The 2020 edition of the Global Innovation Index (GII) has been published, and has the theme “Who Will Finance Innovation?”

The GII 2020 was released on 2 September by WIPO, Cornell University, INSEAD and the 2020 GII Knowledge Partners: The Confederation of Indian Industry; Dassault Systèmes - the 3DEXPERIENCE Company; and The National Confederation of Industry (CNI) – Brazil.

A key question in the publication is what impact the COVID-19 crisis will have on start-ups, venture capital and other sources of innovation financing. The GII 2020 found that the money to fund innovative ventures is during up, and advises that future rounds of government support must prioritise and broaden support for innovation, particularly for SMEs and start-ups.

“The rapid, worldwide spread of the coronavirus requires fresh thinking to ensure a shared victory over this quintessential global challenge,” said WIPO Director General Francis Gurry. “Even as we all grapple with the immediate human and economic effects of the COVID-19 pandemic, governments need to ensure that rescue packages are future oriented and support the individuals, research institutes, companies and others with innovative and collaborative new ideas for the post-COVID era. Innovations equal solutions.”

Ranking of economies

The GII 2020 also ranks the world’s economies on innovation capacity and output. Sixteen of the top 25 economies are European countries, with seven of them in the top 10 led by Switzerland (ranked top) and Sweden (ranked second). The United States ranks third and there are two Asian economies in the top 10: Singapore (eighth) and the Republic of Korea (tenth).

India, China, the Philippines and Viet Nam are also now in the top 50. “As shown by China, India and Viet Nam, the persistent pursuit of innovation pays off over time," said Former Dean and Professor of Management at Cornell University Soumitra Dutta. “The GII has been used by governments of those countries and others around the world to improve their innovation performance.”

Read more about the GII 2020, and find links to other content, on the dedicated page on WIPO’s website.