Global innovation hubs: Hong Kong ranked ninth while Singapore remains No 1 amid coronavirus pandemic
- Singapore was the preferred tech hub outside Silicon Valley for over 800 tech leaders surveyed by auditing company KPMG
- Aside from the two rival former British colonies, the innovation hub list includes Beijing at fourth and Shanghai at sixth
Unlike many other industries, tech has thrived during the Covid-19 pandemic, increasing the perception that innovation can happen anywhere, according to Alex Holt, Global Head of Technology, Media and Telecommunications at KPMG.
“However … physical workplaces and innovation hubs remain a key component of technology companies’ strategies, although they may not be located around Silicon Valley,” he said in a statment.
The Covid-19 pandemic has proved to be a major influence on choosing where and how to work for tech companies. A large majority – 61 per cent of those surveyed – said the pandemic has changed their opinion of which cities will become leading technology hubs.
The survey also showed that tech leaders are undecided about the future of Silicon Valley itself in a post-pandemic world.
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Only 22 per cent of respondents, however, said they believe innovation hubs have lost their importance.
The results confirmed an earlier KPMG survey on tech CEOs which found that 78 per cent have no plan to downsize their physical footprint while just over a quarter, 26 per cent, plans to hire predominantly remote workers.