nearshoring and binational collaboration. With longstanding maquiladora operations and direct links to Southern California, Tijuana is a natural hub for companies that sit at the intersection of manufacturing, logistics, and software [1]. Startups there can prototype solutions with local factories while selling into U.S. markets across the border. Mérida, by contrast, is cultivating strengths in fintech, tourism‑tech, and software development services, building on its tourism appeal and rising ICT workforce [3]. Puebla’s creative and digital services collective points to a niche in design, marketing, and content for global clients.

These patterns suggest that Mexico’s second cities are not simply trying to “catch up” to CDMX; they are experimenting with differentiated, globally relevant specialties that map onto their historical economic bases.

Comparative Analysis

Cost and Burn Rate: Second Cities vs. Major Hubs

When comparing second cities to traditional hubs, cost and burn rate emerge as the most immediate differentiators. In Mexico City, early‑stage founders face high fixed costs: commercial rents near US$30/m², higher salaries, and more expensive housing [1]. These expenses can be offset by better access to capital and clients, but they compress runway. In Mérida, Querétaro, or Puebla, a startup can often secure acceptable office space at roughly a third of CDMX prices and hire junior developers and designers at lower salary bands without compromising significantly on quality [1][3]. For pre‑seed teams, this difference can translate into 6–12 additional months of experimentation before needing to raise.

The trade‑off is that capital itself remains more concentrated in CDMX and, to a lesser extent, Monterrey and Guadalajara. Founders in León or Chihuahua often travel to the capital for fundraising, or they rely on remote pitching. However, because their burn is lower, they can afford to be more selective about when and from whom they raise capital. Investors, in turn, may find more capital‑efficient companies in these markets, where discipline is built into the cost structure rather than imposed by necessity after scaling too fast.

Talent, Density, and Network Effects

Another key comparison dimension is talent density and network effects. CDMX has the deepest bench of experienced operators, repeat founders, and functional specialists. It also concentrates corporate innovation budgets and international organizations. This density fosters serendipitous encounters, cross‑pollination of ideas, and rapid knowledge transfer.

Second cities, by contrast, tend to have shallower pools of senior talent but denser, more close‑knit communities. In Mérida, the fact that TecniA has supported 450 ventures over a decade means many founders know each other personally or share mentors [5]. In Chihuahua and León, the still‑small scale of the ecosystem means that meetups or demo days can bring together a high percentage of active founders. The trade‑off is that it can be harder to find specialized functions — a growth marketing lead with marketplace experience, say — without looking beyond city limits. Many startups address this by adopting hybrid organizational models, with technical teams in second cities and commercial or growth leadership in CDMX or abroad.

Industrial Linkages and Global Connectivity

Industrial linkages and connectivity also differ across cities. Monterrey and CDMX are major corporate capitals, hosting headquarters of banks, telcos, and conglomerates. Second cities rely more heavily on specific sectoral anchors. Querétaro’s aerospace and automotive plants, León’s leather manufacturers, and Chihuahua’s factories provide testbeds for industrial technology [1][6]. Startups that solve concrete production problems can quickly land their first customers locally, building credibility before expanding nationally.

Border cities like Tijuana enjoy unique cross‑border connectivity. Engineers can attend a hackathon in San Diego and return home the same day, while U.S. firms can visit nearshore suppliers with minimal travel time. This binational environment accelerates knowledge transfer and helps local startups understand U.S. customer expectations. However, it also exposes them to higher competition from U.S. and global players. Southeastern cities such as Mérida are less physically close to the U.S. but increasingly integrated via remote work and nearshore contracts; U.S. companies seeking software development in similar time zones increasingly look to cities like Mérida for talent [3].

These comparisons reveal that second cities are not simply “cheaper CDMX clones.” Their value proposition blends lower costs, focused industry access, and cohesive communities — conditions that can be highly conducive to building capital‑efficient, B2B‑oriented startups.

Case Studies

Mérida: University‑Anchored Software and Proptech

Mérida’s ascent illustrates how a university‑anchored ecosystem can compound over a decade. TecniA, launched as the technological hub of Universidad Anáhuac Mayab, set out to incubate and accelerate tech‑enabled ventures. Over ten years, it has supported around 450 companies, with 95 projects passing through its six‑month incubator and 11 through its accelerator in 2023 alone [5]. Many of these ventures focus on software services, healthtech, proptech, and tourism‑tech, leveraging Mérida’s growing ICT talent pool of more than 20,000 professionals [3].

One proptech example is a Mérida‑based startup that streamlines real‑estate transactions in the Yucatán peninsula by digitizing documentation and connecting buyers, sellers, and notaries through a unified platform. The founders chose Mérida because of its booming real‑estate market, lower operational costs, and access to junior developers from local universities. Their ability to hire a competent engineering team at lower salaries than CDMX allowed them to build product iteratively before raising external capital. As they add features tailored to local property law and tourism‑driven purchases, they are positioned to expand along Mexico’s southeast coast.

