Posts Tagged: "global innovation index"

The U.S. Chamber of Commerce Global Innovation Policy Center (GIPC) released its eighth annual International IP Rankings. The United States achieved the top overall ranking as the strongest intellectual property regime in the world. The U.S. also tied for second place in the patent specific worldwide rankings with Japan, South Korea and Switzerland. In first place again this year for patents was Singapore, which marks the third consecutive year Singapore has achieved recognition as the top overall patent jurisdiction in the world.

For the first time since the inception of the Bloomberg Innovation Index, the U.S. ranked outside the top 10, ranking 11th out of the 50 economies. This latest dip in standing for the U.S. innovation economy is simply the most recent sign that significant issues exist relative to innovation and intellectual property… Another trend pointed out by the recent Bloomberg Innovation Index is the slow rise of the innovation economy in China which has shown signs of improving just as the United States continues to be unable to address key IP issues. China climbed two rank positions in the most recent version of the Bloomberg index, up to 19th from 21st the previous year.

A rising tide lifts all boats. While an age-old saying, the concept is relatively simple really. Of course, the path to broad based economic opportunity for all has been elusive for many countries. If underdeveloped and developing countries are going to transform economically, they need to encourage and support innovation. That means many countries like those facing the so called middle income trap like China, South Africa and Brazil, may want to think about IP protection and enforcement and what it could mean for economic development, in terms of encouraging foreign investment, and with respect to raising the quality of life.