> Markdown version of [/magazine/9-here-s-why-switzerland-is-a-world-innovation-leader](https://www.wearedevelopers.com/magazine/9-here-s-why-switzerland-is-a-world-innovation-leader). Every page supports `.md` or `Accept: text/markdown`. Links point to the HTML versions so they work for humans too. Agent guide: [/agents.md](https://www.wearedevelopers.com/agents.md). --- # Here’s why Switzerland is a world innovation leader **By:** [Adnan Pavlovic](https://www.wearedevelopers.com/@adnan-pavlovic) **Published:** September 30, 2020 Besides being known well for cheese fondue and beautiful snow slopes, Switzerland is also famous for its banking sector and for being at the forefront of technological innovation. Ranked the most innovative country in the world by the [Global Innovation Index](https://www.globalinnovationindex.org/Home), the country's furious digitalization process emerges from rapid banking and financial sector transformation, creating a robust innovation-driven ecosystem. In terms of remuneration, startups can’t compete with corporates in key Swiss tech industry clusters. However, they are securing their share of top tech talents by offering more exciting and challenging roles in the world of fintech. Moreover, the Swiss government is generously helping to make the startup process more streamlined and to reduce bureaucracy that continuously blocks so many startups in Europe. ## Fintech cluster in Switzerland We can comprehend the sheer scale of the fintech industry in Switzerland with an estimate that 10 % of all European fintech business is located there, mainly in the city of Zurich. From more than 220 fintech companies located in Switzerland, 100+ are operating in the crypto and blockchain industry, representing the most developed fintech segment. ![Fintech industry in Switzerland](https://wearedevelopers.imgix.net/public/magazine/articles/9/images/5f74774f23aa8e1b0af71aba_fintech.png?w=720&fit=max&dpr=2&auto=format) 2017 was recognized as the year when the Swiss fintech industry had matured and become recognized as an important innovation driver as the startups managed to penetrate the financial system on different levels. Especially when the banks become aware that the way to ensure their future is generated through systematic automation of business processes. It’s hard to understand Swiss tech industry without mentioning the biotech cluster as well. Switzerland is perceived as one of the most innovative biotech hubs in the world. Local companies hold leading positions throughout many sectors and attract capital, partnerships and talents. Key to success is to design networks driven by renowned universities and highly specialized companies and startups. In 2019 the Swiss biotech industry generated revenues of almost CHF 4.8 billion, proving that it is still a magnet for fresh capital and investments, according to [Swiss Biotech Report 2020](https://www.swissbiotech.org/report/). ## A glimpse into Switzerland tech hubs As a forefront leader in fintech and biotech industries, tech hubs in Switzerland have geographical distribution and diversification in terms of focus on a specific technology. We handpicked **Lausanne** , **canton of Vaud** , and **Zurich** to explain how Swiss tech ecosystem works. ![Biotech industry in Switzerland](https://wearedevelopers.imgix.net/public/magazine/articles/9/images/5f7477ca419879daf37125a6_Artboard_112.png?w=720&fit=max&dpr=2&auto=format) **Lausanne** , the capital of the Vaud region of Switzerland, is well known for being a city of energy, and also for its quality of life. Startups based in the Vaud region provide a supportive and robust ecosystem, well known for the various opportunities. 15% of all startups from Switzerland are from Vaud canton, mainly because most important universities (such as EPFL) have very successful spinoff companies. Lausanne and its universities are perceived as key drivers of innovation in terms of energy and health tech. Switzerland has also developed into an innovation hub for blockchain. Crypto Valley, originating in Zug, has now become a global hub for international development in blockchain technology. Blockchain technology is used in the fields of supply chain management, the insurance industry, energy provision, and logistics. The **canton of Vaud** is the leader in investment in healthcare IT, with startups from the canton attracting more than two-thirds of the total money. Switzerland invests almost 3.4 % of its GDP in research and development, one of the highest percentages in the world. That creates for companies and startups from Switzerland platform to rely on excellent state-provided research platforms that ease up the setup process and reduce turbulence during startups' formative years. Last on our list is **Zurich**. It goes without saying that this is a fintech hub in Switzerland, but also the main fintech hub in Europe. Even with full focus on fintech, companies and startups continue to grow their focus on AI and mobility. One of the well recognisable features of Zurich ecosystem is the fusion between government, entrepreneurs and venture capital representatives. ## WeAreDevelopers in Switzerland Our launch in Switzerland comes in demanding times for whole humanity, as well as the global economy. However, it’s also an excellent time to think positively and to contribute to keeping the momentum inside the tech world in one of the most fast-developing markets. https://www.youtube.com/embed/d01-DQe2i_I We start our journey in Switzerland with the second edition of the **WeAreDevelopers Live Week on 5-9th October 2020** , with content made for Swiss developer community! Join 12,000+ like-minded developers and 30+ forward-thinking sessions. Let’s create another unforgettable experience together, [register now](https://wearedevelopers.com/live/live-week)! ## Related Articles - [Is Switzerland Better Than Silicon Valley For Software Developers?](https://www.wearedevelopers.com/magazine/2-is-switzerland-better-than-silicon-valley-for-software-developers) - [Welcome to Switzerland](https://www.wearedevelopers.com/magazine/4-welcome-to-switzerland) - [Guide for Expats Living in Switzerland](https://www.wearedevelopers.com/magazine/330-guide-for-expats-living-in-switzerland) - [Software Developer Salary in Switzerland [2023]](https://www.wearedevelopers.com/magazine/215-software-developer-salary-in-switzerland-2023) ## Related Videos - [The Anatomy of a Thriving Innovation Ecosystem](https://www.wearedevelopers.com/videos/100228-the-anatomy-of-a-thriving-innovation-ecosystem) - [Europe's Digital Future: How to Get from User to Shaper?](https://www.wearedevelopers.com/videos/100027-europe-s-digital-future-how-to-get-from-user-to-shaper) - [Europe's Regulatory Paradox: Burden, Barrier or Competitive Advantage?](https://www.wearedevelopers.com/videos/100347-europe-s-regulatory-paradox-burden-barrier-or-competitive-advantage) - [Techies vs. Suits: Decoding the Distinct Paths to Startup Success in Europe and the US](https://www.wearedevelopers.com/videos/826-techies-vs-suits-decoding-the-distinct-paths-to-startup-success-in-europe-and-the-us) ## Related Jobs - [Data & Machine Learning Engineer | Hybrid work](https://www.wearedevelopers.com/jobs/ext/431779-data-machine-learning-engineer-hybrid-work) at **SMG Swiss Marketplace Group** - [Mid/Senior Full-Stack Engineer (Web-first)](https://www.wearedevelopers.com/jobs/ext/1210833-mid-senior-full-stack-engineer-web-first) at **SMG Swiss Marketplace Group** - [Staff Frontend Engineer](https://www.wearedevelopers.com/jobs/48313-staff-frontend-engineer) at **SMG Swiss Marketplace Group** - [Platform Engineer (f/m/x) - Mercury Runtime Platform](https://www.wearedevelopers.com/jobs/48266-platform-engineer-f-m-x-mercury-runtime-platform) at **Raiffeisen Bank International AG** - [Platform Engineer - Mercury Runtime Platform](https://www.wearedevelopers.com/jobs/ext/293235-platform-engineer-mercury-runtime-platform) at **Raiffeisen Bank International AG** - [Student Job - IT Delivery - Customer Onboarding and Master Data Management (20-25 h/week)](https://www.wearedevelopers.com/jobs/ext/1922678-student-job-it-delivery-customer-onboarding-and-master-data-management-20-25-h-week) at **Raiffeisen Bank International AG**