South Africa leads on the Continent
India makes major gains
Switzerland, Sweden, U.S., Netherlands, U.K. top ranking
Trade Protectionism poses risks for Future Innovation
Why Nigeria Innovation Summit should be supported
Switzerland is the world’s most-innovative country followed by Sweden, the United States of America (U.S.), the Netherlands and the United Kingdom (U.K.), according to the 2019 edition of the Global Innovation Index (GII), which also identifies regional leaders India, South Africa, Chile, Israel and Singapore, with China, Viet Nam and Rwanda topping their income groups.
Now in its 12th edition, the Global Innovation Index is a global benchmark that helps policy makers better understand how to stimulate and measure innovative activity, a main driver of economic and social development.
The GII 2019 ranks 129 economies based on 80 indicators, from traditional measurements like research and development investments and international patent and trademark applications to newer indicators including mobile-phone app creation and high-tech exports.
The GII 2019 also looks at the economic context: Despite signs of slowing economic growth, innovation continues to blossom, particularly in Asia, but pressures are looming from trade disruptions and protectionism. Sound government planning for innovation is critical for success, the report shows.
“The GII shows us that countries that prioritize innovation in their policies have seen significant increases in their rankings,” said WIPO Director General Francis Gurry. “The rise in the GII by economic powerhouses like China and India have transformed the geography of innovation and this reflects deliberate policy action to promote innovation,” said WIPO Director General, Francis Gurry.
Since 2012, Sub-Saharan Africa has had more economies outperforming relatively well on innovation compared to their level of economic development than any other region.
However, Nigeria is yet to meet up with countries like Kenya, South Africa, Rwanda, and Mozambique which made the first 100 in the ranking.
Nigeria ranked 114 which is a four-point gained from the previous year.
South Africa (63) takes the top spot among all economies in the region, followed by Kenya (77) and Mauritius (82).
According to the document received by TechEconomy.ng South Africa benefits from a relatively sophisticated credit and investment market, as evidenced by indicators such as domestic credit to the private sector and market capitalization.
Other strong indicators include IP payments and quality of publications.
This year Rwanda makes significant progress and ranks 94th, up five from 2018. It is the top economy in the low-income group and shows a strong performance in capital formation, ease of getting credit, firms offering formal training, and high-technology imports.
Meanwhile, the lead convener of Nigeria Innovation Summit (NIS), Mr. Kenneth Omeruo had stated that, “This is the time for Nigeria with her youthful population, to leverage new technologies like Artificial Intelligence, Virtual Reality, Blockchain, Internet of Things, Robotics, Data sciences etc and apply them in sectors like Health, Agriculture, Financial services, Education, Renewable Energy and Clean-techs to solve problems around us. These opportunities are already creating new businesses who are becoming a major source of foreign investments into Nigeria and that is a major way of accelerating Nigeria’s economic growth. This is our motivation each year to host this summit”.
The summit which will hold on August 20-21, 2019 at Sheraton Hotels, Ikeja Lagos, Nigeria is an annual event that promotes the need for businesses, organizations, entrepreneurs and government in Nigeria to become more innovative and use innovation to drive sustainable economic development.
For more inquiries about participation and sponsorship, visit the website.
GII 2019 Key Findings
Among notable GII key findings (Annex 2) this year:
The global landscape of science, innovation, and technology has undergone important shifts over the last decades. Middle-income economies, especially in Asia, are increasingly contributing to global research and development (R&D) and international patenting rates via WIPO’s International Patent System;
The GII 2019 shows that public R&D expenditures – particularly in some high-income economies – are growing slowly or not at all. This raises concerns given the public sector’s central role in funding basic R&D and blue-sky research, which are key to future innovations;
Increased protectionism poses risks. If left uncontained, it will lead to a slowdown of growth in innovation productivity and diffusion across the globe;
Innovation inputs and outputs are still concentrated in very few economies. Divides also persist in how effectively economies obtain return on their innovation investments. Some economies achieve more with less;
Most top science and technology clusters are in the U.S., China, and Germany, whlie Brazil, India, Iran, the Russian Federation, and Turkey also feature in the top 100 list. The top five clusters: Tokyo-Yokohama (Japan); Shenzhen-Hong Kong, China (China); Seoul (Republic of Korea); Beijing (China); San Jose-San Francisco (U.S.).
“While the Global Innovation Index ranks economies according to their innovation capacity and performance, it also provides valuable insights into the dynamics of global innovation: It highlights economies that excel in innovation and those that are more successful in translating investments in innovation inputs into innovation outputs. Lessons from these innovation leaders provide useful guidance on innovation policy for others,” said Soumitra Dutta, Former Dean and Professor of Management at Cornell University, a GII co-publisher.
GII 2019 Theme:
The 2019 edition has as the theme “Creating Healthy Lives – The Future of Medical Innovation”
Through a healthcare theme section and 16 chapters from notable contributors, the GII 2019 looks at how medical innovation, including the use of artificial intelligence (AI), genomics, and mobile-phone based health applications, will transform the delivery of healthcare.
“Innovation in the field of health is now being increasingly driven by data (Internet of Things) and artificial intelligence, in both diagnosis and prognosis. Unprecedented challenges need urgent attention in ethical, social and economic dimensions.
As the power of medical decisions moves farther away from medical professions, regulators, governments, business and civil society need to establish limits to the ways in which the holders of big data and advanced algorithms can make or influence health decisions.
In the absence of swift action, innovation in health and medicine may become a significant source of inequality,” said the INSEAD Executive Director for Global Indices, Bruno Lanvin.
Released jointly by WIPO, Cornell University, INSEAD and the 2019 GII Knowledge Partners, the Confederation of Indian Industry, Dassault Systèmes – the 3DEXPERIENCE Company – and the National Confederation of Industry (CNI) – Brazil and Brazilian Micro and Small Business Support Service (Sebrae)