Singapore ranks 4th in the Global Innovation Index

Singapore has climbed to 4th place in the Global Innovation Index (GII) 2024, achieving its highest position in over ten years. This marks a significant rise for the city-state, which also maintained its top spot in the Southeast Asia, East Asia and Oceania region. Globally, Switzerland, Sweden and the United States secured the top three positions.

The GII, compiled by the World Intellectual Property Organization, assesses the innovation performance of 133 economies using 78 indicators. Singapore showed the best results in 14 of those indicators compared to just 11 last year and led in categories such as government effectiveness, information and communications technology (ICT) access, venture capital and unicorn valuations.

The GII rankings are based on two main components: innovation inputs and innovation outputs. Inputs refer to the resources and conditions that foster innovation, while outputs measure the tangible results of innovative activity. Singapore remained the global leader in innovation inputs, thanks to strong performance in areas such as education and business sophistication. Its ranking in education improved by seven places, while its score for innovation linkages, which measures collaboration between research and business, moved up five positions.

Singapore’s rise in the rankings is the outcome of its continued efforts to position itself as a hub for innovation and intellectual property (IP) development. Recent initiatives, such as the Singapore IP Strategy 2030, are designed to broaden the role of intellectual property in driving business growth and economic development. The strategy builds on the country’s past successes and aims to enhance Singapore’s reputation as a leading destination for innovation.