The Global Innovation Index (GII) was developed 10 years ago by Cornell University, INSEAD, and WIPO to allow different countries benchmarking against each other based not on Gross Domestic Product (GDP) or population but on their innovation capability, what in the long range is a key success factor for the country as a whole.
To that purpose GII considers 5 input factors:
· Infrastructure (i.e. Information & Communication Technologies)
· Institutions (i.e. Ease of starting a business)
· Market sophistication (i.e. Availability of credit)
· Business sophistication (i.e. Qualified professionals)
· Human & Research (i.e. Mobility of tertiary students)
The GII also included an efficient ratio based on their contribution to improving 2 innovation outputs:
· Knowledge & Technology
· Creative outputs
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The Top 10 most efficient countries implementing innovation according to their efficient ratio, indicated in parenthesis, are:
Luxembourg (0.97), Switzerland (0.95), China (0.94), Netherlands (0.93), Iceland (0.86), Ireland (0.85), Germany (0.84), Malta (0.84), Turkey (0.84), and Viet Nam (0.84).
It may surprise that some of the world’s most powerful economies are missing from the Top 10 list, but note that the ranking is based on how efficiently a country is transforming their 5 input factors into innovation outputs.