Querétaro: Data Centers and Industrial Tech

Querétaro’s evolution from an industrial hub to a cloud and AI node underscores the interplay between physical and digital infrastructure. Already anchored by aerospace and automotive firms, the city gained further prominence when CloudHQ announced in 2025 that it would invest US$4.8 billion to build six data centers there, aiming to support cloud computing and AI workloads [4]. This follows broader national investments such as Microsoft’s US$1.3 billion program focused on cloud and AI adoption across Mexico [2].

Local startups and scaleups are now experimenting with services that sit atop this infrastructure — from data analytics platforms for manufacturers to AI‑driven predictive maintenance tools for factory equipment. Founders in Querétaro often cite the ability to test their products directly with nearby industrial clients and then leverage the city’s growing cloud infrastructure to scale regionally. Some maintain commercial presences in CDMX while keeping engineering and operations teams in Querétaro, balancing cost efficiency with market access.

Chihuahua and León: Manufacturing‑Tech and Rapid Ecosystem Growth

Chihuahua’s ecosystem growth — roughly 60% annually, enough to propel it 75 places up to 493rd globally [6] — is driven by startups embedded in the region’s manufacturing and logistics backbone. These companies focus on automation, IoT sensors, and software to optimize production flows. One manufacturing‑tech startup, for instance, works with local plants to deploy sensor networks that track machine performance and energy usage in real time, then applies analytics to reduce downtime. Its founders emphasize that being in Chihuahua gives them daily access to factories for pilots, something that would be far more difficult in a purely services‑oriented city.

León, which posted the highest growth rate among Mexico’s ranked ecosystems at over 78% [6], tells a complementary story. Historically famous for its leather industry, León is now home to startups that digitize production and sales for small and medium‑sized manufacturers. A SaaS company in the city offers inventory and order‑management tools tailored to export‑oriented factories. By operating from León, it can co‑design features with local clients and then sell to similar firms across the Bajío and beyond. León’s leapfrogging of Querétaro to become the sixth‑ranked ecosystem in Mexico [6] signals how quickly a focused regional hub can climb when industrial and digital capabilities converge.

Limitations

Despite the clear momentum, Mexico’s second cities face structural limitations that temper some of the more optimistic narratives. Access to late‑stage capital remains a major constraint. While angel investors and early seed funds are increasingly active in cities like Mérida, León, and Chihuahua, most Series B and beyond funding still flows through CDMX, Monterrey, or foreign investors who are less familiar with second‑city ecosystems [1]. This can create pressure for high‑potential startups to relocate their headquarters or senior leadership to the capital as they scale.

Another limitation is the relative scarcity of experienced operators and mentors. Second cities have abundant junior talent but fewer people who have scaled companies from seed to exit or held senior roles in high‑growth startups. Initiatives like TecniA’s mentoring programs help bridge this gap [5], but the density of know‑how is still lower than in major hubs. This can slow the development of specialized skills in growth marketing, product management at scale, or international sales.

Data availability is also uneven. While ecosystem reports provide growth rates and rankings for select cities [6][7], granular data on funding volumes, sectoral breakdowns, or employment by startup stage in each city is limited. Some of the figures cited in public sources may reflect self‑reported or estimated numbers rather than standardized surveys. Finally, the rapid evolution of these ecosystems means that any snapshot risks being quickly outdated, especially where policy changes, infrastructure investments, or macroeconomic shocks alter conditions. These limitations suggest that the findings here should be viewed as indicative rather than exhaustive, and that on‑the‑ground due diligence remains essential.

Implications

The rise of second‑city hubs in Mexico carries distinct implications for different stakeholders. For founders, these cities offer a plausible alternative to launching in CDMX, especially for B2B or industrial‑tech ventures. Lower burn, closer proximity to manufacturing or tourism clients, and a steady stream of junior talent make places like Querétaro, León, or Mérida attractive launchpads. Founders evaluating locations should research local university strength, existing industry clusters, coworking and accelerator offerings, and evidence of recent ecosystem growth, such as rankings or notable exits [3][5][6]. Consistent community events, visible alumni from strong universities, and the presence of even a few scaleups are often reliable early indicators of a healthy local ecosystem.

For investors, second cities represent underpriced opportunity. Deal competition is lower, valuations can be more reasonable, and many startups are forced by circumstances to build sustainable unit economics from the outset. Ecosystem data showing rapid growth in cities like León and Chihuahua [6] suggests that pipelines are expanding, even if not yet fully visible from the capital. Investors can mitigate perceived risk by building relationships with local accelerators, universities, and angel networks, using them as sourcing and diligence partners.

Remote workers and tech talent should see second cities as viable bases that combine professional opportunity with quality of life. Mérida’s ICT workforce and growing startup base [3][5], Tijuana’s cross‑border roles, and Puebla’s creative industries offer diverse career paths without the downsides of megacity living. Before relocating, individuals should examine infrastructure (internet quality, transportation), safety statistics, and the presence of tech meetups or coworking spaces, which often signal a welcoming environment for newcomers.

