A new study by Paymentsense has revealed the top 20 most innovative cities in the world – and Bangkok ranks in seventeenth place!
UK card payments provider Paymentsense has created a worldwide ‘innovation index’ analyzing over 50 capital cities around the globe. The study scored each location on the following factors that contribute to innovation:
📜 Intellectual property – Number of patent applications registered
📈 Business startups – Number of new business registrations
🎓 University rankings – Number of universities and their rankings
💼 Kickstarters – Number and the average value of Kickstarter ideas
🖥 Entrepreneurialism – Google search volumes and trends for ‘how to start a business
So which cities were a cut above the rest when fostering innovation?
Bangkok ranks as the seventeenth most innovative city in the world
The capital city of Thailand ranks in seventeenth place out of the 50 cities, with an innovation score of 60.3 out of 100. As well as having a vibrant culture and laidback way of life, the city also ranks highly for its business innovation, scoring well in all the areas studied.
Thailand is a great hub for startups due to its advanced business environment, connectivity, affordability, and access to venture capital. 55,589 new businesses were registered in 2019, and the entrepreneurial landscape has continued to grow despite the pandemic. Industrial production and tourism are still some of the major industries in Thailand, but there are many emerging sectors such as technology, software, electricity and design – which are massively benefiting the country.
Bangkok demonstrates a high level of entrepreneurial spirit with residents searching for ‘how to start a business over 3,020 times a month – a 20% increase since last year. With an average of $29,812 currently invested in Kickstarters across the country, Bangkok is experiencing a massive boom in fresh creations, placing its capital comfortably ahead of other cities.
Bangkok is also an attractive destination to do business in due to its educated and diverse workforce. There is a high volume of schools and colleges – including 14 top-rated universities producing high-skilled talent. Also, with the majority of schools in Bangkok teaching English unlike other parts of Thailand, this gives the capital a competitive advantage in global business communications.
Thailand is not new to innovation, with over 461,117 historic patent applications to its name. From the Tuk-Tuk vehicle to the world’s best-selling energy drink, Red Bull – Thailand has founded a number of iconic designs.
French cities are among the most innovative in the world
With 201,087 new business registrations at the moment, Paris tops the list of most innovative cities. With £37,605.53 currently invested in Kickstarters across the country, France is experiencing a massive boom in fresh ideas and creations, placing its capital comfortably ahead of the second-place city. Inventors of braille, stethoscopes, and pencil sharpeners, the country has a longstanding reputation for being the leader in innovation, bringing countless inventions that we now take for granted into the world.
The USA’s capital currently has 6,546,076 patent applications
The USA has been a leader in technology and business for years. Home of Apple, Microsoft, and shopping malls, countless innovations have travelled across the Atlantic from the US and adopted by other countries. This reputation makes it easy to believe that its capital, Washington DC, comes second on the list of the most innovative cities. With 82,772 new business registrations and 368,160 monthly searches for ‘how to start a business, it’s clear that our friends across the pond will continue to lead innovations globally for years to come.
Canberra has seen 235,654 new business applications
Leading the march in medical innovations, Canberra is third on our list of the most innovative cities. Penicillin, spray-on skin (a skin culturing treatment for skin damage victims), electronic pacemakers, and the ultrasound scan are just a few of the offerings Australian innovators have made to medicine, and they aren’t stopping any time soon. Over 2,000,000 patent applications are currently in review, so it’s safe to say there is plenty in the works when it comes to innovations in Canberra.
To see the full index of the world’s most innovative cities, please visit here.