Singapore retains its eighth position in the Global Innovation Index 2021
In the Global Innovation Index 2021, Singapore has retained its 8th ranking in the list, further demonstrating the power of one of the most innovative nations in the world in general and in South East Asia in particular.
Global Innovation Index (GII)
The Global Innovation Index is an index that measures the innovation capacity and performance of world economies. This initiative is jointly implemented by WIPO, Cornell University (USA), and INSEAD Institute every year since 2007.
The idea of the Global Innovation Index (GII) was introduced by Professor Dutta of the INSEAD Institute in 2007 with the sole aim of determining how to obtain data and approaches that allow to better capture the extent of innovation and the effectiveness of the innovation systems of countries and economies.
The Global Innovation Index 2021, issued by the World Intellectual Property Organization (WIPO), ranks the innovation performance of world economies based on seven factors:
- Human capital and research;
- The output of knowledge and technology;
- Infrastructure;
- Market sophistication;
- Business sophistication;
- Creative outputs;
- Institution.
Singapore ranked eighth in the Global Innovation Index 2021
Due to its constant efforts in innovating, Singapore has ranked eighth in the Global Innovation Index 2021 and also achieved the top position for two new indicators relating to capital raising and financing – Venture Capital Investors and Venture Capital Recipients.
Furthermore, Singapore also ranked first in the Innovation Input SubIndex which this country has consistently held onto this position for the past decade. The Innovation Input Sub-Index captures elements of the national economy that enable innovative activities.
Overall, in 2021, Singapore has developed greatly and proved to the world that it is one of the most innovative countries and doesn’t afraid to change in a positive way by moving up two places to the 13th position (from 15th in 2020) in the Innovation Output Sub-Index. The Innovation Output Sub-Index reflects the results from innovative activities in the economy.
In addition, Singapore’s Knowledge & Technology Outputs have stepped up a ladder from the 14th position to the 13th position and the Creative Outputs moved up from the 18th position to the 17th position.
In the Market Sophistication pillar, Singapore ranked fifth globally, topping the Investment indicator.
Singapore has also moved to the top of the board in the Investment sub-pillar, from the 2nd position to the 1st position.
Accordingly, Singapore achieved the top position for two new indicators relating to capital raising and financing – Venture Capital Investors and Venture Capital Recipients.
Expert opinions
Chief executive Rena Lee of the Intellectual Property Office of Singapore commented on the ranking of Singapore in the Global Innovation Index 2021: “Singapore continues to do well as an innovative economy, performing well in the key innovation indexes for the GII. Many of the strategies we have laid out in our Singapore IP Strategy 2030 will help us to continue providing a conducive environment for enterprises to innovate and grow.”
Although the overall ranking of Singapore is pretty high, there is some position that should be ranked higher in the GII. This could be the result of the city-state of Singapore.
Bruno Lanvin, the executive director for global indices at Insead and co-author of the GII, told The Business Times that the discrepancy of Singapore in efforts versus results could also be due to the size of the city-state: “Innovation requires continuity, and it would take a generation for countries to catch up.”
Dr. Lanvin further adds: “Continued efforts made in Singapore around education and innovation are bound to improve the country’s output score in the future.”
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