Silicon Valley laid the blueprint for technology innovation, but other parts of the world are rapidly catching up. New tech hubs across the globe, from Shanghai to Berlin to Tel Aviv, aren’t just replicating what’s happening around the Silicon Valley /San Francisco Bay area. They’re also charting their own path and developing their own disruptive technologies.
The U.S. remains the world leader in innovation but new locations around the world continue to emerge on the tech map, according to KPMG’s annual survey of more than 800 global technology industry leaders. New tech innovation hubs are rising across the U.S and China while London and Berlin rise as the top hubs in Europe.
Learn more about the countries and cities emerging as global technology innovation leaders.
The global spread of innovation is fueled by government initiatives, venture capital, corporate strategic investment, universities and incubators. Countries recognize that investing in innovation is critical to economic growth, and companies have a made it a business imperative.
Companies, across all industries, need to do more than just keep up with the dizzying pace of change. They need new business models to develop and monetize these disruptive technologies. Our publication offers some insights on where to start.
Pick a leader. More than a third of those polled thought the chief innovation officer should take the lead in driving innovation strategy. This finding underscores the rise of the chief innovation officer as a key member of the executive suite and a powerful contributor to formulating strategy.
Decide on valuation. Tech executives differed on how innovation should be valued. Number of patents, revenue growth, and brand image were among the top responses.
Enable the company. A tech innovation strategy requires resources stacked against it. According to global tech executives, the availability of talented people is the key factor impacting the ability to move innovation from the idea stage to the market. Access to tech infrastructure and ability to drive customer adoption were among the other top responses.
Find innovation’s home. Innovation is no longer limited to the R&D department. Strategic planning was considered the best place to spot and develop innovation within a company. Individual business units were also identified as an area where innovation is nurtured.
Managing all this innovation will continue to be challenging for large and small businesses. The increasingly global landscape of tech innovation requires flexibility and mindfulness from the C-suite. The status quo will no longer suffice – companies will need to embrace new technologies and forge ahead.
A forward-thinking mindset is particularly critical as disruptive technology develops at a faster pace and from all over the world.
Learn more about the top global tech hubs, including innovation trends in 15 countries, to assess how these global trends could affect your company.
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