India among top five innovation destinations: Report

French multinational management consulting corporation Capgemini publishes report which puts India among top-five countries favourable for building innovation centres.

Innovation centres in the country doubled to 16 thereby catapulting India in the top-five spot globally when it came to innovation, a report by consulting major Capgemini revealed on Thursday.

“India has been rising in the ranks of favourite destinations to open innovation centers. Our previous research identified eight innovation centers in India in July 2015. Since then, India has seen eight more innovation centers open their doors,” said the report. It also added that “India has…leapfrogged to top 5 global locations for innovation centre.”

According to the report, Bengaluru added four of the eight new innovation centres to emerge as the fifth global hub for innovation in a list led by Silicon Valley, London, Paris and Singapore. The new innovation centres opened in the last few months include top brands like Apple, Airbus and Visa. The report further stated that Airbus’ Bizlab intends to bring together startups and its internal entrepreneurs, while Visa will house 1,000 developers who will work on next generation payment solutions.

Other global companies, who have checked-in into the country to house their centres of innovation, include engineering company TriMas Corporation campus in Delhi for packaging solutions and food ingredient Puratos’ centre in Mumbai.

A bulk 55 per cent of the new innovation centres globally operate as startup accelerators, while 33 per cent of them are in-house innovation labs. Internationally, the financial services industry leads the rest of the pack in opening new innovation centres. Financial sector constituted 24 per cent of the newly opened innovation centres, ahead of 21 per cent from electronics and IT and 16 per cent from the manufacturing sector, said the report.

The report comes amid a growing significance of innovative startups and easy assistance provided by the government in doing business.

 

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