Bengaluru Tops The Business Confidence Index Charts
Bengaluru is popularly known as India’s Silicon Valley. Once known as pensioners’ paradise, Bengaluru has come a long way for business leaders to express confidence in their in their immediate environment based on financial environment, innovation and entrepreneurship, people and skills, new technology development, ICT infrastructure, according to a report from the Economist Intelligence Unit.
“Bengaluru has been judged the best city among 45 worldwide in terms of confidence expressed by businesses in their digital environment”. About 48 percent of all participating firms surveyed said they are even willing to relocate to take advantage of a more favorable environment” says the report based on a survey of 2,620 executives that was conducted during mid-2017 exploring the environment for digital transformation in 11 industries and 45 cities across the globe.
Source: Times Of India
Bengaluru was known for its salubrious climate and aptly called the “Garden City”. Until 1970, it was also the destination for many public sector industries and auto- ancillary hub. In the ’80s and ’90s, it became renowned for high quality education- engineering, medicine and management. With the economic liberalization beginning 1992, and development of information technology and IT-enabled services in India, Bengaluru took the Centre stage emerging as the most favored IT destination for many Multinational companies who established their own Research & Development centers. Recently, bio-sciences, fashion, retail including e-commerce/ m-commerce, hospitality, fashion, animation & digital are the industries that are increasing dotting the city.
Bengaluru is considered a multi-linguistic place. Blessed with the advantage of a rich heritage, cosmopolitan culture it also boasts to have a cohesive ecosystem of not only entrepreneurs but also startup accelerators and incubation centers, active Venture capitalists and investor community. As per CBInsights – a venture capital data firm, Indian startups saw a capital infusion to the tune of 4267.06 million, injected in the first quarter of 2017 with 363 deals done. On an average, around 4 deals are done every day and Bengaluru witnessed the most deals happening, totally 94 deals worth $2110 million, which accounts for nearly half of the deals.
‘Connecting Commerce’ is an in-depth joint research program between the Economist Intelligence Unit & Telstra. The report states, “In most cases, firms’ existing internal resources will not be enough to pull transformation off, as they need to look outside their own four walls for additional support.” Also, majority of the businesses would naturally expect most of that support in the city where they operate. For startups and SME firms, the city environment often provides the only resources they tap into. “Even when it comes to government policies, those implemented by City Hall (government) have more influence on businesses’ digital success than national policies,” it stated. For this reason, EIU decided to check which cities provide the best environment for their businesses. Apart from the overall score, Bengaluru and other Indian cities were scored based on other parameters of innovation and entrepreneurship, financial environment, people and skills, which led to their rankings:
Innovation and entrepreneurship
People and skills
In terms of skill sets that are in vogue, the survey pointed out digital security and advanced data analytics as the top two most critical.
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