India has emerged as a new innovation ‘empire’ of choice by global corporates. Bengaluru – the information technology and start-up hub – has surpassed many global cities as a preferred destination for innovation centres, according to Capgemini’s study on ‘Innovation Empire’.
Bengaluru that has emerged as the fifth most preferred location for housing innovation centres, overtook Tokyo, Shanghai, Berlin,, Munich and Chicago, said the report titled ‘Digital Dynasties: The Rise of Innovation Empires Worldwide’. In the previous report that captured data until July 2015, Bengaluru did not figure in the list of top 10 cities.
The report said Silicon Valley was no longer the hub for corporate innovation, as global enterprises were seeking talent pools beyond established hubs.
Between July 2015 and February 2016, four global enterprises set up their innovation centres in Bengaluru, the highest in Asia. During the same period, the number of innovation centres set up in Silicon Valley and London were five and four, respectively, the report added.
Among the companies to set up their innovation centres in Bengaluru are Airbus’ BizLab and Visa, whose new technology centre aims to house 1,000 developers, accelerating development of next-generation payment solutions.
Other than global corporates opening up more innovation hubs in Bengaluru, the city also hosts several billion-dollar Indian start-ups like Flipkart, InMobi and Mu Sigma, and attracts world-class technology, talent and investments.