But which cities provide the best framework and conditions for innovation to thrive?
The Innovation Cities Index 2019 compares the actual performance of 500 cities to find the best places for new ideas to be brought to life.
These are the 10 most innovative cities in the world.
Canada’s largest city is a centre for artificial intelligence, with new tech for sectors ranging from retail to healthcare attracting major investment. A wealth of talent and programmes promoting public-private partnerships have contributed to the city’s success.
9. San Francisco-San Jose
The San Francisco Bay Area boasts a vibrant start-up scene. It is also home to some of the giants of the tech world, including Google, Facebook and Apple. The city dropped 6 places down this year’s index, from 3rd last year.
One of five US cities to make it into this year’s top 10, Boston has one of the country’s fastest-growing tech sectors. As well as a thriving robotics industry, the area is home to companies specializing in web content and analytics.
As a new entry into the top 10, Chicago has a unique approach to attracting and retaining talent. Instead of clustering new tech companies into a Silicon Valley-style bubble, they are spread across the city. This creates an ecosystem that attracts new companies and helps the talent pool integrate, rather than seek opportunities elsewhere.
The French capital is fast becoming Europe’s go-to tech hub, rivalling neighbours including London. Tech programmes have been implemented to entice international companies and talent. These include streamlined corporate tax and labour laws, a fast-tracked international tech visa system, and a €10 billion national innovation fund.
As one of two Asian cities to make the top 10, Singapore is an attractive proposition for tech firms wanting to enter Asia-Pacific markets. It has a 2-hectare town dedicated to research into self-driving vehicles, including a test circuit complete with traffic lights, bus stops and pedestrian crossings. More than 10 companies are conducting tests at the centre.
4. Los Angeles
Down the Pacific Coast from Silicon Valley, LA is home to Silicon Beach, a tech community with more than 500 start-ups as well as offices of established industry giants, such as Google, Salesforce, and Snapchat’s parent company. The tech sector accounts for around 10% of the local economy and is on an upwards trajectory.
Having once topped the list, London falls one place to third, despite having a thriving tech sector that welcomes innovators and attracts top talent. England’s capital remains a leading hub for technology companies, with many of the industry’s big players, such as Facebook, Apple, Intel and Google, having major operations in the city.
Last year’s winner Tokyo slips into second, but retains its status as one of the world’s leading innovation hubs. The Japanese megacity is the home of robotics research and development, and is a pioneering centre for 3D manufacturing technology.
1. New York
Jumping three places to top this year’s index, the Big Apple is a business powerhouse that’s investing heavily in cultivating more than 7,000 tech start-ups. The city’s tech sector has grown rapidly in recent years, developing world-leading talent and expertise in disciplines like advanced manufacturing and robotics, cybersecurity, and health and life sciences.
Source: World Economic Forum