Singapore has been ranked the most innovative country in Asia and third in the world by the latest Global Innovation Index just released by French Business School INSEAD. This year’s results mark a vast improvement for Singapore, which came in 7th overall last year.
The GII computes a score based on several elements, such as institutions, human capital and research, infrastructure, as well as creative and scientific output.
But while Singapore has done well in terms of input, scoring first overall, the country ranks only 17th when it comes to output.
What this means is that while the government has invested a lot of capital to create the most conducive environment for innovation, the dividends produced are below expectations. Output is measured in terms of the creation of knowledge and the production of creative goods and services.
In fact, in terms of matching input with output (Innovation Efficiency Index), Singapore only ranks 94th.
Here’s what the GII report says of the island-state:
Singapore shows its strongest performance in the Input Sub-Index, coming in at 1st place on the basis of its strengths in the Institutions (9th), Human capital and research (1st), Infrastructure (9th), Market sophistication (2nd), and Business sophistication (1st) pillars. However, Singapore’s Innovation Efficiency Index ranking is low (37th among high-income countries, 94th in the general rankings); this shows up in its relative weak performance in the Output Sub-Index, where it is ranked 17th overall (Scientific outputs at 17th place and Creative outputs at 33rd). Singapore is ranked 41st in patent applications at the national office, 82nd in national office trademark applications, and 82nd in creative services exports.
In terms of overall rankings, only five Asian countries have cracked the top 20. Below are the placings for South and East Asia:
Stay updated on the go with our mobile app.
Get latest insights with smoother, more personalized experience through TIA mobile app.
