Almost twice as many global technology company leaders believe that hubs are still important in driving technology innovation as opposed to those who believe they are not, according to a new report by professional services firm KPMG.
More than 800 industry leaders were surveyed for the report which said 39 per cent believe ‘hub’ cities including London, Singapore, and Tel Aviv will continue to play a vital role, enabling talent to coalesce and collaborate in communities with a solid digital infrastructure.
Only 22 per cent believe hubs are no longer important. The report said Covid-19 has rapidly accelerated new ways of working but the world’s ‘technology hubs’ are here to stay although they may not be in Silicon Valley.
When many offices and downtown areas locked down early in 2020, entire workforces shifted to remote-working with some employees leaving major cities to find more space at a lower cost among other factors.
But the report said tech leaders believe the industry’s future success will rely on a balance between physical workspace and greater flexibility.
Bengaluru was ranked at the eighth position among the top 10 cities. India was ranked third in the list of countries and jurisdictions that show the most promise for developing disruptive technologies.
A report from KPMG said engineering talent and intellectual property are the lifeblood of the tech industry and retaining top talent is a strategic imperative.
Employers know this and are striving towards flexible work arrangements including permanent hybrid workforce models. As the workforce disperses geographically, new hotbeds of technically skilled workers will emerge.
Respondents prioritised the following factors as crucial for the long-term viability of a technology hub that springs up: urban locale that attracts young professionals, a pipeline of skilled talent, modern infrastructure including high-speed bandwidth, at least one research-intensive university and positive demographic growth trends.