Singapore ranked 5th in the world as it moved up two notches in the 2023 Global Innovation Index (GII). It was also able to regain its top spot in Asia after claiming South Korea’s spot in the last two years.
Inputs, outputs, and valuations
Singapore continued to be ranked 1st in innovation inputs. It has performed well in indicators and is traditionally strong and remained 1st in rank in ‘Institutions – institutional, regulatory and business environment’, ranked 2nd in ‘Human capital and research’ and remained rank 3 in ‘Business sophistication’. It went up three notches in ‘Infrastructure’ (8th).
In innovation outputs, Singapore went up two notches to rank 12 this year. Its performance has improved in the indicators ‘Knowledge and technology outputs’ (10th) and ‘Creative outputs’ (18th).
Singapore also improved its rankings for most of the IP-related indicators with increases in IP applications. It ranked 8th in a new indicator ‘Unicorn valuations’, based on the total valuation of all unicorns in a country as a percentage of GDP.
Robust and dynamic study
Rena Lee, Intellectual Property Office Singapore chief executive, said: “We welcome the latest GII results for Singapore and are encouraged that we have improved our ranking globally and in the region. The GII is a robust and dynamic study that provides valuable insights to help Singapore grow its innovation system. It is also a testament to the combined efforts of the whole of government working with the private and people sectors to nurture an innovative culture and environment for enterprises and creators to thrive.”
The GII, published by the World Intellectual Property Organization (WIPO), is a benchmarking tool guiding stakeholders in promoting innovation. It uses 80 indicators to rank 132 countries by their capacity for, and success in, innovation.
