Bengaluru dethrones Tokyo as fifth most preferred Innovation hub

In a report by technology consulting and service firm Capgemini, Bengaluru has replaced Tokyo to become the fifth most preferred destination for all global multinational companies.

As per the Capgemini report, Bengaluru has made it in the list of top five most preferred destinations for innovation centers in the world. The other places ahead of Bengaluru are Silicon Valley, London, Paris, and Singapore. The report states, “India has seen a significant growth in the number of innovation centers, and especially in Bengaluru dubbed as the ”Silicon Valley of India’.”

The report further stated that in 2015, around $9 billion was invested in startups in India. Among the innovation centers opened in the silicon valley is Airbus BizLab, which is set up to bring startups and Visa whose technology center in Bengaluru will house 1,000 developers who will help in accelerating development of next generation payment solutions.

Ove the past few years, a number of multi-billion dollar startups have been set up in Bengaluru like Flipkart, InMobi and Mu Sigma who have not only invested an enormous amount of money in the economy but have also set up their headquarters in India’s ‘Silicon Valley’.

Recently, Tim Cook, Apple’s CEO visited India and talked about the growth potential of the Bangalore market. Even though Apple CEO stated no investment figure, but it apparently looked like he has recognized the contribution that the Indian ‘Silicon Valley’ will make in the growth of Apple.

The report further noted that even though the Silicon Valley remains the most innovative empire, a number of other empires have also emerged that will play a huge role in the future. Other potential cities like Mumbai and New Delhi are also on the priority list of global corporations who see India as a lucrative market.

The other important point highlighted in the report was the rapid expansion of Asia as the possible destination for innovation centers. In recent time, Asia has seen 29 percent rise in the number of innovation centers.

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