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Switzerland is not only the richest country in the world. It is also the most innovative country in the world.
People have already gotten used to the latter: Switzerland has reached this peak for the thirteenth year in a row, as the UN Intellectual Property Organization (Wipo) announced in Geneva on Wednesday. Switzerland retained its top spot ahead of Sweden, the USA, Great Britain and Singapore.
The ranking is based on 80 criteria, including investments, education, government research spending and the development of online products. The overall business environment, the use of new technologies, patents and technical know-how have contributed to Switzerland’s leading position.
Little Switzerland must be innovative
A year ago, the Swiss Federal Institute of Intellectual Property stated that small and medium-sized enterprises (SMEs) in Switzerland, in particular, needed to be innovative due to the lack of natural resources and the small size of the domestic market. Swiss science has long been launching successful initiatives.
According to the UN organization, countries that are particularly well developed in terms of innovation power include India, Indonesia, Pakistan, Uzbekistan and Brazil. However, European countries are still most represented in the top 20.
Less and less venture capital
According to Wipo, a significant decline in venture capital deployed could have negative consequences on the innovative strength of many countries. In 2022, venture capital decreased by 40 percent compared to the previous year. This trend even increased in the first half of 2023, with a decrease of 47 percent compared to the same period last year. According to Wipo General Manager Daren Tang, the main reason is increasing interest rates. “It’s the end of cheap money,” Wunsch-Vincent said.
A total of 132 economies were analyzed. Burundi, Iraq and Guinea are ranked 130th, 131st and 132nd. Following the five leaders mentioned above, Finland, the Netherlands, Germany, Denmark and South Korea round out the top 10. China dropped one to 12th place. France is currently in 11th place. (SDA/rae)
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
