The world’s centre of tech innovation may be about to move away from Silicon Valley, but Silicon Roundabout isn’t likely to get a look in any time soon.
KPMG looked at where global tech executives are expecting future centres for innovation, and the UK ranks a lowly 11th on a list of the world’s future innovation hotspots - named by only one percent of survey respondents.
It is China where major tech innovation is expected to boom, with 30 percent marking it as the next hot spot for innovation. The US trailed slightly behind at 29 percent.
Next was India with 13 percent, then Japan and Korea with eight percent and five percent respectively.
The research shows that as the shift in power is expected to continue to move from west to east, the perceived centre of tech innovation will leave Silicon Valley.
43 percent believe that the crown of the leading innovation hotspot will move to another country outside of the US. China was cited as the most likely destination, followed by India, then Japan and Korea.
KPMG did not provide a timescale for such changes, and we can imagine VCs can rest easy as such a seismic shift isn’t likely to occur too quickly.
The poor perception of the UK will frustrate a government which appears to be trying hard to create a buzz around the so-called East London Tech City. Meanwhile, communications minister Jeremy Hunt recently indicated that the Coalition wants the UK to be Europe’s “technology hub” with the supporting infrastructure to go along with it.
KPMG highlights part of the problem as the UK's inability to take the creativity seen in the country onto a commercial model.
Tudor Aw at KPMG says that Despite the likes of Alan Turing, Sir Johnathan Ives and Sir Timothy Berners-Lee coming from Britain, according to KPMG's Tudor Aw, right now, there is a shortage of strong brands in the UK.