Bangalore listed among top IT innovation hubs

by CXOtoday News Desk    Aug 02, 2013

IT

Bangalore has managed to nurture an admirable technical talent ecosystem in the past few years. A recent technology review by MIT has ranked Bangalore as one of the top eight technology innovation clusters. The other cities featured in the review are Silicon Valley, Boston, Israel, Beijing, and three government-supported ventures Tech City in London, Paris-Saclay in France, and Skolkovo Innovation City, near Moscow.

The review based their report on the basis of four key factors that influenced their decision, strong IP protection, liberal immigration laws, entrepreneurial culture, and good weather. Silicon valley has topped the list with favorable all round views on all four aspects. Bangalore ranks high in good weather which helps in positivity among employees and a good work culture raking in $300 million in venture funding in 2012.

According to Mukund Mohan, chief executive officer of Microsoft Ventures in India, “Bangalore has great support from a growing list of venture investors, early-seed investors and smart capital. The city has the right depth of technical talent to scale an organization. The city has many grassroots networking organizations for startups. All these bring together a dynamic, consistent and ever-learning startup ecosystem that makes it easy for new entrepreneurs to take the plunge,”

Another reason for Bangalore’s thriving IT culture is its closeness to Silicon valley. AnnaLee Saxenian, dean of the University of California, Berkeley, School of Information, says “Where global technology centres have successfully developed as in Bangalore, it’s been because people ‘marinated’ in Silicon Valley and then returned home to start companies.”

Sanjay Anandram, venture partner with Seedfund, has cited that Banaglore as a very healthy start-up ecosystem as several start-ups come up every years helping the growth of talent such as Open Coffee Club, Barcamps, Startup Saturday, and Mobile Monday. However, he also added that there is still lack of capital in Bangalore and not many exit strategies for investors and policies are not favorable to entrepreneurs.