Move over Silicon Valley, here comes China

Move over Silicon Valley, here comes China

In four years, Silicon Valley may be replaced by another country as the innovation centre of the world, according to the KPMG Technology Innovation Survey 2012.

More than 40% of technology executives around the world feel that it is likely for the world’s technology innovation centre to shift from Silicon Valley to another country in the next four years.

Of those who believe that Silicon Valley will not be the technology leader of the future, 44% pointed to China as the world’s leading innovation hub by 2016.

India was placed after China as the country most likely to become the future of technology innovation with 22%. This is followed by Japan (10%) and Korea (nine per cent). About three percent of global respondents chose Singapore.

About three in 10 globally said the CEO has the responsibility to drive innovation in their company, while 20% (including half the respondents in China) pointed to the Chief Innovation Officer.

Some 15% cited the Chief Information Officer and research and development (R&D).

When asked if their education system serves as an incubator for innovator thinkers, slightly more than half believed this was true. In China, close to 75% thought this was true, while in the US, less than half agreed.