Based on JLL report called “Innovation Geographies 2019”, Asia-Pacific cities show an increased presence in the world’s most innovative city rankings. San Francisco and Tokyo and Singapore are ranked as first to third respectively. The fourth ranking goes to Beijing as it has nurtured the most number of “unicorns” outside of Silicon Valley in San Francisco, and is now the third largest destination for venture capital funding, according to the report. Ranking among the top 20 cities are also Chinese cities of Shanghai and Shenzhen being ranked 11th ad 14th respectively. Seoul ranks at the 10th position.
Being the second most innovative city, Tokyo has generated the largest number of patents compared to other cities, overtaking second-placed Shenzhen by over 80%, the report finds. Also leading in the market with diverse technology ranging from electrical machinery to nanotechnology, second ranking Tokyo is also home to tech multinationals such as Sony, SoftBank and Toyota, which encourages and at the same time created substantial levels of foreign direct investment and R&D expenditure.
By considering sectors such as life sciences, high value-add manufacturing, scientific R&D and technology, the report is based on a range of innovation and talent metrics, tracking over 100 cities globally which also includes foreign direct investment levels in respective innovative industries, venture capital attraction, R&D expenditure and number of international patent applications.
The talent metrics consider and evaluate the quality of talent given the sheer size of the labour pool. Factors being considered and evaluated also take into the account of the quality of the local higher education institutions, the demographic profile and employment levels in the innovative industries.