The world finance recently released world’s ten leading innovative countries for 2017. Unfortunately, none of the African countries managed to appear in the top 10 list.
Here are the world’s top 10 innovative countries:
1. Switzerland
Every year, 70 percent of Swiss youths augment their employability by entering one of many apprenticeship programmes, offered by global corporations including Credit Suisse and Swisscom. This is just one reason why Swiss unemployment stands at just three percent; among the lowest in the world.
2. UK
Extensive groundbreaking medical research is carried out by the National Health Service every year, and since the 2011 launch of government initiative ‘East London Tech City’, the capital’s Silicon Roundabout area has been booming. Home to the UK’s most exciting new startups, its global profile continues to grow.
3. Sweden
Sweden is one of Europe’s top research and development (R&D) spenders, with a focus on medicine and bioscience, technology and climate. A multitude of organizations and institutions work to encourage young people’s interest in technology and entrepreneurship, such as Finn Upp and Snilleblixtarna.
4. Finland
The unorthodox education system in Finland has garnered global attention in recent years for all the right reasons. An emphasis on play within education, shorter school days, high-quality teaching staff and just one standardized test place Finnish schools among the best in the world.
5. Netherlands
Government priorities in the Netherlands include energy, agri-food, logistics and life sciences. The nation also ranked particularly highly in patent filing and e-participation. A government fiscal incentive scheme subsidizes R&D wages and provides extra tax allowances for startups.
6. US
The US has the world’s most sophisticated system for financing radical ideas, and its R&D budget continues to increase. Among a mass of other initiatives, President Obama’s Strategy for American Innovation focuses on education, energy and entrepreneurship.
7. Singapore
Due to a lack of land and natural resources, innovation is crucial to Singapore’s economic growth. This is reflected in plans for its capital to become a “living laboratory” for urban solutions, where new ideas for cities of the future will be trialled.
8. Denmark
Business startup costs in Denmark are the lowest in the world, and ICT comprises five percent of total goods exports. A large proportion of Danish initiatives are crowdsourced from the general public, coordinated by organizations such as Spredbudskabet.
9. Luxembourg
A new entry to the top 10, Luxembourg performed well in the business sophistication, innovation output and creative output sectors. R&D is still a relatively new concept in this nation, making its high ranking on the index all the more impressive.
10. Hong Kong (China)
Extensive cooperation between telecommunications supplier Huawei and local universities keeps Hong Kong ahead of the innovation game, and entrepreneurs are fostered in the city’s competitive environment. Launched earlier this year, Accenture’s FinTech Innovation Lab offers a wide range of solutions to new businesses.
Among the “innovation learners” – nations that outperform their respective income group peers by at least 10 percent – Russia jumped 13 places to 49th and China climbed six places, reaching 29th. The sub-Saharan African region makes up almost 50 percent of all “innovation learner” economies, with the most progress in that category detected in Kenya, Uganda, Mozambique, Burkina Faso, Malawi, Gambia and Rwanda. Within these nations, momentous improvements were made to infrastructure and institutional frameworks, as well as a deeper integration with global trade markets.