Innovation robust but startup funding uncertain
Switzerland, Sweden, the US, the UK and Singapore are the world’s most innovative economies in 2023, according to WIPO’s Global Innovation Index.
A group of middle-income economies have emerged over the past decade as the fastest climbers of the ranking.
The GII, founded by Oxford Said’s Peter Moores Dean, Soumitra Dutta in 2007, uses 80 indicators to track global innovation trends in 130-plus economies, guiding policy makers and business leaders in stimulating human ingenuity. This year, the report’s findings are unveiled against a background of slow economic recovery from the COVID-19 pandemic, high interest rates and geopolitical conflict.
The 2023 edition identifies an increasingly uncertain outlook for the venture capital (VC) that helps transform human ingenuity into new products and services, with the global value of VC funding marking a significant plunge last year.
In the annual ranking, China – the only middle-income economy in the GII top 30 – ranks 12th followed by Japan in the 13th position. Israel (14th) is back among the GII top 15, gaining two steps. Finland (6th) is on an upward trend along with Denmark (9th), Sweden (2nd) and the Baltic economies (Estonia 16th, Lithuania 34th and Latvia 37th).