Global Innovation Index Ranking 2017

On June 15 2017 WIPO has launched global innovation index containing worldwide ranking in term of innovation of year 2017.[1] The theme of the GII 2017, “Innovation Feeding the world,” looks at innovation carried out in agriculture and food system. Switzerland, Sweden, the Netherlands, the USA and the UK are the world’s most-innovative countries, while a group of nations including India, Kenya, and Viet Nam are outperforming their development-level peers.

India holds rank 60^th this time. Although improving its rank 66^th of previous year but still a long run to go. Switzerland and Sweden maintained their rank 1 and 2 respectively of previous year, this year also. UK dropped down from rank 3 to 5. Switzerland maintained rank from 7 consecutive years now. It has been found that slow and steadily India is emerging as innovation center in Asia.

Global Innovation Index is one of the leading benchmarking tool for business executives, policy makers and others seeking insight into the state of innovation around the world. The Global Innovation Index (GII) aims to capture the multi-dimensional facets of innovation by providing by providing a rich database of detailed metrics for 127 economies 0n the basis of metrics, from patent filing to education spending that provide decision makers an upgraded eye on innovation activities that help those countries to increase their economy and social growth.

The aim of GII is to note a continued gap in innovative capacity between developed and developing nations and lackluster growth rates for research and development (R&D) activities, both at the government and corporate levels.

“Innovation is the engine of economic growth in an increasingly knowledge-based global economy, but more investment is needed to help boost human creativity and economic output”.

“Innovation can help transform the current economic upswing into longer-term growth.” said WIPO Director General Francis Gurry to the press in press conference regarding the release of Global Innovation Index ranking.[2]

The GII 2017 is calculated as the average of two sub-indices. The Innovation Input Sub-Index gauges elements of the national economy which embody innovative activities grouped in five pillars:

(1) Institutions

(2) Human capital and research

(3) Infrastructure

(4) Market sophistication

(5) Business sophistication. The Innovation Output Sub-Index captures actual evidence of innovation results, divided in two pillars

(6) Knowledge and technology output

(7) Creative outputs.

Global Innovation index recognize the key role of innovation as a driver of economic growth and prosperity, and the need for a broad horizontal vision of innovation applicable to developed and emerging economies, the GII includes indicators that go beyond the traditional measures of innovation such as the level of research and development.

About the Author: Mohini Sharma, Legal Intern at Khurana & Khurana, Advocates and IP Attorneys. Can be reached at [email protected]

References

[1] Global Innovation Index 2017. (2017, June 15). Retrieved June 16, 2017, from https://www.globalinnovationindex.org/gii-2017-report

[2] Global Innovation Index 2017: Innovation Feeding the World. (2017, June 15). Retrieved from https://www.youtube.com/watch?v=2DPdOZjqYFM