8th Edition of Global Innovation Index 2015 released

The 8th edition Global Innovation Index (GII) 2015 was released on 17 September 2015 jointly by Cornell University, INSEAD and the World Intellectual Property Organization (WIPO).The Global Innovation Index (GII) aims to capture the multi-dimensional facets of innovation and provide the tools that can assist in tailoring policies to promote long-term output growth, improved productivity, and job growth. The GII helps to create an environment in which innovation factors are continually evaluated. It provides a key tool and a rich database of detailed metrics for 141 economies this year, which represent 95.1% of the world’s population and 98.6% of global GDP.

Highlights of the GII 2015
• Switzerland, the United Kingdom, Sweden, the Netherlands and the United States of America are the world’s five most innovative nations.
• The United Kingdom (UK) with second place on the list is up from the 10th position in 2011.
• In terms of innovation quality, US and the UK stay ahead of the pack, largely as a result of their world-class universities, closely followed by Japan, Germany and Switzerland.
• Top-scoring middle-income economies on innovation quality are China, Brazil and India with China increasingly outpacing the others.
• A number of low-income economies are innovation achievers with Sub-Saharan Africa standing out- Rwanda at 94th place, Mozambique at 95th and Malawi at 98th. In addition, Kenya, Mali, Burkina Faso and Uganda are generally outperforming other economies at their level of development.
• India’s ranking has slipped further to 81 in the list, compared to 76 in 2014.
• A number of eastern European countries like Bulgaria (39th), or Montenegro (41st) display dynamism and an upward trend.
• In North America, The United States of America (5th) remains the top innovation performer, while Canada (16th) remains in the GII top 25 after slipping from the top 10 in 2012.
• Latin America and the Caribbean is a region with improving but largely untapped innovation potential. Brazil (70th), Argentina (72nd), and Mexico (57th) stand out as economies performing above the region’s GII average.
• In Western Asia, economies have started to diversify and spur innovation in new sectors. This has allowed for Saudi Arabia (43rd), United Arab Emirates (UAE) (47th) and Qatar (50th) to achieve top GII positions within the region.
• With half of its economies in the top 40, South East Asia and Oceania maintained its innovation dynamism with Singapore (7th) and Hong Kong (China) (11th) remain at the top of the regional rankings.

Rank Country
1. Switzerland
2. United Kingdom
3. Sweden
4. Netherlands
5. United States of America
6. Finland
7. Singapore
8. Ireland
9. Luxembourg
10. Denmark

Asia

Singapore remained the only Asian territory in the top 10 of a major ranking of innovation worldwide, with Hong Kong just missing out in eleventh place.

South Korea was the next highest ranking Asian country in the Global Innovation Index 2015, an annual survey by Cornell University, Insead business school and the World Intellectual Property Organisation. Singapore took seventh place, while Japan also placed well, at 19.

Central and Southern Asia region in GII 2015
India remained at the top of the regional ranking of Central and Southern Asia, followed by Kazakhstan and Sri Lanka, which has significantly improved its position.

Most countries in the region remain outside the top 100 of the GII. However, the economies at the top of the regional rankings can serve as models of good innovation policies with stronger institutions that will help stimulate higher levels of innovation-driven regional development in the coming years.

How GII 2015 was calculated?
The GII 2015 was calculated as the average of two sub-indices. The Innovation Input Sub-Index gauges elements of the national economy which embody innovative activities was grouped in five pillars:
(1) Institutions
(2) Human capital and research
(3) Infrastructure
(4) Market sophistication
(5) Business sophistication

The Innovation Output Sub-Index captures actual evidence of innovation results was divided in two pillars:
(6) Knowledge and technology outputs
(7) Creative outputs.

About the Global Innovation Index
The Global Innovation Index 2015 (GII), in its 8th edition this year, is co-published by Cornell University, INSEAD, and the World Intellectual Property Organization (WIPO, an agency of the United Nations).

The core of the GII Report consists of a ranking of world economies’ innovation capabilities and results. Over the last eight years, the GII has established itself as a leading reference on innovation. Understanding in more detail the human aspects behind innovation is essential for the design of policies that help promote economic development and richer innovation-prone environments locally. Recognizing the key role of innovation as a driver of economic growth and prosperity, and the need for a broad horizontal vision of innovation applicable to developed and emerging economies, the GII includes indicators that go beyond the traditional measures of innovation such as the level of research and development.
• The Global Innovation Index is published annually since 2007, it is now a leading benchmarking tool for business executives, policy makers and others seeking insight into the state of innovation around the world.
• The Global Innovation Index (GII) creates an environment in which innovation factors are under continual evaluation with 141 country profiles including data, ranks and strengths and weaknesses on 81 indicators.
• GII follows a transparent computation methodology including 90 percent confidence interval for each index ranking and an analysis of factors affecting year-on-year changes in rankings.