Innovation means featuring new advanced methods. Depending on where you are in the world, it can be understood differently and can be seen throughout every country in many different forms. However, the countries who are ultimately on top when it comes to innovation based on the Global Innovation Index, dominate in categories such as infrastructure, research, market and business sophistication, institutions as well as a commitment to knowledge and creativity. These countries do business intelligently, teach creatively, enforce progressive laws and do things to the creative edge. Here are the 5 most innovative countries in the world.
Switzerland has been ranked number one in terms of innovation for 5 years in a row already. Its success is due to its economy based on knowledge, as well as its ability to take innovative thinking and turn it into lucrative projects. One example is their local bank UBS which uses virtual reality in order to project investment portfolios to their clients. They also scored very high in terms of knowledge and technology outputs and have the highest ratio of European patent applications to the population.
Sweden has no shortage of well-designed universities with graduate success stories. Due to this, Sweden has maintained its spot as one of the top 3 most innovative countries for the past 5 years on the Global Innovation Index. The Swedish government mainly focuses only technology, climate, medicine, and bioscience. Biotechnology is their strength, with pharmaceuticals as the main export.
In the United Kingdom, productivity and education are their downfalls according to the Global Innovation Index. However since it is so well-rounded in every other aspect, they still manage to be ranked as one of the most innovative countries overall. During the 17th century, Scotland, as well as England, were the centers of the Scientific Revolution. From the 18th century, the Industrial Revolution was led by the United Kingdom. Since then they have only continued to make advances.
Since 2012, the United States has moved up by six places on the Global Innovation Index. This is mostly because of its value of stock trades, its work done with global-facing markets, as well vastly spread use of internet technology. It is also home to world-class universities and companies.
Finland has been among the top five in the Global Innovation Index for the past few years. It is a country that is known for its impressive work in higher education, research, and technology. One example is IBM’s establishment of a Watson Health Center of Excellence in Finland, since Finland has many communications and information technology related to health solutions.