On September 27, 2023, WIPO released their Global Innovation Index (GII) – an annual report that uses 80 indicators to track global innovation trends in 130-plus economies. Now in its 16th edition, the report is a leading reference for measuring an economy’s innovation ecosystem performance. Published annually, it is used as a benchmarking tool used by policymakers, business leaders, and others to assess progress in innovation over time.
According to the report, “The 2023 edition identifies an increasingly uncertain outlook for the venture capital (VC) that helps transform human ingenuity into new products and services, with the global value of VC funding marking a significant plunge last year.”
Other key takeaways from the report include:
- Global Innovation Rankings: Switzerland, Sweden, the United States, the United Kingdom, and Singapore lead the pack in innovation. Switzerland tops the GII ranking for the 13th time in a row. China, still the sole middle-income economy within the GII top 30, having entered the top echelon in 2014, is ranked 12th in GII 2023, while Japan is 13th.
- Regional Leaders: Regional innovation leaders include Switzerland, the United States, Brazil, India, Singapore, Israel, and Mauritius. India leads among lower-middle-income countries, while Rwanda leads the low-income group.
- Top Science and Technology (S&T) Clusters: East Asia dominates the list of the world’s most significant science and technology clusters, with Tokyo-Yokohama leading the way. Cambridge (UK) and San Jose-San Francisco (USA) stand out as the most S&T-intensive clusters relative to population density.
- Overperformers and Underperformers: Some economies outperform their development level in innovation, while others lag. Countries like India, the Republic of Moldova, and Vietnam have been listed as overperformers, while certain Latin American and Sub-Saharan African countries have underperformed.
- Continued Technological Progress: Indicators of technological progress in the information technology, health, and energy sectors are positive. Supercomputers are becoming faster and more efficient, and the cost of genome sequencing and low-emission energy technologies is declining.
- Growing Technology Adoption: Various technologies, including connectivity, robots, and electric vehicles, are becoming more widespread. However, the socioeconomic impact of innovation remains relatively weak, partly due to the short-term impact of the COVID-19 pandemic.
A link to the full report is available here.