The Global Innovation Index (GII) was developed by WIPO, INSEAD, Johnson Cornell University in 2007 to help measure up the various countries according to they innovativeness and inventiveness. While we all know there are so many of these around, the real questions is what does this really measure ut looking at how it measures.
Innovation is important for driving economic progress and competitiveness for both developed and developing economies. Many governments are putting innovation at the center of their growth strategies. What we needed was a measurement that captured the richness of innovation in society.
A holistic view of innovation is embedded in the GII. The first part of the index captures elements of the kinds of activities that enable innovation to happen: institutions, human capital and infrastructure, along with market and business sophistication. The second part includes actual evidence of innovation: the products of knowledge, technology and creativity. The GII presents us with a rich trove of data to analyze for global innovation trends
Well, here are the rankings;
- 1. Switzerland (1 in 2012)
- 2. Sweden (2 in 2012)
- 3. U.K. (5 in 2012)
- 4. the Netherlands (6 in 2012)
- 5. U.S. (10 in 2012)
- 6. Finland (4 in 2012)
- 7. Hong Kong (China) (8 in 2012)
- 8. Singapore (3 in 2012)
- 9. Denmark (7 in 2012)
- 10. Ireland (9 in 2012)
Singapore slips down 5 spots to Number #8 on the list. Looking at the detailed scorecard highlights the areas which Singapore is strong in – Government backed policies for innovation & technology and the weakness – Efficiency of Innovation.
As the years roll on and with my fifth year in the Singapore technology & entrepreneurship scene, its good to say that we are getting the slowly. Perhaps too slow for some of us, but fast enough for the those who want to take the opportunity o use this market as a stepping stone into the rest of Asia.