Thanks to a new global study, Canberra has been ranked third in the field of innovation.
Paymentsense, a UK-based fintech company, created a global ‘innovation index’ after analyzing more than 50 capitals from around the world.
In a highly commendable third place was the nation’s capital, behind Washington DC and Paris.
Both Canberra and Washington DC posted an innovation score of 75.5 out of 100, while Paris was just ahead at 79.3.
“For a small city, Canberra is rich in culture, history and national treasures,” the survey noted. “The city also ranks highly for its business innovation, which is attracting new talent, organizations and business events to the city.”
In fact, in 2019, Canberra registered a whopping 235,654 new business apps.
In addition, according to the survey, two million patent applications are currently being reviewed.
Cities were rated on a variety of factors, with some of the data dating back to 2019, before businesses around the world were hit by the COVID-19 pandemic.
When ranking the cities, the researchers considered factors such as the number of patent applications registered with Google; the number of new business registrations in 2019; search volumes and average monthly trends on “how to start a business”; and the number of “Kickstarters” and their average value.
Another factor that was taken into account was the number of universities and their rankings.
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“While education does not by definition involve innovation, universities have long been establishments that fortunately have the time and resources to innovate in various areas,” a Paymentsense statement reads.
For many people who work in the innovation industry in Canberra, third place in the world rankings is not a surprise.
According to Canberra Innovation Network (CBRIN) CEO Petr Adamek, Canberra has what constitutes a highly concentrated and connected innovation ecosystem.
He attributes this to several of the same factors as in the Paymentsense survey, such as “world-class knowledge institutions, high level of startup formation, patent activity, and per capita PhDs.”
While Adamek noted that different methodologies are likely to yield different results, he said it’s great to see Canberra independently validate.
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In addition to what he described as “smart, creative and collaborative people,” Mr. Adamek attributed Canberra’s success to the commitment between world-class research and educational institutions and industry.
He also said that the city’s innovation is supported by “progressive government investing in long-term future growth and a vibrant and connected ecosystem with support for innovators from early stage to export, to create a truly global impact. ”.
Currently, CBRIN connects around 20,000 people a year, with 7,000-10,000 people able to connect through the network’s ecosystem.
Approximately 1,500 people participate annually in the network’s workshops, and more than 100 new entrepreneurs are consulted individually each quarter through CBRIN.