INNOVATION According to WIPO

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The World Intellectual Property Organization (WIPO) has been measuring innovation, one of the pillars of growth and development for a company and for a nation, since 2007. It uses a complicated index that takes into account 84 factors.

 

Latin America placed fifth among seven regions of the world on the index. This is nothing to celebrate, although considering disparities in GDP and income per capita among Latin American countries, it’s understandable.

There are also surprises in a few categories. For example, in Efficiency and Innovation, Paraguay finds itself in sixth place, just one spot behind Switzerland, while in Creativity, Chile placed 18th.

Overall, Chile has the best position in the region. It leads Latin American nations in 39th place, (all the more deserving, considering Japan was no better than 25th). Far behind, the second Latin American country, Brazil, placed 58th. Costa Rica,surprisingly, occupies number 60 on the index.

The GII model (Global Index of Innovation) considers 141 economies, which represent 94.9 percent of the world population and 99.4 percent of the world economy as measured in United States dollars. It was developed by the French business school INSEAD.

The authors themselves recognize that this is not the “last word,” noting that it remains difficult to measure “both the production of innovations and their impacts.” The objective is “to improve the path to better measurement and understanding of the concept of innovation, and to improve policies, best practices and other factors that lead to innovation.”

The 84 factors that are taken into account in the index are organized into the following categories: institutions, human capital and research, infrastructure, market sophistication, business sophistication, knowledge and technology outputs, and creative production.

Innovation is defined as the implementation of a product (a good or a service) that is either new or significantly improved, a new process, a new marketing method, or a new way of organizing business practices, the workplace or external relations.

Those who want to dive deeper into the statistics and their analysis should go to www.wipo.int.

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