Collectively, these implications point toward a more polycentric Mexican tech landscape, where success increasingly depends on understanding and leveraging regional differences rather than assuming everything important happens in the capital.

Future Outlook

Looking ahead five to ten years, several scenarios for Mexico’s second‑city ecosystems are plausible. One is a consolidation model in which a few standout hubs — perhaps Mérida in the southeast, Querétaro and León in the Bajío, and Tijuana in the northwest — accumulate most of the talent, capital, and attention among second cities. In this scenario, their current growth rates continue or accelerate, fueled by sustained foreign investment in digital infrastructure (as exemplified by Microsoft’s and CloudHQ’s commitments [2][4]) and policy support. They could emerge as recognized national pillars just below CDMX, Monterrey, and Guadalajara.

A second scenario is a more networked model, where many second cities develop sharper specializations and collaborate rather than compete. Mérida could double down on software services, healthtech, and tourism‑tech, supplying talent to U.S. clients and domestic platforms [3][5]. Querétaro and León might become the country’s industrial‑tech and cloud‑enabled manufacturing belt [1][4][6]. Chihuahua and Tijuana could focus on logistics, automation, and cross‑border innovation. In such a network, startups would naturally operate cross‑city teams, tapping into distinct advantages of each locale.

There are also downside risks. Brain drain remains a real possibility if local ecosystems cannot provide sufficient mid‑ and late‑stage opportunities. Talented engineers from Puebla or Chihuahua might still feel compelled to move to CDMX or abroad for senior roles. Uneven or inconsistent public policy — for example, if incentives for data‑center investment or university R&D partnerships fluctuate — could stall momentum. Infrastructure bottlenecks, whether in transportation, energy, or digital connectivity, might also limit scale.

The trajectory will depend on the interplay of policy, universities, and private capital. Universities that continue to invest in incubators and applied research, as Anáhuac Mayab has done via TecniA [5], will help anchor local ecosystems. National and state governments can accelerate growth by supporting broadband expansion, simplifying business regulations, and co‑funding innovation programs. Private capital — both domestic and international — will determine whether promising startups can scale from regional champions to national or global players without relocating.

Conclusion

Mexico’s startup story is no longer confined to the avenues of Mexico City or the corridors of Monterrey’s corporate towers. In coworking spaces in Mérida, industrial parks in Querétaro, cross‑border labs in Tijuana, and creative studios in Puebla and León, a new generation of founders is building companies that are firmly rooted in their regions yet connected to global markets. Data from recent ecosystem reports — from León’s 78% growth to Chihuahua’s leap into the global top 500 [6] — confirms that these are not isolated anecdotes but part of a broader structural shift.

To understand Mexican tech today, observers must update their mental map. The country’s innovation landscape is becoming polycentric, with second cities offering distinct combinations of cost efficiency, quality of life, sectoral specialization, and growing digital infrastructure. The implications are far‑reaching: founders have more strategic options for where to build, investors can discover less crowded but fast‑growing deal flow, and remote workers can rethink where they live without sacrificing career prospects.

For international readers, the takeaway is clear: viewing Mexico solely through the lens of CDMX, Monterrey, and Guadalajara now misses a significant part of the opportunity. The next breakout industrial‑tech platform may emerge from a factory floor in León; a cross‑border logistics unicorn might be prototyped in Tijuana; a wave of software consultancies and SaaS companies could be seeded from Mérida’s university labs. Paying attention to these second cities today may be the best way to avoid being surprised by where Mexico’s next generation of category‑defining companies comes from tomorrow.

References

[1] StartupFights, “Ecosistema de startups y venture capital en México a finales de 2025: estado real, drivers y escenarios 2026–2030,” https://startupfights.com/en/posts/ecosistema-de-startups-y-venture-capital-en-mexico-a-finales-de-2025-estado-real-drivers-y-escenarios-2026-2030

[2] Reuters, “Microsoft to spend $1.3 bln in Mexico on cloud, AI tech,” September 24, 2024, https://www.reuters.com/technology/artificial-intelligence/microsoft-spend-13-bln-mexico-cloud-ai-tech-2024-09-24/

[3] HeroHunt, “Find developers in Mérida,” 2024, https://www.herohunt.ai/find-developers/merida

[4] Reuters, “CloudHQ to invest $4.8 billion to build Mexico data centers,” September 25, 2025, https://www.reuters.com/world/americas/cloudhq-invest-48-billion-build-mexico-data-centers-2025-09-25/

[5] MIT VMS, “Anáhuac Mayab University: Adopting the VMS Model,” 2023, https://vms.mit.edu/adopt-vms-model/case-histories/anahuac-mayab-university

[6] CorLab, “Startup Ecosystem Report 2025,” May 2025, https://corlab.cordoba.gob.ar/wp-content/uploads/2025/05/startupecosystemreport2025.pdf

[7] The New North, “Startup Ecosystem Report 2023,” October 2023, https://www.thenewnorth.com/wp-content/uploads/2023/10/startupecosystemreport2023.pdf