Singapore Moves Up Two Notches in Latest Global Innovation Index

Singapore, 27 September 2023 –Singapore moved up two notches in the2023 Global Innovation Index (GII)to 5th  in the world and regained it stop spot in Asia after coming behind South Korea in the last two years.

The  GII is published by the World Intellectual  Property Organization (WIPO). The index is based  on  two  broad  areas:  innovation  inputs  and  outputs,  and uses 80 indicators to rank 132 countries by their capacity for, and success in, innovation. It is a widely recognised benchmarking tool to guide policymakers and businesses in promoting innovation.

Singapore continued to be ranked 1st  in innovation inputs and performed well in indicators it is traditionally strong in, namely, ‘Institutions – institutional, regulatory and business environment’ (ranked 1st), ‘Human capital and research’ (2nd, up from 7th  in 2022), ‘Infrastructure’ (8th, up from 11th  in 2022), and ‘Business sophistication’ (3rd).

In innovation  outputs,  Singapore  ranked  12th   (up  from  14th   in  2022)  and  improved  its performance in the indicators ‘Knowledge and technology outputs’ (10th, up from 13th   in 2022) and ‘Creative outputs’ (18th, up from 21st   in 2022).  In  relation to  intellectual property (IP), Singapore improved its rankings for most of the IP-related indicators with increases in IP applications.

Singapore also performed well in a new indicator ‘Unicorn valuations’ (ranked 8th) which is based on the total valuation of all unicorns in a country as a percentage of GDP (a unicorn company is a private company with a valuation of over USD 1 billion). Singapore improved two positions to be ranked first  in the  ‘Investment’  indicator,  as  a  nod to  its  dynamic  venture  capital environment, maintaining  top  positions  in  venture  capital  value  and  deals  received  (as  scaled  by  GDP).  The conducive investment climate enables businesses to grow and innovation to flourish.

Said IPOS Chief Executive, Mrs Rena Lee: “We welcome the latest GII results for Singapore and are encouraged that we have improved our ranking globally and in the region. The GII is a robust and dynamic study that provides valuable insights to help Singapore grow its innovation system. It is also a testament to the combined efforts of the whole of government working with the private and people sectors to nurture an innovative culture and environment for enterprises and creators to thrive.”

More details on the GII are available here.

Source: IPOS

Editor: IPR Daily-Horace