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Research found that the growth of tech firms inParis
is being stoked by the French government’s determination
to attract global tech talent—to the extent that visa criteria
are designed to fill specific skill gaps in the tech ecosystem.
When you open your borders, you attract talent
from abroad and stimulate innovation. If you
attract the best brains, you will increase the
likelihood of becoming a global leader.Christophe Donay,
Head of macro research and asset allocation
at Pictet Wealth ManagementTorontoboasts a supportive innovation ecosystem,
including accelerator programmes focused on turning
groundbreaking science into real businesses—and a job
rate in the technology sector growing at twice that of the
San Francisco Bay Area.
What stands out here is the focus on commer-
cialising science and research, alongside purely
consumer-driven tech.Saara Punjani,
CEO of Structura BiotechnologyTalent concentration inTel Avivalong with its
shared sense of history and community underpin its
leadership in bioscience and manufacturing technologies.
Israel’s tech ecosystem is characterised by a
‘can-do’ attitude, and perhaps the most important
differentiating factor is how the Israeli ecosystem
embraces failure.... The effect of this is that people
are more inclined to take risks and experiment.Amos Meiri,
Co-founder and CEO of ColuLos Angeles’ deep-rooted creative industries
made it the natural epicentre of innovation in augmented
and virtual reality (VR), even where VR is deployed outside
the entertainment sector, such as in healthcare.I do not believe there is a better city in the
world to develop VR content at present than
Los Angeles.... The talent pool of highly skilled
gaming professionals in Southern California
is by far our greatest asset and resource.Seth Gerson, CEO of SurviosBeijingis forging ahead as a global leader in AI
and robotics. As the political centre of China, it is reaping
the benefi ts of the government’s support for a technology-
driven university ecosystem.The fi rst wave of digital entrepreneurs, like
Sohu and Sina, followed by Baidu, came from
[Beijing]. The city is also the political centre of
China and where you have political power, that
is where the economic resources are.Dong Chen,
Senior Asia economist at Pictet Wealth ManagementUncovering tomorrow’s
innovation hotspots
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The leadership of innovation hubs like Silicon Valley, London and New York is being challenged by fi ve
rising cities. Why these cities—Beijing, Los Angeles, Paris, Tel Aviv and Toronto—are succeeding is the
subject of new research commissioned by Pictet from The Economist Intelligence Unit.
Discover our fi lm series, articles and more on
innovationmatters.economist.com