Bengaluru, which often touted as India’s Silicon City, has been ranked the fourth most-popular innovation centre destination following the US Silicon Valley, Singapore and London said a report by Capgemini’s Digital Transformation Institute.
Organisations are increasingly establishing innovation centres across the globe to boost research within their ranks. India now accounts for 25 per cent of innovation centres in Asia while Asian cities comprise of 29 per cent of the innovation centre count globally.
The report also noted that while firms are heavily investing in innovation centres in an attempt to keep up with market changes, they are failing to become more innovative. 80 per cent of the new innovation centres are exploring artificial intelligence and big data analytics.
The top destination in the US, Silicon Valley’s share has gone down 20 per cent in the past 2 years.
The report also said that companies are struggling with a lack of innovation-focused culture, absence of robust internal processes and leaders who promote this kind of success internally.
The research also found innovative firms are 13 per cent more likely to take part in internal and external collaborations with start-ups, academia and other industry partners. While the US remains the market leader, innovation centres are rapidly opening in India and Singapore.
“To achieve and sustain real change, firms need to create a culture in which all employees are encouraged, through financial and non-financial incentives, to experiment and push ideas to market. However, a sense of innovation and creativity needs to be instilled company-wide if it is to be truly successful,” said Lanny Cohen, Global Chief Technology and Innovation Officer of Capgemini.
The total number of innovation centres across the globe has increased to 580 from 456 last year.
Among the newly established innovation centres over the last year, 26 per cent cater to electronics and IT, 21 per cent dedicated to the automotive sector and 20 per cent of financial technology centres. Shell and Paypal are among the more recent companies that have launched innovation centres in Indian cities like Bengaluru and Chennai.
The above report was first reported in Business Standard.
Bengaluru has built an impressive profile for itself in the global tech scene. To recall, New York-based global technology and innovation giant IBM now employs more people in India than in any other country, including its home country the US.
Earlier in October, a report by realty consultancy firm Knight Frank ranked Bengaluru as World’s most affordable tech hub [Read Here].
In an another report, research firm 2thinknow that specializes in analyzing innovative cities, Bengaluru stands at number 19 among the world’s top high tech cities — the only Indian city to figure in the list.