Singapore and Hong Kong made it to the Top 10 of this year's Global Innovation Index (GII) 2011 edition, ranking 3rd and 4th respectively.
Conducted by INSEAD since, the GII is a composite indicator that synthesizes metrics on enablers and results of innovation in emerging and industrialised countries.
Singapore’s strengths in institutions, human capital and research, infrastructure, market sophistication and business sophistication, contributed to its significant jump from the 7th position in last year’s GII. Switzerland topped the overall rankings in the 1st spot followed by Sweden in the 2nd position.
"Innovation is critical to driving growth in both developed and emerging economies, especially during a time when the global economy is still in a state of recovery," says Soumitra Dutta, Roland Berger Professor of Business and Technology at INSEAD and editor of the study. "The GII has evolved into a valuable benchmarking tool to encourage private-public dialogue including policy-makers, business leaders and other stakeholders."
The Global Innovation Index examines how countries leverage their enabling environments to stimulate innovation results. Five pillars constitute the Innovation Input Sub-Index: 'Institutions,' 'Human capital and research,' 'Infrastructure', 'Market sophistication' and 'Business sophistication'. The Innovation Output Sub-Index is composed of two pillars: 'Scientific outputs' and 'Creative outputs’.
The report highlights those countries that achieve more from lesser conditions, as well as those that lag behind in fulfilling their innovation potential by means of the Innovation Efficiency Index – the ratio of the Output score over the Input score.
Three BRIC countries are among the Top 10 on Innovation Efficiency. China is the only emerging economy to have reached the Top 30 on the GII (29th), a score leveraged by its 14th position on the Output Sub-Index. Brazil leads the Output ranking among upper-middle-income countries (32nd on Output, 47th overall), and India achieved the 10th position on efficiency, and made it to the upper half of the GII ranking (44th on Output, 59th on input, 50th on output).
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