London and Silicon Valley are two of the world’s biggest innovation destinations, according to Quid‘s Innovation Mapping report released on Friday. Both locations host the most tech start-up growth, and also invest the most time and research into developing cutting-edge technologies said the press release.
These two tech hubs are forging a path for innovative tech start-ups, with almost half (47%) of all start-ups in the US residing in Silicon Valley. Additionally, London is dipping into seven of the fastest growing tech sectors worldwide: MedTech, Fintech, artificial intelligence (AI), gaming, AdTech, cybersecurity, and smart cities, said the release.
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Silicon Valley, in particular, has always dominated the start-up market, receiving more than $110 billion of venture capital and private equity funding towards the movement, the release said. London has also shown its strength, bringing in $34.2 billion in growth capital, which is more than three times the amount of funding other tech hubs like Paris, Berlin, and Tel Aviv have received, added the release.
The amount of new patent applications in both locations has increased over the last seven years across all seven sectors, said the release. In 2018, the total number of patents from both London and Silicon Valley already exceeded 700—a number that has increased by 500 in the past five years, the release said.
“London and Silicon Valley are leading the way in generating cutting-edge ideas and creating world-beating companies in the fields of Artificial Intelligence and MedTech,” said Rajesh Agrawal, London’s deputy mayor for business, in the release. “The success of our tech communities are built on the shared values of openness and diversity, so it’s vital we continue to work together to encourage the flow of business, talent, and investment between our two regions.”
London and Silicon Valley also host the fastest growing AI and machine learning communities, said the release, a pace which has outrun Berlin, Paris, and Tel Aviv over the past 10 years.
Further, if business professionals didn’t think AI was flooding the enterprise already, AI has represented 31% of all innovation patents filed in the last five years.
The big takeaways for tech leaders:
- Silicon Valley and London are the two biggest hubs for innovation and tech start-ups. — Quid, 2018
- Both locations host cutting-edge technology developments, especially in AI, surpassing the pace of innovation in other major tech locations like Berlin, Paris, and Tel Aviv. — Quid, 2018