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Switzerland tops the Global Innovation Index for the 13th consecutive year

Business environment

2 October 2023

In a world marred by economic slow recovery post the COVID-19 pandemic, geopolitical conflicts, and plunging venture capital funding, there emerges a consistent location of choice for innovators: Switzerland. In a world marred by economic slow recovery post the COVID-19 pandemic, geopolitical conflicts, and plunging venture capital funding, there emerges a consistent location of choice for innovators: Switzerland.

Switzerland reigns as the most innovative nation in the WIPO’s Global Innovation Index 2023, marking its 13th consecutive year at the top spot.

Switzerland has secured its position as the world’s most innovative country for the 13th consecutive year in the Global Innovation Index (GII) 2023, published by the World Intellectual Property Organization (WIPO). The GII 2023 encompasses an analysis of over 130 economies using 80 distinct indicators, aiming to aid policymakers and business leaders in fostering human ingenuity.

The nation has emerged the top globally in innovation outputs, excelling notably in Knowledge and Technology outputs alongside Creative outputs. The nation’s diversified strengths are manifested through various indicators, ranking second in Government Effectiveness, first in Policies for Doing Business, and University-industry R&D collaboration. Furthermore, its patent-related indicators and high-tech manufacturing capabilities are unrivaled, being positioned first globally.

However, there’s room for growth when it comes to venture capital. Although the country ranks 9th in the number of venture capital investors, it’s positioned 24th in total invested capital and 28th in the Unicorn Valuation indicator. A need for bolstering the ICT services is also identified, with Switzerland ranking 49th in the ICT Services Exports indicator.

Switzerland’s standing is followed by Sweden and the United States, occupying the 2nd and 3rd positions respectively. While Singapore has made an entry into the top five, Finland and other European countries like the Netherlands, Germany, Denmark, and the Republic of Korea have retained their positions in the top 10, showcasing a blend of traditional innovation powerhouses and emerging contenders.

This year’s GII unveils a rather uncertain outlook for venture capital, which is a crucial catalyst in transforming human ingenuity into new products and services, as it witnessed a significant dip last year. The impacts of this development on Switzerland’s innovative landscape are yet to be seen, although the possibility of more stable investment numbers as opposed to other countries is anticipated.

Switzerland’s continuous excellence in global rankings

Switzerland’s continual top-tier standings in international rankings are a testament to its world-class capabilities. The nation’s prowess spans from innovative capacities to educational excellence, always striving for the top position in global metrics.

Renowned institutions like INSEAD, WIPO, IMD, and the WEF have continually recognized Switzerland’s unparalleled excellence across various domains. Its remarkable competitiveness is not merely a result of innovation but is deeply ingrained in its economic policies, governance efficiency, and business environment, as demonstrated in the IMD’s World Competitiveness Ranking for 2023.

The talent acquisition and nurturing capabilities of Switzerland are celebrated globally. Its exceptional educational infrastructure, coupled with a dynamic business ethos, has established Switzerland as a magnet for global talent, acknowledged by INSEAD’s Global Talent Competitiveness Index of 2022 and the World Talent Ranking 2022 by IMD.

Innovation is the hallmark of Swiss excellence, as reiterated by its consistent top standings in the Global Innovation Index by WIPO and the European Innovation Scoreboard 2023. The national emphasis on research and development, bolstered by robust research institutions and effective industry-academia collaborations, has fortified its reputation as a global innovation hub.

Overall, the globally acknowledged quality of life in Switzerland, its economic resilience, and entrepreneurial spirit continue to bolster the country’s position on the global stage. Reports like the Global Resilience Index, the WEF’s Global Competitiveness Report, and the OECD’s Economic Surveys continually spotlight Switzerland’s economic resilience and innovative mindset.