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26 Feb 2019

Beijing Ranks Right Behind New York City As Next Silicon Valley

Beijing Ranks Right Behind New York City As Next Silicon Valley

Nearly two-thirds in a recent survey of technology leaders globally believe the innovation center of the world will move from Silicon Valley within the next four years. This shouldn't be too surprising to those following the global trend of many hubs rising to the Valley's gold standard for innovation. But where will the next center be?

New York ranks as top of the list of alternate cities to bypass Silicon Valley, the survey by KPMG found. The poll was taken before the Amazon decision to back out of Long Island City. Still, the survey underscores a trend of the Big Apple gaining as a tech center as more technology multinationals call the city home, including Google.

New York City jumps ahead of Shanghai, which has been in first place. See a prior Forbes column I wrote about last year's results that show New York City in third place.

Beijing ranks second in the new annual survey, ahead of Shanghai. That makes sense to me. Beijing has been China's tech center since entrepreneurship and venture capital became a big thing in China about two decades ago. Shanghai is more about entertainment, marketing and fintech while Beijing is more about deep tech. Interestingly, Taipei, which has been gaining for its hardware smarts, came up in the ranks and tied with Shanghai for fourth place.

And why is Silicon Valley being displaced? Cost of living was a major reason cited. Infrastructure that hasn't kept up with growth is another.

Boston and Austin are gaining, meanwhile, as tech hubs with their strong university and corporate bases -- plus festivals such as SXSW that attract talent.

Source: Forbes

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