India has been ranked as the Number 1 Innovation Destination in Asia and Number 2 in the World for New Innovation Centers as per ‘The Spread of Innovation Around the World: How Asia Now Rivals Silicon Valley as New Home to Global Innovation Centers’ report, by Capgemini Consulting’s Digital Transformation Institute in collaboration with Fahrenheit 212, part of the Capgemini Group and in partnership with Brian Solis of Altimeter, a Prophet company.
India’s rapid progress as an innovation destination with the nine new innovation centers opened in the last eight months (March-October 2016), has secured its number 2 status in the world. Bengaluru, often dubbed as the ‘Silicon Valley of India’ which employees over a million in the local tech sector remains most favorite destination within India- with opening of 3 new innovation centers in the city it successfully maintains its fifth position in the top ten city rankings.
The report also highlights that several Tier-2 cities in India have become attractive for innovation centers with Jaipur, Pune and Hyderabad each opening two new centers this year(Ref: Report pg 10). This growth is due in part to government and other public sector initiatives that seek to establish India as a digitally empowered society and nurture innovation.
Key India Highlights
- Ranks No. 1 as a preferred destination for innovation in Asia
- 2nd most preferred destination for innovation after US, globally
- 3rd in terms of the total number of innovation centres opened till date, after US and UK
- Accounts for 27% of Asia’s new innovation centres
- Harbours one in every ten new global innovation centres
- Jaipur enters India’s innovation map with 2 new centres
- Several Tier-2 cities in India such as Jaipur, Pune, and Hyderabad have become attractive for innovation centers – opened two new centres each
Key Asia Highlights
- For the first time ever, Asia overtakes Europe in the number of innovation centers built and operated
- Half of top ten cities are based in Asia which host 29% of all innovation centres globally
- Asia has more than doubled its share of patent applications and now accounts for over half (56%) of the world’s total patent grants
- Total venture capital investments in Asia grew more than 167% between 2014 and 2015, whereas in Europe the growth stood at just 8% over the same period
- Investment in Asia is coming not only from Asian companies, but from international giants – particularly those based in Europe and the US – attracted by a culture of technological disruption and talent
The report clearly sights Asia has for the first time overtaken Europe in the number of innovation centers built and operated, with the region now host to nearly a third (29%) of all such centers globally. At such rate of investment in Asia, it is projected to overtake the US in 2017.
