The UNs World Intellectual Property Organisation (WIPO) together with 2 business Universities, INSEAD and the SC Johnson College of Business at Cornell University, seeks to shed light on countries' competitiveness based on 81 indicators, and has created The Global Innovation Index.
The index takes in factors including political environment, education, infrastructure and business sophistication, and reviews the state of innovation in agriculture and food systems across sectors and geographies.
The top 10
- The Nordic States (Switzerland, Sweden and the Netherlands) topped the list , with Denmark being pipped by USA and the UK.
- Singapore continued to punch above its weight by being placed 7th, pipping Finland, Germany and Ireland
Other notable Stats
- Australia slipped 4 places to 23, NZ placed 20th and Israel was placed 21 out of the total of 311.
- China excelled in high-tech exports, industrial design and business sophistication, but was left wanting in tertiary education, the regulatory environment, creative media and protection of minority investors.
- India rose 6 places to 60th (actively spurring investment and encouraging innovation), only being let down by its bureaucracy and lack of infrastructure.
- the United Arab Emirates from 35 to 41, Vietnam from 59 to 47 and India from 66 to 60.
WIPO's head, Francis Gurry, (WIPO), told a conference that he believed that investing in innovation was key to economic growth and that international openness was a key to fostering innovation, and wasn't sure how Trumps protectionist policies and Britain exiting Brexit would effect world innovation.
Australia has always been regarded as an Innovation Nation,
Australia, let's rise to the challenge - and strive to be in the top 10 in Innovation and Growth. We have the Infrastructure and Education Facilities - we just need the MAD (motivation, authority and desire) by our leaders.
I was encouraged to hear how the NSW Government was placing an enormous amount of importance and investing in innovation. Let's hope Malcolm Turnbull and our Federal Government does the same.