WIPO announces front runners for innovation

Switzerland has retained its place as the world’s leading innovators while the US and UK are among the top five, figures released by the World Intellectual Property Organisation (WIPO) show.

The Global Innovation Index (GII), which recognises the importance of innovation in driving prosperity, has today announced the front runners in a list of 142 countries.

Switzerland tops the list for the second year in a row with a top five that also features Sweden and the Netherlands.

The GII, which has been co-published by WIPO, Cornell University and business school INSEAD has, since its launch in 2007, become a benchmarking tool for businesses and politicians seeking insight into the state of innovation.

According to WIPO director general Francis Gurry, the figures show that it retains a strong global presence despite the economic downturn.

He said: “Dynamic innovation hubs are multiplying around the world despite the difficult state of the global economy. These hubs leverage local advantages with a global outlook on markets and talent.

“For national-level policy makers seeking to support innovation, realising the full potential of innovation in their own backyards is often a more promising approach than trying to emulate successful innovation models elsewhere.”

A total of 84 indicators were used to compile the list including the quality of top universities and availability of microfinance and venture capital deals.