This year again, the world most innovative economies have been analysed and measured by the Bloomberg Innovation index, based on seven metrics: R&D intensity, patent activity, tertiary efficiency, manufacturing (value added), productivity, high-tech public company density, and research density.
Year after year, innovation is becoming a crucial theme for a number of industries which must work hard to stay up to date with the ever-evolving needs of customers. Industrialization is now a far memory, focus now is adapting to a technology-centered, entrepreneurial society.
Measuring innovation is not a piece of cake, as there are plenty of factors to define it. Plus, high-incoming countries could seem to be favoured because they can put high volumes of investments in research and development; innovation though doesn’t simply mean to put an amount of money in research and development, but it is a complex approach in committing to discover new paradigms with the aim of creating better quality of life for everyone.
In the top ten of the Innovation Index, Switzerland ranks 4th right behind Finland, Germany and South Korea, which stands still at the top just like in 2018. Israel made an incredible 5-slot jumps and is now in 5th place, behind Switzerland, and then we find Singapore, Sweden, United States, Japan and France.
To discover more about the metrics, the ranking and get other insightful data, check the Bloomberg report here.
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