New Delhi: India is becoming a new innovation destination of choice, doubling the number of innovation centres since July 2015 and seeing brands such as Apple, Airbus and Visa locate there.
According to a Capgemini report titled Digital Dynasties: The Rise of Innovation Empires Worldwide, India’s silicon valley Bengaluru has emerged as the fifth most preferred destination for global multinational companies that are looking to set up innovation centres.
Silicon Valley, London and Paris, were named as the top three locations for innovation centres, followed by Singapore. The report said that Bengaluru has now replaced Tokyo from the fifth spot on the list.
“India has been rising in the ranks of favorite destinations to open innovation centres. Our previous research identified eight innovation centres in India in July 2015. India has since seen eight more innovation centers open their doors,” the report said.
Bengaluru, which is home to two of India's largest software firms Infosys and Wipro, has been the most favoured city with four new innovation centres. Bengaluru is also home to several billion-dollar Indian startups such as: Flipkart, InMobi and Mu Sigma, and attracts world-class technology talent and investments.
Among the new innovation centres opened in Bengaluru are: Airbus’ BizLab, which intends to bring together startups and Airbus’ internal entrepreneurs; and Visa, whose new technology center will house 1,000 developers accelerating development of next generation payment solutions.
“Global firms are showing interest in other Indian cities as well,” the report said, adding that TriMas Corporation – a diversified global manufacturer of engineered and applied products – opened an innovation centre in Delhi to focus on driving innovation across its range of packaging solutions, while Puratos, a leading global food ingredient company, launched an innovation centre in Mumbai.
The report noted that though Silicon Valley still remains the hub of the world’s most dominant innovation “empire”, the innovation centre phenomenon has continued to spread globally, a number of new ’empires’ have emerged.
“Over the last year, we witnessed the rapid rise of Asia as a destination for innovation centres. Compared to our previous research, Asia has seen a 29 per cent rise in the number of innovation centres being launched,” the report said.
With PTI Inputs
