Bengaluru among top 5 innovation hubs

Bengaluru has emerged as one of the top five lo cations for innovation centres of global firms, according to a study by France based IT consulting and services company Capgemini.
Bengaluru did not figure in a similar list prepared by Capgemini in July 2015. In its latest list, the city came in fifth, after Silicon Valley , London, Paris and Singapore, all of which were in the same spots last year.
The report -Digital Dynasties: The Rise of Innovation Empires Worldwide -said India was increasingly becoming a preferred choice for many companies to set up innovation centres. While India housed eight such centres in July 2015, the number doubled by February 2016.
Globally, in the same period, 56 innovation centres opened in 20 countries, with 11 more being announced. Bengaluru, with four new innovation centres, topped among Indian cities. Among those who established centres here are Visa, whose new technology centre will house 1,000 developers to focus on developing payment solutions; Airbus, which has set up an accelerator to interact with Indian startups; and Arista Networks, which will look to develop software driven products and technologies. “We have noted that there has been a 29% rise in the number of innovation centres in Asia compared to our previous research in July 2015. This was a surprise; the US was just 26%. This means Asia has left the US behind in terms of the growth percentage,“ Amol Khadikar, co-au thor of the report. Accelerators emerged as the top use case for these centres, with almost 55% of the companies plugging them selves into the startup ecosystem. In-house innovation was the second most favored model, with 33% of the new innovation centers adopting it. Khadikar said that companies have gained maturity in terms of their involvement with technology startups.“Companies are now not experimenting but innovating in a structured model with increasing engagement and management.“
Globally, financial companies have emerged as the most aggressive in opening innovation centres. Between July 2015 and February 2016, financial services experienced the greatest growth in innovation centres (48%), overtaking manufacturing, which topped in the July 2015 list. The report suggests that this could be because of the increasing competition from startups in the financial space.

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