The World Intellectual Property Organisation Wipo has downgraded Finland in its annual innovation survey, dropping it two places in the ranking to sixth position. Finland’s western neighbour Sweden maintained its second place ranking, as did chart leader Switzerland.
According to this year’s Wipo innovation ranking, Finland lost some ground in terms of maintaining innovation in the economy, slipping two places from fourth to sixth position.
Switzerland held on to the number one spot in the 2013 evaluation while neighbouring Sweden did the same to claim second place for a second consecutive year. The UN agency ranked the UK third in terms of innovation.
According to the authors of the ranking and its final report, both Switzerland and Sweden held on to their top rankings because they led in all aspects of the assessment, consistently ranking in the top 25 of all the metrics considered.
Finland on the other hand, performed well in terms of government efficiency, creating new business models and the level of technical knowledge. However researchers saw weaknesses in the paucity of foreign investment and a lack of competition in the internal market.
Altogether seven of the ten most innovative countries were European: Switzerland (1), Sweden (2), United Kingdom (3), Netherlands (4), Finland (6), Denmark (9) and Ireland (19). Others in the top ten were the USA (5), Hong Kong (7) and Singapore (8).
Wipo’s innovation index measures economic inventiveness and the ability to reform and remain globally competitive. This year’s ranking placed special emphasis on local innovation dynamics and their impact on the country’s overall economic growth.
The 2013 assessment measured 84 different indicators in 142 countries. They included the quality of tertiary education, availability of microfinance, and the number of venture capital deals among other factors.