Hickey & Associates recently released its fourth edition of the coveted Global Innovation Hubs Report, highlighting the top global cities driving innovation. The report, conducted utilizing state-of-the-art technology to assess billions of data points across nearly 400 markets, pinpoints the next hotbeds of business innovation and transformation around the world. The report ranks these centers in order to convey which locations are leading the way in key industries, as well as, indicating their location strength on a regional and global level.
Hickey & Associates, a global consulting firm that assists companies in determining locations to expand, relocate or consolidate, aimed to develop an informative, insightful, and immersive tool to identify global markets with a dynamic approach for tomorrow. This evaluation sought to recognize markets around the world that are on the forefront of creating new ideas, methods, and products that fuel growth and positively change the economic and socio-political landscape for the future.
“While our report reaffirms the dominance of certain markets such as Boston, San Francisco, New York City, and London as being hubs of innovation and growth, our research also identified markets emerging as global leaders, such as Sydney and Dubai” commented Jason Hickey, President of Hickey & Associates. “By analyzing billions of data points, we were able to assess factors such as patent applications per capita, number of top universities, and venture capital funding, along with key demographics and talent intelligence that allowed us to sort through the data to identify true hubs of innovation.”
The report, which is now available online, ranked Boston, San Francisco, Los Angeles, Seattle, and New York City as the top five markets, which were closely followed by London, Sydney, Singapore, Toronto, and San Jose. The report also details regional leaders and ranks the markets across categories such as patents, education, population demographics, research, and investment figures, to determine which locations were not only showing strong innovation today but are also investing in innovation for the future.
The four major factors identified within Hickey research highlight that Global Innovation Hubs are:
- Talent Magnets: Cities and markets that have a young and growing “millennial” population with a multi-national profile and which have a workplace culture that is vibrant and provides a good live/work/play culture.
- Innovative & Transformative: Locations with a high concentration, frequency and number of startups and patents.
- Learning & Collaborative Ecosystems: Towns, cities and metropolitan clusters that lead in research and development, often linked with universities, and associated with business and academic networks that encourage and celebrate innovation and knowledge sharing.
- Venture Capital Hotbeds: Locations and markets that attract high levels of investment into businesses, start-ups, and R&D.
“What our findings underline is that international corporations need to look at factors other than simply cost when considering locations for business expansion,” said Hickey. “The hubs and clusters of innovation that we have identified will drive economic growth regionally, nationally and internationally in the next few decades.”
The full report, along with an interactive tool that allows users to sort through and interact with the data and rankings, is available at https://www.hickeyandassociates.com/gih-2022.