A new study by Paymentsense has revealed the top 20 most innovative cities in the world – and Stockholm ranks in sixth place!
UK card payments provider Paymentsense has created a worldwide ‘innovation index’ analyzing over 50 capital cities around the globe.
The study scored each location on the following factors that contribute to innovation:
- Intellectual property – Number of patent applications registered
- Business startups – Number of new business registrations
- University rankings – Number of universities and their rankings
- Kickstarters – Number and the average value of Kickstarter ideas
- Entrepreneurialism – Google search volumes and trends for ‘how to start a business’
So which cities were a cut above the rest when fostering innovation?
Stockholm named the sixth most innovative city in the world to live in
The capital city of Sweden ranks in sixth place on the index with an innovation score of 70.5 out of 100. As well as being rich in culture and history, Stockholm also ranks highly for business innovation, which is attracting new talent, events, and businesses to the city.
Stockholm has become a hub for start-ups. These businesses are thriving from the city’s working spaces, funding, incubators, and entrepreneurial talent. 45,590 new businesses were registered in 2019 and the business landscape has continued to grow since. Tech companies such as Spotify, Skype, and Klarna have helped build Stockholm’s impressive reputation. With many advancements in job roles and opportunities means the capital has a lot to offer those that choose to live there.
With over 7 top-rated universities, averaging at 80 out of 100, Sweden has the second-highest education rating out of the top 20 countries. This helps Stockholm to produce an intellectual and skilled workforce, from its 21 universities.
Stockholm demonstrates a high level of entrepreneurial spirit with residents searching for ‘how to start a business’ over 3,380 times a month. There are over 1,627 ideas in Kickstarters, with an average of $160,513 currently invested across the country – the highest out of the top 20 countries. Stockholm, therefore, is experiencing a massive boom in fresh creations, placing its capital comfortably ahead of other cities.
Fresh ideas and innovation aren’t new for Sweden. The country currently has 748,933 patent applications, helping its capital, Stockholm, rank high for innovation. Sweden has continuously been providing new advancements in technology, art, and science – from Oat milk to pacemakers.
French cities are among the most innovative in the world
With 201,087 new business registrations at the moment, Paris tops the list of most innovative cities. With £37,605.53 currently invested in Kickstarters across the country, France is experiencing a massive boom in fresh ideas and creations, placing its capital comfortably ahead of the second-place city. Inventors of braille, stethoscopes, and pencil sharpeners, the country has a longstanding reputation for being the leader in innovation, bringing countless inventions that we now take for granted into the world.
The USA’s capital currently has 6,546,076 patent applications
The USA has been a leader in technology and business for years. Home of Apple, Microsoft, and shopping malls, countless innovations have travelled across the Atlantic from the US and adopted by other countries. This reputation makes it easy to believe that its capital, Washington DC, comes second on the list of the most innovative cities. With 82,772 new business registrations and 368,160 monthly searches for ‘how to start a business’, it’s clear that our friends across the pond will continue to lead innovations globally for years to come.
Canberra has seen 235,654 new business applications
Leading the march in medical innovations, Canberra is third on our list of the most innovative cities. Penicillin, spray-on skin (a skin culturing treatment for skin damage victims), electronic pacemakers, and the ultrasound scan are just a few of the offerings Australian innovators have made to medicine, and they aren’t stopping any time soon. Over 2,000,000 patent applications are currently in review, so it’s safe to say there is plenty in the works when it comes to innovations in Canberra.