Hong Kong, Singapore Among 10 Most Innovative Nations

03 Jul 2013

Hong Kong and Singapore are among 10 most innovative nations, according to the Global Innovation Index 2013.

Both nations have been ranked at the seventh and eighth spots respectively in the index that indicates that innovation hubs are increasing around the world despite the difficult state of the global economy.

Both Hong Kong and Singapore make full use of its local advantages while maintaining a global outlook on markets and talent.

The World Intellectual Property Organization (WIPO) director-general Francis Gurry advises the national-level policy makers not to emulate successful innovation models of other nations but focus more on realising the full potential of innovation in their home country.

"Innovation is rapidly becoming a rallying symbol for forces of progress and reform around the world," said Bruno Lanvin, the report's co-editor and executive director of graduate business school INSEAD's European Competitiveness Initiative. "This is a source of optimism about the future of global innovation and economic recovery."

Global nature of innovation

Innovation has become global in nature and although high income economies rule the top 5 list, the GII index includes several new players that have increased their innovation capabilities and outputs.

However a significant innovation divide exist between high-income countries and developing countries.

Eighteen emerging economies including China, India and Malaysia demonstrate rising levels of innovation compared with their peers, as per the GII co-published by Cornell University, INSEAD and WIPO.

The nations that are not performing can increase their innovation capabilities by establishing hubs in which large companies, whose business goals are aligned with the objectives of the innovation hub, can play a significant role.

"These enterprise champions can facilitate the building of hub capabilities and their talent pools by stimulating innovation and by helping to bridge the gap between research and commercial success," said Barry Jaruzelski, senior partner and leader of the Global Engineered Products & Services Practice at Booz & Company.

Source: http://www.cfoworld.com/strategic-finance/67624/hong-kong-singapore-among-10-most-innovative-nations