Barring the US, where is the best startup eco-system?

We’ve worked in two other eco-systems (India & France), and each has clear strengths and trade-offs in terms of talent density, cost of building, access to capital, speed of decision-making, and openness to risk all vary a lot.

Curious to hear from founders and operators who’ve built outside the US:

• Which ecosystem punches the most above its weight today?

• Where do you see the best balance between talent, capital, and customer access?

• Are there cities/countries that are especially strong for specific stages (0→1 vs scaling) or specific verticals (AI, fintech, climate, SaaS, deep tech)?