Silicon Valley has become a synonym for innovation and with its ecosystem of super venture capitalists it is world renowned as a hub for new products and software. However, as we teach on the digital innovation module for The Salford MBA: Digital Business, recent developments suggest that the tide of innovation is turning towards Europe.
Investments such as the £1m raised locally by Wakelet in December 2014 and TransferWise’s $58m in Janaury 2015 suggests that European startups are finally starting to attract interest on a global scale.
Innovation ecosystems and the start up market was studied by the University of Salford for the INNOPOLIS project. A key conclusion from the project and a critical success factor for innovation and startups cultures is the importance of University City Region. These are places where there is a concentration of intellectual capital and high levels of “risk happy” funding.
We line up the US and European situations in a head to head comparison of the key success factors for a startup…