In the technology-driven world today, it’s no surprise that several tech hubs have emerged in countries spread across the globe. These places are ideal, given their vibrant and dynamic lifestyle and thriving work environment.
The exposure and experience gained in these areas can now be leveraged by India as organizations hire talent to fill leadership or niche-skill roles because of the absence of adequate and appropriate local talent.
1. San Francisco, USA
Silicon Valley encapsulates the tech world in the entire Bay Area – comprising San Jose, Menlo Park, Palo Alto, Mountain View, Cupertino, Santa Clara, Redwood City, and Sunnyvale. It is the home and ‘mecca’ of tech innovation, with some of the largest and most influential companies based here- eBay, Nauto, PayPal, MySQL, Facebook, WhatsApp, Momentus, Apple, Eightfold, Amazon, Alphabet, and many more. Given the concentration of the ‘biggies’, it’s noteworthy that the Bay Area is also a highly beneficial place for small, mid-sized companies, and start-ups.
2. Hong Kong
Hong Kong is home to the Hong Kong Science Park, which is famously known as a centre for innovation. 600 technology companies and about 13000 tech professionals live and work in this bustling metropolis.
Japan has earned the reputation of being the most dynamic and effective manufacturer of industrial robots, given that its production accounts for more than half of the global robotic supply. With this as a precedent, Tokyo is now quickly spiralling upwards as the place for other tech industries and start-ups.
China’s Silicon Valley or Zhangjiang Hi-Tech Park is located in Shanghai, to assist businesses to consistently innovate. More than 1000 start-ups have set base here, with most of them operating within the realms of EdTech and Gaming. The ‘valley’ also has more than 400 Research and Development centers. China accounts for more than a quarter of the global revenue in gaming, making it the largest mobile gaming market in the world.
London is striving to become the main tech nucleus and is now regarded as the world’s third most significant and pivotal innovation center. The introduction of a start-up visa program in 2019 has contributed exponentially to the growth of London as a tech hub.
6. Tel Aviv
Tel Aviv has the highest number of start-ups per capita globally. The city boasts of more than 100 research and development and innovation centers belonging to foreign countries: Facebook, Google, Amazon, and Barclays included. More than 40% of the start-ups belong to the Artificial Intelligence sector, with more than 25% of the city’s workforce employed in this sector. The Tnufa Initiative is focused on assisting budding entrepreneurs to develop unique ideas and concepts, which can attract grants of up to 85% of the approved expenditure. It also enables foreign companies to set up a base and accelerate their business ideas, without debt.
7. New York
New York has made crucial technological advancements, which are led by sectors such as EdTech, AI, Big Data Analytics, and Cybersecurity. There are more than 9000 start-ups and over 100 incubators. Within tech, 886 companies received approximately US$16.2 billion in VC funding in the year 2020. Given the rapid rise of tech in the city, it has emerged as one of the biggest tech hubs across the USA.
Replete with resources for innovation, the capital of China plays host to 1000 scientific research institutes, 90 universities, and the Zhongguancun Hub – a hub that has 9000 tech companies such as Baidu and Sina Corporation – both behemoths in their realms and both listed on NASDAQ. China has 70 unicorns – valued at over US$1 billion each – and almost half of these unicorns are situated in the Zhongguancun Hub.
This Southeast Asian country is the hub of innovative strategies across businesses and is brimming with highly talented and skilled workers. The government supports businesses through low taxes, a plethora of investment opportunities, and an ecosystem that attracts the best talent. The city has a robust IT infrastructure – often regarded as the best globally. Even during the pandemic, in 2020, Singapore was able to attract US$17.2 billion in fixed asset investments. The Singapore government invested US$19 billion across enterprises as part of its Innovation, Research, and Enterprise program.
10. Ho Chi Minh
As per the World Economic Forum, Ho Chi Minh City is among the top ten cities to have incorporated technology to accelerate growth and change. It has also been classified as a city with high potential to become one of the top tech cities in the world. This is attributed to low costs, huge amounts from foreign direct investment (FDI), and a growing consumer market.
Why India Should Leverage Talent from Global Tech Hubs
The tech talent in India is amongst the most sought-after talent across the world. Additionally, cost arbitrage in talent sourcing also works to the country’s advantage.
Globally, countries are aggressively hiring tech talent, placing a lot of pressure on the Indian hiring system. The attrition rate is high within this realm (24%), with talent moving fast and towards companies that offer better salaries and perks. The talent war is very real and very fierce! With over 4.6 million employed in the tech sector, this sector accounts for about 8% of the country’s GDP, which has exacerbated the demand for digital services. A report by NASSCOM reveals that there are only about 100 persons for every 200 open jobs in the digital space. Given this frenzied race to acquire talent, it would make sense for India to look for tech talent outside of the country.
Hiring in the tech sector is unlikely to slow down or stop any time soon, and hence, companies need to put up their top game if they wish to attract the best talent. Inability or unwillingness to train and upskill their staff, and look at talent from other locations, will severely compound the problem of a talent crunch. Opening up doors and being flexible with their hiring options will help tech companies to quickly scale up. It also enables mid-size companies and startups in India to use the expertise of international hires and crack into the global markets with ease.
With GTX, your organization can access and hire talent that has lived and worked in the most prominent tech hubs of the world, and emerge victorious in the ongoing war for skill and talent.