A tech hub can be described as a physical space that has been developed to help tech start-up firms thrive. This can be a city, suburb or a suite of offices, according to IGI Global. Tech hubs are important because they steer innovation, growth, prosperity and longevity. Corpmagazine adds that tech hubs help make things happen faster, where product development and ideation can be easily streamlined.
These hubs are instrumental in the success of different business models. These include online casinos like GG bet casino that have incorporated several technological aspects to ensure gamers can have fun safely while gaming online. Away from this, check out the top 7 tech hubs around the world.
Located in California, Silicon Valley is the leading tech hub in the globe. It is home to key tech companies like Apple, Google, Facebook, LinkedIn, eBay, Hewlett-Packard, Adobe and Netflix, to mention a few. If Silicon Valley were a country, it would be the 2nd wealthiest nation after Qatar with $128,308 per capita in the annual GDP-PPP (Gross Domestic Product).
Many start-up founders are attracted to Silicon Valley because it hosts top investors and venture capital firms that can offer funding. The value of the Silicon Valley ecosystem stood at $677 billion in 2020, according to Startup Genome.
China’s capital also ranks highly when it comes to the top technology hubs in the globe. Affordable cost of living and a favourable climate for early funding are some of the aspects that propel the growth of Beijing. This is in addition to fast business development timeliness, rapid consumer adoption rates, a huge market and a need for innovation.
Reports from CGTN state that China is also putting in the effort to further develop Beijing as a global sci-tech innovation hub by 2025. Officials say that efforts will mostly be put to foster research and promote key technologies in frontier areas like artificial intelligence, quantum information, health and blockchain.
Dubbed Miniature Silicon Valley, Singapore is another tech powerhouse. Government efforts have propelled the city to gain the immense success it enjoys today. The main aim of the government in Singapore is to develop an innovation culture by attracting top talent with the right mindset.
Furthermore, the business environment in the country benefits from well-developed IT infrastructure, solid investment opportunities and low taxes. The government also invests heavily in Research Innovation and Enterprise plans. In the heat of the pandemic, Singapore attracted $17.2 billion in fixed asset investments in 2020.
Considered one of the original technology hubs in Europe, Berlin was home to industry giants like Siemens a decade ago. This is a company that was responsible for developing multiple pioneering electrical products that the market received well. The city has gone through a swift re-birth after its reunification in 1990.
Eager start-ups are attracted to Berlin thanks to its diverse bohemian reputation. These include platforms like SoundCloud that started here. Low rent rates have also been instrumental in drawing and retaining its workforce. Berlin-based start-ups in 2017 attracted a record EUR 4.2 billion in venture capital. The city also has the largest percentage of foreign start-ups in Europe.
Formerly known as Bangalore, this is the region that has cemented the position of India in the tech world. The city boasts an accomplished pool of talented IT experts. These include professionals who once worked in Silicon Valley and have gone back home, allowing the Indian start-up scene to benefit from their expertise.
Bengaluru is also blessed with a great supply of venture capitalists, which has seen many top companies emerge from the city. An example is iD Fresh Foods. Investment also trickles in from different parts of the globe. For instance, Walmart gave India’s start-up scene $16 billion in 2018 when the company acquired a stake in India’s biggest online retailer, Flipkart.
Tokyo is another hotspot for tech start-ups. This is thanks to the fact that it is continuously growing as a venture capital base, has a highly educated talent pool and offers world-class infrastructure. Even though Japan is a hierarchical and traditional society, things are taking a turn for the best when it comes to business.
Over the years, the government has been rolling out multiple programmes that it develops to nurture an entrepreneurship mindset and boost the local ecosystem. Robotics, manufacturing and fintech are industry subsectors that are fast gaining traction in the tech ecosystem in Tokyo.
Moscow is fast growing to become one of the most important tech hubs in the world. The city boasts a diverse pool of local talent, and it is also attracting major investment from all over the world. Investment in solid infrastructure has resulted in free WiFi distribution in the streets and on public transportation. This is an investment that appeals to the mobile-dependent nature of numerous start-up models.