In today’s uber-connected world, location can seem irrelevant. However, many cities around the world offer supportive environments that can contribute to a company’s success, like lower cost of living, government aid, a rich intellectual community, or access to top academic institutions. Such factors generate new technology innovation hotspots. Here are 5 you should keep your eye on.
The French government actively supports technology advancement by offering tax deductions to both foreign and local entrepreneurs who set up shop in Paris. Recently, Station F, the world’s largest startup campus, chose Paris as its home, indicative of the city’s impact in the technology arena. In particular, Paris is experiencing growth in investments towards the AI and medical sectors. Today, many foreign investors look to Paris because it offers substantial capital as well as extensive access to highly-trained, local talent with advanced degrees in science and engineering. With the influx of new businesses, Paris now overflows with cutting-edge innovations.
Characterized as one of the world’s top cities for innovation, Singapore is redefining itself as a prime environment for new startups searching for an impressive talent pool. Singapore offers unparalleled access to emerging markets, active investors, as well as a high quality of life. Many of Singapore’s most experienced investors have links to Silicon Valley as well as local markets. Specifically, Singapore has been experiencing rapid growth in the FinTech and life science sectors. As of 2017, nearly $9 billion has been invested in these sectors. Singapore is recognized as a leaders in STEM education, and the government offers both cash incentives and tax deductions to companies that pursue STEM innovations.
Long-known as an innovation hub, London remains prominent in the startup scene and its early-stage companies have attracted over $120 billion in investment capital over the past ten years. Recently, AdTech, VR/AR, and video game development have emerged as some of London’s strongest segments, allowing the city to develop a rich community of entrepreneurs. For example, Playfish Limited, a video games developer, was recently purchased by EA Games, one of the world’s leading video game companies. London is sure to continue offering an environment that encourages high rates of growth for cutting edge tech companies.
4. Tel Aviv
Described as Israel’s own Silicon Valley, Tel Aviv was recently voted one of the top innovation hotspots by the New York Times. International companies have taken notice, with US-based Ebay, Apple, and Facebook acquiring companies that originated in Tel Aviv. The city also boasts a highly-educated talent pool which enables companies to hire employees who will lead the latest round of innovations. Tel Aviv is even set to release a new startup visa for foreign employees with STEM backgrounds, which will further establish Tel Aviv as a strong innovation hub.
Over the past fifteen years, Beijing has emerged as an incubator for innovation, boasting access to a healthy economy and a talent pool specializing in STEM fields. The Chinese government explicitly added innovation and entrepreneurship as a top goal of their agenda. One of the government’s mottos is “Made in China 2025,” which highlights their hope of developing Beijing as a hotbed of tech innovation. These factors led Beijing to become a premier locale for the development of novel STEM-related technologies in fields such as AI, robotics, clean energy, and cloud computing.
By facilitating access to diverse talent, government support, exceptional networking opportunities, and access to research institutions, these cities have developed into epicenters of rapid innovation that will continue to flourish for years to come.
Not located in one of these five cities? No problem! Simply log in to seedsprint, the world’s foremost virtual innovation hotspot where tech scouts and technology innovators can collaborate to reach new heights, regardless of physical location.
(Interested in learning more about innovation hotspots? Read about the trend of innovation districts.)
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