London Ranked Second for Innovation & Entrepreneurship Worldwide

Avatar, June 27, 2015 2 min read

This article was originally posted on the Tech City UK website.

City Initiatives for Technology, Innovation and Entrepreneurship (CITIE) from Nesta, Accenture and Future Cities Catapult reveals New York, London and Helsinki as top in terms of support for startups

With extensive analysis of nine roles which government can play in supporting innovation and entrepreneurship (including Openness, Infrastructure and Leadership) across 40 cities across the world, the report places London above the likes of San Francisco and Singapore.

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According to the first part of the framework – Openness – city governments were assessed on the way they engage with and support businesses. This includes: how the city regulates business to allow for disruptive entry; how the city promotes itself as an innovative hub and the new business community to the rest of the world; and how accessible procurement is for small businesses. London was ranked in the top tier ‘top performer’ across all three areas.

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Second to come under the spotlight was the Infrastructure of each city and to what extent it is optimal for high-growth new businesses. This includes: how the city uses space to create opportunities for high-growth opportunities; how the city invests in the businesses and skills required for innovation; and how the city facilitates physical and digital connectivity. The capital was again ranked as a top performer in the first two categories but tier two when it comes to connectivity.
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The third and final part of the framework is analysis of Leadership meaning how and to what extent the city under observation builds innovation into its own practices. This includes: has the city set a clear direction and built internal capability to support innovation; how has the city utilised digital channels for high-quality engagement with citizens; and how the city uses data to optimise services and provide raw material for innovation. London’s ranking was spread across the top three tiers in this section.

Screen Shot 2015-06-26 at 11.11.58Highlighted as the second best city in supporting entrepreneurship worldwide, there is room to improve, but London looks set to continue its ascent to the peak of the global innovation league table.

You can download the report from Nesta, Accenture and Future Cities Catapult here.

Data & research, London