Timisoara belongs to the world's top 500 cities in terms of innovation, measured by the Innovation Cities Index based on 162 standard indicators, compiled by 2thinknow.

The indicators that have been used to collect both qualitative and quantitative data for this study cover critical economic and social functions of cities that are necessary to enable innovation. In this global ranking published annually since 2007, Timisoara -- the only city from Romania featured on this list apart from the capital, Bucharest -- has climbed 36 positions over the last year, up to the 394th place.

It is notable that cultural assets, human infrastructure and networked markets are among the aspects measured. Timisoara2021 European Capital of Culture exploits this advantage and is designed also to boost innovative entrepreneurship with various new investments and projects.

A major one of these is titled MultipleXity – the development of a functional space facilitating the confluence of arts, technology and experiment. As the most substantial cultural-infrastructural investment, with the objective to catalyse and connect the cultural, IT, educational and entrepreneurial ecosystems of the city and its region, it is expected to become a major and sustainable legacy of Timisoara2021. This potential is indicated by the fact that the MultipleXity project has already mobilised local private sector and sponsorship.