Today, we release the 2024 edition of WIPO’s Global Innovation Index. Now in its 17th edition, the GII has become the essential guide for understanding the global state of innovation across 130-plus economies.
So what is the state of global innovation? Overcast but with some patches of sunlight.
First, funding for innovation continues to drop, which is worrisome.
According to preliminary figures, global R&D growth in 2023 slowed slow to less than 3 percent in 2023 - the lowest growth rate in over a decade. VC activity is also declining, with deals down 10% and funding down 40% last year.
While some experts are worried about the impact of these declines on future innovation, amid tighter monetary conditions, I’m more sanguine - I think that the previous era of easy money may not have necessarily led to efficient investments in high quality ideas. At the same time, I worry about a drop in VC activity in Africa and Latam, as these are regions where entrepreneurs need support to scale-up. So let’s see.
On the bright side, technological progress continues. Advancements in the production of electric batteries are helping to drive prices to record lows, innovation in renewables is contributing to lower energy prices and computing power continues to advance.
Key socioeconomic indicators, like global poverty reduction, labor productivity, and life expectancy are also improving.
At the national level, Switzerland, Sweden, and the United States retain the top three spots, with the Republic of Korea making the biggest jump in the top 10, climbing 4 places from 10th to 6th. Congratulations are also due to Brazil, India, Israel, Singapore, and Mauritius for leading in their respective regions, and to Rwanda in its income group.
We also see continued progress from a diverse group of economies. Indonesia, Mauritius, Saudi Arabia, Qatar, Brazil and Pakistan have climbed the most in the GII over the past five years, with China, India, Iran, the Philippines, Türkiye, Viet Nam and Morocco the highest risers over the past decade.
This year, the GII also explores the linkages between innovation and social entrepreneurship.
Whether it’s combating the spread of deforestation in Latin America, enhancing road safety in South Asia, or thwarting misinformation in high-income economies, social entrepreneurship uses innovation to tackle pressing social and environmental challenges, often at the local level.
Yet, despite their undeniable impact, social enterprises have often been on the margins of traditional innovation models and policies. The GII aims to bridge the gap. By helping social entrepreneurs to scale up and use IP to their advantage, we advance the ultimate aim of the GII – accelerating the journey from idea to impact by strengthening innovation ecosystems around the world.
More: https://lnkd.in/e2dFCsrx
