Annual report ranks Singapore as first globally for business sophistication and second for human capital and research
Singapore has been ranked top in Asia and sixth globally for innovation by an annual global research report.
The Global Innovation Index (GII) studied seven areas, including human capital and research, infrastructure, market sophistication as well as creative outputs to measure innovation in 128 countries.
Singapore was ranked first for business sophistication and second for human capital and research.
Each country's level of Innovation was measured based on its innovation input - elements in the national economy that enable innovation activities - and output - results of these innovation activities.
Singapore ranked number one in innovation input - a position it has maintained for the past six years - but was in 20th position for innovation output.
The index, co-published by Cornell University, INSEAD, and the World Intellectual Property Organisation, found that Singapore's “main weakness” is its Innovation Efficiency Ratio, which measures how much innovation output a country gets for its input.
In this area, the republic was ranked 78th globally, up from 100th and 110th place in 2015 and 2014, respectively.
The Intellectual Property Office of Singapore (IPOS), said Singapore’s ranking is “testament to Singapore’s winning strategy of investing in innovation as a key priority, supported by a steady flow of R&D spending for its economic growth”, Straits Times reports.
