India ranks third after the US and China as the Top Global Tech Innovation Leader
US ranked on the top, followed by China and India as the leaders of tech innovation, while Shanghai, Tokyo, London, and New York are seen as leading tech hubs outside Silicon Valley/San Francisco, in a report released on March 28 by KPMG.
The recent report was released by KPMG after its tech innovation survey, now in its sixth year and conducted from November to December. The report looks at the global leaders in tech innovation, which included countries, companies, and leaders. It also talks about who and what is driving tech innovation in the companies.
Tech innovation: India ranks third
13 percent of global technology industry leaders indicated India’s potential for tech breakthroughs, which is great news. According to the report, what has worked in India’s favour is that “India has prioritised government support for entrepreneurship and a burgeoning culture of innovation. Many start-up business models are leveraging emerging technologies to cater to India’s mobile-first generation”.
“Start-ups are at the core of India’s transition journey towards becoming a leading innovation hub in the world. With the young and dynamic pool of entrepreneurs and skilled workforce, India is likely to become a focal point to generate innovative ideas in the near future,” says Akhilesh Tuteja, Head of Technology, KPMG in India.
The US continues to maintain its ranking at 34 percent, in fact showing more growth vis-a-vis last year, and is closely followed by China. In the US, according to the report, the momentum of innovation continues as other cities try to duplicate Silicon Valley success. “In addition, market cap technology companies are spreading the headquarters and operations across many US hubs, feeding economic growth opportunities and the creation of a more diverse innovation ecosystem,” states the report.
China has 26 percent of the votes, with the tech companies of China leaving no stone unturned to develop products and services for a tech-savvy Chinese market. According to the report, “In China, the government-industry collaboration, the aggressive investment of tech giants in start-ups, and massive addressable markets are fostering innovation.”
After India, the United Kingdom – with Japan – stands at 6 percent votes. The former has seen a drop when compared to last year’s data, while the latter continues to show its tech acumen with its current ranking.
Leading tech hubs: Bengaluru in top 10
The report states that after Silicon Valley/San Francisco, there is competition among cities to become leading tech hubs in the next four years. Shanghai and Tokyo lead in the race, followed by London and New York (both ranked third) followed by Beijing, Singapore, and Seoul. Bengaluru and Tel Aviv, along with Berlin, close the top 10.
According to the Global Startup Ecosystem Report 2017 by Startup Genome in collaboration with organisations like Global Entrepreneurship Network (GEN), Crunchbase, and Orb Intelligence, Bengaluru holds the top position in tech hubs in India. However, when pitted against other global players in the ecosystem, it drops to rank 20.
With Bengaluru having been dubbed as the Silicon Valley of India and as one of the major startup hubs in the country, will the city – with its high traffic volume and low infrastructure – be able to deliver on expectations? Given that government support and encouragement to startups continues, India has the potential to move forward, even if it is a long way from overtaking the US or China.