London and Silicon Valley are two of the world’s largest innovation locations, in accordance with Quid’s Innovation Mapping report launched on Friday. Each areas host probably the most tech start-up development, and likewise make investments probably the most time and analysis into growing cutting-edge applied sciences mentioned the press launch.
These two tech hubs are forging a path for progressive tech start-ups, with nearly half (47%) of all start-ups within the US residing in Silicon Valley. Moreover, London is dipping into seven of the quickest rising tech sectors worldwide: MedTech, Fintech, synthetic intelligence (AI), gaming, AdTech, cybersecurity, and good cities, mentioned the discharge.
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Silicon Valley, particularly, has at all times dominated the start-up market, receiving greater than $110 billion of enterprise capital and personal fairness funding in the direction of the motion, the discharge mentioned. London has additionally proven its energy, bringing in $34.2 billion in development capital, which is greater than 3 times the quantity of funding different tech hubs like Paris, Berlin, and Tel Aviv have obtained, added the discharge.
The quantity of recent patent purposes in each areas has elevated over the past seven years throughout all seven sectors, mentioned the discharge. In 2018, the overall variety of patents from each London and Silicon Valley already exceeded 700—a quantity that has elevated by 500 up to now 5 years, the discharge mentioned.
“London and Silicon Valley are main the best way in producing cutting-edge concepts and creating world-beating firms within the fields of Synthetic Intelligence and MedTech,” mentioned Rajesh Agrawal, London’s deputy mayor for enterprise, within the launch. “The success of our tech communities are constructed on the shared values of openness and variety, so it is important we proceed to work collectively to encourage the circulate of enterprise, expertise, and funding between our two areas.”
London and Silicon Valley additionally host the quickest rising AI and machine studying communities, mentioned the discharge, a tempo which has outrun Berlin, Paris, and Tel Aviv over the previous 10 years.
Additional, if enterprise professionals did not suppose AI was flooding the enterprise already, AI has represented 31% of all innovation patents filed within the final 5 years.
The massive takeaways for tech leaders:
- Silicon Valley and London are the 2 largest hubs for innovation and tech start-ups. — Quid, 2018
- Each areas host cutting-edge know-how developments, particularly in AI, surpassing the tempo of innovation in different main tech areas like Berlin, Paris, and Tel Aviv. — Quid, 2018