In this article we are going to list the 20 fastest growing tech cities in the world. Click to skip ahead and jump to the 5 fastest growing tech cities in the world. According to the World Health Organization, two-thirds of the world’s population will be residing in urban cities in about 35 years. This would lead to an additional increase in the population residing in the urban cities. The demand of such an increase can only be met with the aid of cutting-edge technology. Technology will not only help with food production but also provide employment opportunities to people and a source of income. These tech cities further bring venture capital investment into the country and as a result, lead to economic prosperity and increase in standards of living.
Tech cities provide a huge benefit to their local and national economies. They help in attracting investment and skilled human resource from all over the world. Although tech cities do bring a bundle of advantages, they may also create challenges for the economies. In case of an increase in demand, the working spaces may become expensive for startups operating at a smaller scale with limited access to funds. Also, a threat of insularity may develop over time which may lead to lesser chances of external collaboration.
Government policies play a major role in the creation of tech cities. It is impossible that a city prospers in the global tech race without the intervention of its government. David Cameroon, ex-prime Minister of the UK, wanted London to be the next Silicon Valley. For this purpose, “Tech Nation” was launched by the government since their ultimate strategy was to boost technological capabilities within the UK. Similar was the ambition of the Dutch government in the Netherlands where the government focused on making favorable trade deals that would increase the technological potential of the cities like Eindhoven, Amsterdam, and Rotterdam. For example, Startup Amsterdam was initiated by the Dutch Government to increase the collaboration between the city and the private companies. Through this initiative startup could seek help and expand within the same environment, thus helping the Netherlands economy grow and become one of the tech countries that promotes innovation and collaboration.
Huge tech companies like Apple (NASDAQ:AAPL), Uber (NYSE:UBER), Netflix (NASDAQ:NFLX), and Tesla (NASDAQ:TSLA) are based in USA because of tech-friendly initiatives and policies by the government. On the other hand, the French government, under the leadership of President Emmanuel Macron, has also pledged to make Paris the capital among all the tech nations, giving stiff competition to other European countries like Netherlands, Germany, and Poland. Paris has been home to the multi-million-pound startup, Station F, which serves as the biggest startup campus. There has been a large influx of startups moving to Paris and working at Station F. Not just small-scaled startups are using Station F’s resources and services, but also partners like Vente-Privée, HEC (NASDAQ:HEC), Microsoft (NASDAQ:MSFT), Facebook (NASDAQ:FB), L’Oréal and Zendesk (NYSE:ZEN).
Berlin, arguably the world’s coolest city, is not far behind in technology and innovation. The organizational culture thrives on focusing on innovation. It is also home to one of the most successful startups, Delivery Hero, operating in more than 40+ companies and a parent company to Foodpanda, which rivals Uber Eats in certain countries. The German government introduced the Digital Hub Initiative to encourage collaboration between various startups in the digital era. The rankings and listings of the fastest-growing tech cities in the world have been compiled from London and Partners, Forbes, and Savills. So without further ado, let’s take a look at the cities which are going to be the future tech capitals of the world, starting with number 20:
Eindhoven is the hub of technology and innovation in Netherlands. This city is home to companies such as ASML, Phillips and VDL. Eindhoven enjoys lower costs of living which attracts businesses to set up their offices and operations within this city. Moreover, a good standard of living also attracts talent from all over the world. There are currently 220 companies operating within a single High-tech campus in Eindhoven.