Innovation is an influential factor in the growth and development of societies becoming even more important in recent decades. Today, many countries are working to improve innovation rate in their geographic regions in order to boost their economic growth and sustainable development. Innovation rate in different geographic regions is the key to a recent research by JLL consulting company on more than 100 cities worldwide. In "Innovation Geographies" report, more than 100 cities worldwide are investigated in terms of "innovation" and "talent", classified into six groups based on calculated performance scores.
The first group refers to cities like Hyderabad and Bucharest underperforming in both innovation and talent. The second group represents cities with good performance in innovation and, at the same time, a relative gap in talent, including Osaka, Sao Paulo, Gwangju and Istanbul. The presence of Dubai in the group of emerging innovators is an exciting issue mentioned in the report. A group of cities, such as Manchester, Dallas and Hong Kong have a balanced performance in both innovation and talent. Oslo, Melbourne, Washington, Vancouver and Helsinki have an overall good performance in both aspects, of course, being much better in terms of talent. Cities like Seoul, Beijing, Shenzhen, Madrid, Bangalore, Dublin and Singapore, on the other hand, have good performance in both aspects with highly desirable innovation performance scores. Eventually, a group including San Francisco, Tokyo, Paris, Sydney and New York have the best performance. According to the report, San Francisco, Tokyo, Singapore, Beijing and London are the most innovative cities, and London, San Francisco, Washington, San Jose and Seattle are the 5 outperforming cities in terms of talent.
Why innovation and talent? Research shows that cities with strong innovative capabilities, along with significant talent, have experienced the greatest economic progress over the past two decades. In other words, there is a robust link between innovation and talent in the development of societies. In JLL research, a set of performance metrics are used to measure and compare the rate of innovation and talent in each city, the most important of which is direct foreign investment in high-tech industries, absorption rate of venture capital, research and development budget, the number of patent applications, the rate of employment in high-tech industries, and the level of education.