There are 193 UN member states, and 4,416 cities in the world with a population of more than 150,000. The report ranks the startup ecosystem of 100 countries and 1000 cities with the help of an algorithm that processes the data and indicators based on the quality and quantity of startups and its sponsors and business environment.

According to the StartupBlink 2020 Global Rankings Report, Mongolia is ranked 93rd out of top 100 and Ulaanbaatar city entered for the first time this year at rank 690 out of 1,000 cities.

The report states, “The tech talent in Mongolia and the development of high-quality startups have both seen a significant spike over the past year. Ulaanbaatar is set to be a stepping stone in Mongolia’s emerging IT sector, leading the economy in a new direction. For Mongolia to stay firmly in the top 100 and advance up the rankings, it would be great to see it develop the capital as an Asian hub of innovation. We expect much more to come from this country.”