MDW Special: Highlighting the Best Innovation Cities

Memorial Day Weekend is finally upon us. MDW, as it's known by the cool kids, is a special time. Most importantly, it's a time to honor those who gave their lives in service to this country. Not only does it also mean the official start of summer ─ Go kick rocks, summer solstice ─ but it's also the start of people's beach trips.  

Whether you only take one trip a year, or spend every weekend at your own beach house (lucky you), just about everybody makes it to the beach at least once during the summer.

I love how loyal people are when it comes to their summer spots: Hamptons, Cape Cod, Nantucket, Long Beach Island, Ocean City, Jones Beach. (Ok, that last one was a joke. No one actually likes going to Jones Beach). Each beach has a unique flavor with its own pros and cons.

Personally, I'm all about the Outer Banks. There is nothing quite like that strip of island off the coast of North Carolina. Kill Devil Hills is my favorite town. Plenty of bars and restaurants to check out, but not super commercialized, like the Jersey Shore.

So how does this all relate to technology? With innovation labs popping up in seemingly every city in the world, I thought it'd be good to give a quick rundown of some of the more popular places financial firms are eyeing as good places to set up shop.

SILICON VALLEY

Pros: Strong innovation occurring across the board; considered an epicenter of disruptive technology; hoodies and t-shirts always welcome

Cons: Lots of other attractive options; high cost of living; lack of non-vegetarian options

It's probably my American bias, but the first region that comes to mind when thinking about innovative technology is Silicon Valley. This is both a plus and minus. On one hand, it means there is lots of great work being done there. However, that also makes it that much more difficult to attract young, talented technologists. Not to be a Debbie Downer, but it's no secret that young people might be more interested in working for Snapchat or Instagram than Bank X or Asset Manager Y.

And while all the cities on this list aren't cheap to live in, it seems Silicon Valley is on the extreme end when it comes to reasonable places to live. Also, I'm not opposed to eating healthy, but I'd prefer not to be force-fed kale at every meal.

LONDON

Pros: Blockchain capital of the world; easy access to European clients; time zone; lots of great football (the other kind)

Cons: Food is as bad as everyone says it is; weather

You can't talk about innovation centers without talking about blockchain, and London has quickly established itself as the leader in the clubhouse when it comes to distributed ledger technologies. There is no hotter technology in financial services than blockchain, so setting up shop where the biggest advancements are being made is a huge plus.

Also, there is something to be said for being within range of the headquarters of all the big European banks. As silly as it might sound, sitting in Greenwich Mean Time is a huge plus, as it allows you to communicate with both Asian and North American clients without having to worry about a day lapse in between.

That being said, as any financial advisor will tell you, it's always nice to diversify your assets. Focusing all your efforts on blockchain might not be the best move. After all, there haven't been any true, commercial implementations, despite all the hype. Also, I know it sounds cliché, but the food really is bad. Yes, I'm sure Gordon Ramsay's restaurants serve delicious food, but for us common folk, the corner chip shop just doesn't cut it. 

SINGAPORE

Pros: One of top ecosystems in Asia; continues to grow as an ecosystem; awesome looking skyline

Cons: Huge culture shock for Westerners

It's always nice to get an up-and-comer in the rankings, so I figured I'd throw Singapore in the mix. The sovereign state continues to climb the ranks amongst innovative cities. According to researcher Compass' 2015 rankings of global startup ecosystems, Singapore was 10th, making it the highest-ranked Asian city in the listing, up seven spots from the 2012 report.

With all that being said, as nice as it is to see a city trending upwards, it's not exactly there yet. Silicon Valley (1) and London (6), both sit several spots ahead. Triple-A isn't quite the Major Leagues.

NEW YORK

Pros: Financial capital of the world; easy access to nearly every major bank and asset manager in the world; great pizza

Cons: Front-office-over-back-office mindset; in constant contact with New Yorkers

The city so nice they named it twice! It's only fair I include my current residence in the rankings. While New York is always considered the hub for the world's financial activity, it also has a booming population of innovators.

With that being said, it's still New York, and the focus will always been on the front office. While Silicon Valley might have a true appreciation for tech-centric folks, the people bringing the money into the firm will always take precedent over the ones creating the systems helping them do it.

This week on the Waters Wavelength podcast ─ Episode 18: Dos and Don'ts for PR People

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