INVESTMENT IN ADVANCED EDUCATION AND INNOVATION CLUSTERS GENERATES COMMERCIAL ADVANTAGE

The Smart Centres Index (SCI 3) explores the ability of global commercial centres to be hubs for the development of new technology. In SCI 3 London retakes first place and New York returns to second place.

All centres in the index received a higher rating than in SCI 2. Despite rising ratings, in some cases sharply, several centres fell in the rankings due to new centres entering in higher positions. Basically, around the world the focal point of economic competition is more firmly a blend of technology, media, and communications on top of an infrastructure of professional and financial services.

Leading centres in the SCI are based in places which combine an innovative, cultural centre with a high-performing university sector across STEM subjects, supported by a well-developed regulatory, commercial and financial services.

Index Results

• London regained its first position in the index with New York falling to second place. The cluster of innovation activity between London, Oxford, and Cambridge, sometimes called the ‘Golden Triangle’ is shown in the index results. We will consider further how to assess this cluster in future editions of the SCI.
• New York is now the only US centre in the top 10, with Stockholm and Dublin replacing Los Angeles and Chicago in this group.
• Oxford, Stockholm, Hong Kong, and Cambridge have overtaken Singapore, which fell from third to seventh place.
• Asia/Pacific centres generally score lower for innovation support and regulation than for creative intensity and delivery capability.
• Only two centres rose 10 or more places in the rankings in SCI 3, while 19 centres fell 10 or more places, as new centres entered the index.

The top 20 ranked centres in SCI 3 are shown in the table below:

Full details of SCI 3 can be found at www.smartcentresindex.net.

Professor Michael Mainelli, Executive Chairman of Z/Yen, said:

“We launched the Smart Centres Index recognising that technology, science and innovation are transforming all aspects of our lives and providing opportunities for economic development and growth. Tracking the changes that are taking place across the world as smart centres develop and expand helps us to understand the depth of the change taking place and the role that cities and innovation clusters play in supporting innovation for good.”

We invite all those with an interest in the development of innovation centres to take part in SCI 4 by rating the financial and commercial centres you know here – www.smartcentresindex.net/survey/.

ENDS

Notes For Editors

About SCI 3

The SCI is a factor assessment index, combining a number of instrumental factors - data measures drawn from a range of data providers across the world - and assessments given by business and finance professionals of three dimensions related to innovation and technology in major commercial and financial centres:

• Innovation Support - the approach taken to regulation and support for the innovation and technology industry provided by the commercial ecosystem.
• Creative Intensity - the extent to which technology and innovative industries are embedded in the economy of the centre.
• Delivery Capability - the quality of the work being undertaken in the field in the centre.

These dimensions are brought together in the overall SCI ratings to produce the index, which is updated every six months. SCI 3 was compiled using 127 instrumental factors. These quantitative measures are provided by third parties including the World Bank, The Economist Intelligence Unit, the OECD, and the United Nations. The instrumental factors were combined with 1,971 assessments provided by 280 respondents to the SCI online questionnaire.

To find out more about sponsorship opportunities, joining the Vantage Financial Centres network, further research, and bespoke reports on individual financial centres, please contact us.

Previous Editions

Previous editions of the SCI can be accessed at https://www.longfinance.net/programmes/financial-centre-futures/smart-centres-index/publications/

Z/Yen & Long Finance

Z/Yen is the City of London's leading commercial think-tank. It was founded in 1994 to promote societal advance through better finance and technology (www.zyen.com). The SCI is part of Z/Yen’s research into economic centres alongside the Global Financial Centres Index and the Global Green Finance Index.

For more information please email Mike Wardle at mike_wardle@zyen.com or phone on +44 (0) 7880 737319.