Chicago is boosting its international reputation as a tech town, according to a new report by KPMG.
Professional services firm KPMG announced its annual Global Technology Innovation report, a measure of top innovation hubs outside Silicon Valley, and found that Chicago ranked 6th in the world.
Chicago was behind only Shanghai, New York, Tokyo, Beijing and London on the list, and it was tied with Washington, D.C. and Berlin. Rounding out the top 10 were Tel Aviv and Boston.
The report marks a big rise for Chicago; the city was 18th on KPMG's list last year.
To compile its list, KPMG asked 841 global business executives, venture capitalists and angel investors: "Which three cities will emerge to rival Silicon Valley/San Francisco over the next four years?"
While the results are largely based on perception, rather than quantitative metrics, the report is an example of how Chicago's tech success is becoming known around the world. The city may lack the volume of startup activity and venture capital raised compared to New York and Boston, but Chicago is showing that it can breed fast growing unicorn startups. And with several of the city's most successful entrepreneurs now starting new ventures, Chicago's tech scene appears to be trending upward.
“Chicago has the talent, education and training programs, technology infrastructure, capital, incentives and an innovative culture,” KPMG Chicago Tech Industry Leader Mike Gervasio said in a statement. “So it’s not too surprising it made this list. The area is well-positioned to be a leading tech hub for years to come.”
“What we have seen emerge over time is the result of countries and cities striving to replicate and build on the Silicon Valley tech innovation blueprint, and their increasing degree of success,” Tim Zanni Global and US Chair of KPMG Technology's Media and Telecommunications practice, added in the statement. “One can debate whether or not replicating Silicon Valley is possible, but the benefits of the effort are undeniable.”
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