Bangalore among world's top 8 tech innovation hotpots

India's Silicon Valley, Bangalore has been ranked among the world’s eight largest technology innovation clusters by MIT Technology Review.

Innovation clusters are places with dense webs of interconnected technology companies, customers, and suppliers, says the magazine.

So what are the ingredients of a strong technology innovation cluster?

Strong IP protection, liberal immigration laws, entrepreneurial culture and good weather make technology innovation clusters the ideal places for the growth of IT and innovation.

The most favourable factor for Bangalore is its weather, backed by good venture capital support. It received a funding of $300 million in 2012, says the MIT study.

One of India’s fastest growing metro cities, Bangalore is home to leading information technology companies. The city with a pool of qualified engineers is focused on becoming a global centre in innovation, research and development.

Bangalore, India leading IT exporter is also rated among the top 10 preferred entrepreneurial locations in the world.

With many cities around the world striving to become the hotbeds of technological innovation, take a look at the world’s best technology innovation clusters according to MIT Technology Review.…

Silicon Valley

Silicon Valley, which has seen the birth and rise of world's largest technology corporations and innovative start-ups is a hotspot for high-tech research and development, accounting for one-third of all of the venture capital investment in the United States.

Silicon Valley located in San Francisco Bay Area in Northern California has all the four parameters making it the most conducive tech cluster, says the MIT study.

Highlights
Strong IP protection
Liberal immigration laws
Entrepreneurial culture
Good weather

Key facts
64% foreign workers
17 IPOs in 2012

Venture capital in 2012: $11.2 billion

...

Boston

Boston is an international centre for higher education and medicine. Considered a global leader in innovation, it is also home to a number of technology companies.

The city is also a hub of finance, professional, business services and government activities.

Highlights
Strong IP protection
Liberal immigration laws
Entrepreneurial culture

Key facts
Biomedical funding
85 colleges and universities

Venture capital in 2012: $3.6 billion

Tech City, London

With over 1,300 companies, Tech City in London is modelled on the lines of the Silicon Valley in the US.

Around 100 London-based firms received venture capital support in 2012.

Cisco, Facebook, Google, Intel, McKinsey & Company and Vodafone are based out of TechCity.

Highlights
Strong IP protection
liberal immigration laws
entrepreneurial culture
Government clusters

Key facts
140 tech companies
Tax sops for private investors

Venture capital in 2012: $161 million

...

Paris-Saclay

Paris-Saclay promotes science, research and development. It houses French higher education institutions and research centres of private companies.

Paris also has several high-tech manufacturing companies in the electronics, optics, and aerospace sectors.

Highlights
Strong IP protection
Liberal immigration laws
Entrepreneurial culture 

Key facts
Construction began in 2013
2 sq km campus
Merging 6 engineering companies

Govt funding: $3.25 billion

Israel

Israel prides to have a well developed science and technology sector. It is among the nations that allocate huge funds towards research and development. 

Israel has been a member of EUREKA, the pan-European research and development funding and coordination organisation.

Highlights
Liberal immigration laws
Entrepreneurial culture
Good weather

Key facts
230,000 high-tech workers
$25 billion in tech exports

Venture capital in 2012: $1 billion

...

Skolkovo Innovation City

Skolkovo is a high technology business area on the outskirts of Russia’s capital city, Moscow.

The $4.3 billion city is divided into five zones - IT, nuclear, biomedical technologies, energy, and space research, offering world class facilities to develop science and technology.

Highlights
Liberal immigration laws
Govt clusters

Key facts
Founded in 2010
900 acre-innovation centre
University designed by MIT

Govt funding: $2.5 billion

Beijing

Beijing has become a hub for innovation, research and technology. With 7 IT parks, Zhongguancun in Beijing is often called the ‘Silicon Valley of China’. The city accounts for 73.2 per cent of its gross domestic product.

Key facts

70 colleges and Universities
30% of China venture funding
14.5 million internet users

Venture Capital in 2012: $1.4 billion