Take that, Hong Kong: Singapore is top Asian country in innovation

We are also 7th globally.

The Global Innovation Index (GII) 2014 has just recently been released, revealing good news for Singapore as it displaced Hong Kong in the top spot in Asia, and climbed up another rung in the global arena, thanks to its well-linked innovation ecosystem, strong innovation infrastructure and investments in human capital.

Switzerland, UK and Sweden garnered the top 3 positions, and are known to be consistent leaders in innovation infrastructure, including information and communication technologies; business sophistication such as knowledge workers, innovation linkages, and knowledge absorptionl and innovation outputs such as creative goods and services and online creativity.

The GII, published by Cornell University, INSEAD and the World Intellectual Property Organization, highlights the human factor in innovation and the critical role talent plays in driving innovation. Singapore’s large human capital base may account for its high ranking.

Here’s more from the report:

The GII 2014 shows that the global innovation divide still exists. Despite some notable gains, less-innovative economies have difficulty keeping up with higher-ranking nations thanks, in part, to an inability to grow and retain adequate human resource capabilities.

Despite large innovation-related stimulus packages following the Global Financial Crisis, R&D expenditure seems to have lost momentum in rich countries. Strong R&D expenditure growth is expected to be led by Asia in 2013 and 2014.