September 28, 2020

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Melbourne Hailed as Australia’s Most Innovative City

Melbourne Hailed as Australia’s Most Innovative City

Melbourne has overtaken Sydney in the annual 2thinknow Innovation Cities Global Index and claimed 11th place overall, making it Australia’s most innovative city.

According to a recent press release, Minister for Jobs, Innovation and Trade Martin Pakula welcomed the release of the index, which ranked 500 cities across the world.

He said, “It’s fantastic to see Melbourne continue its rise up the ranks of the world’s most innovative cities and we’re backing ground-breaking companies to continue to do amazing things in Victoria.”

About Melbourne

  • Melbourne is the home of innovation in Australia. While titles are nice, the real rewards are the growing number of jobs that the cutting-edge companies deliver for Victorians.
  • Melbourne jumped from 16th place in 2018 to its new position just outside the world’s top 10, strengthening Victoria’s reputation as a leading tech hub in the Asia-Pacific.
  • Melbourne’s rise has been steady and made even more dramatic by how far it has gone since 2015 when it ranked 33rd in the world for innovation.
  • Melbourne’s growing reputation is built on a booming start-up ecosystem, vibrant creative industries and world-leading enterprise in fields ranging from Medical Technology (medtech) and pharma to advanced manufacturing, foods, fibre and sport.

LaunchVic

  • The Victorian Government’s start-up agency called LaunchVic has played an important role in Melbourne’s tech boom.
  • It has been supporting and funding early-stage start-ups and scale-ups, which have contributed to the significant expansion in the innovation ecosystem.
  • LaunchVic has backed 386 companies and more than 4,800 entrepreneurs by providing mentorships, accelerator programs, boot camps and other support for early-stage businesses in order for them to reach their full potential.
  • OpenGov Asia earlier reported on Victoria Government to fund regional startups through LaunchVic. It has prioritised diversity and inclusion as part of its strategy and the funding complements previous activities by supporting entrepreneurs in outer Melbourne and other regions.
  • Melbourne’s booming innovation ecosystem features numerous $ 1 billion-plus valuation companies.
  • In addition, it also serves as a home to long-established global innovators such as a biotech giant, which announced this year that it would move its Royal Park headquarters to a purpose-built facility in the heart of the nation’s premier biomedical precinct at Parkville.

Innovation Cities Global Index

The 2thinknow Innovation Cities Global Index is the world’s longest-running and most comprehensive report of its kind.

2thinknow was established in Melbourne in 2006 and the company’s headquarters is located in the city.

The Innovation Cities Global Index top 10 for 2019 is as follows:

  1. New York
  2. Tokyo
  3. London
  4. Los Angeles
  5. Singapore
  6. Paris
  7. Chicago
  8. Boston
  9. San Francisco/San Jose (Silicon Valley)
  10. Toronto

The cities are rated according to 162 indicators, which include start-up economy, mobility, sustainability, neighbourhoods and technology. Brisbane entered the top 50 for the first time, at 48.

Sydney, meanwhile, dropped a few places from 10th to 15th.