A new venture capital indicator redefines the ranking of innovation clusters

The inclusion of venture capital as a new indicator in the 2025 edition of the WIPO Global Innovation Index is profoundly changing the ranking of the top 100 innovation hubs. This indicator, now added to international patent filings (PCT) and scientific publications, more accurately reflects an ecosystem’s ability to convert research into startups and commercialized innovations. 

Globally, several regions are repositioning themselves: Shenzhen-Hong Kong-Guangzhou takes first place, Tokyo-Yokohama moves up to second, and San Jose-San Francisco climbs to third thanks to strong venture capital intensity. London is also gaining ground due to its sustained performance in private investment, while Bangalore is making spectacular progress. 

The addition of venture capital also changes the ranking of Canadian hubs in this global top 100. In this new ranking: 

• Toronto climbs to 33rd place, 

• Montreal ranks 62nd, 

• Vancouver ranks 66th. 

These results confirm that Canada remains a major player in global innovation, but also illustrate the growing importance of venture capital in our ecosystems’ ability to transform public and private research into competitive technology companies. 

For a country rich in talent, research infrastructure, and university-based innovation, these rankings underscore the need to strengthen the links between research, technology entrepreneurship, and seed funding to accelerate the commercialization of our ideas. 

See the full ranking and detailed analysis from WIPO