News: Singapore is third most innovative nation
By Cheryl Tay:
Singapore is once again ranked third among 141 economies in the world for its innovation capabilities and results, according to the latest Global Innovation Index (GII).
Jointly released by the United Nations’ World Intellectual Property Organisation (WIPO) and business school INSEAD, the top 10 list of the 2012 GII was made up of high-income, predominantly European economies, led by Switzerland and Sweden.
The only non-European countries were Singapore (third), Hong Kong (eighth) and the United States (10th).
Singapore topped the “input” sub-index, which includes institutions, infrastructure, human capital and research, business sophistication and market sophistication.
But the city-state only ranked 11th for “innovation output”, defined as the result of innovative activities in the economy.
The report highlighted Singapore’s strengths, which included “a robust research community, sophisticated financial and commercial markets and a business community proactive at adopting the latest technologies”.
“The leading countries this year are those that have managed to foster an environment of continued facilitation and investment in innovation, which is a long-term undertaking but also a long-term factor in economic success,” said Nina Laven, Associate Director at INSEAD eLab, which produces the GII.
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