Every year, the Global Innovation Index (GII) is published by Cornell University, INSEAD, and the World Intellectual Property Organization (WIPO). The report aims to capture the many facets of innovation on a global scale, providing tools and data that can help businesses and organizations grow, improve productivity and innovate better.
The report is long, you can read the entire thing here, but there were several things that can be taken away from its data and findings.
Here are six of the largest takeaways from the report.
#1: The Top Countries Rated by The GII
The GII rankings of countries across the world are based on an index that relies on a variety of information from each country. See how they calculate the index here. The five major pillars of their framework are institutions, human capital and research, infrastructure, market solutions, and business sophistication. They also take into account knowledge, technology and creative outputs.
These are the top ten countries in the world based on the GII:
- United Kingdom
- United States of America
#2: Innovation Spending is Stable
in 2016, global spending on R&D grew by 3 percent. In total from 1996 to 2016, global R&D expenditures have doubled, and businesses are leading the way. R&D spending for businesses increased by 4.2 percent, and intellectual property filings were also at record highs in 2016.
#3: Spending Alone Isn’t Enough
While it’s great to see increases in global R&D spending, investors in innovation need to find new ways to turn these investments into results. The GII report found that, despite significant investments in innovation from both large and small countries, their innovation input is not always matched by their innovation output. Countries and businesses are under-delivering when it comes to getting a “bang for their buck.”
#4: Investment in Energy is a Key Driver
The GII notes that current projections indicate that by 2040 the world will need up to 30% more energy than it does today. Conventional approaches to energy supplies and innovation are unsustainable. Thankfully, where traditional forms of innovation are faltering, open innovation is filling the void. InnoCentive’s work with companies like Enel are leveraging the crowd to find solutions for renewable energy and other alternative solutions.
#5: Human Development is Tied to Innovation
There are strong imbalances from region to region when it comes to human development, and there is a correlation between how well a region innovates and how well it’s people are doing. Europe and North America lead the way in this regard, but regions like Sub-Saharan Africa are facing low innovation and human development.
#6: Innovation is Catching on Everywhere
Years ago, only a handful of nations that included the U.S., Japan and certain European nations were serious about R&D. Today, innovation is a common pursuit among nations all across the world. It is a serious policy play for governments, a heavy investment for businesses, and a large number of people are obtaining higher levels of education. InnoCentive has seen this shift in Solver base. We now have more than 400,000 Solvers located in dozens of countries all over the world.
InnoCentive is pushing the boundaries of R&D with its Challenge Driven Innovation methodology. We are focused on helping businesses and government craft their largest issues into actionable Challenges that harness the power of the crowd for new, innovative solutions. Contact InnoCentive today to learn more about open innovation and crowdsourced solutions.