The Global Innovation Index 2020 edition ranks Chile first among the economies of Latin America and the Caribbean in regard to its capacity for innovation, highlighting our nation’s sustained regional leadership in this area.
The study, which was developed by the World Intellectual Property Organization (WIPO), Cornell University and INSEAD, includes detailed parameters regarding the innovation results of 130 countries and economies from around the world, revealing the many elements that impact the innovation ecosystem in the economies that form part of the study.
The main conclusions for this year include the fact that the COVID-19 crisis will necessarily impact innovation, which means that economies must take actions aimed at shifting from containment to recovery. The study adds that the joint search for medical solutions during the pandemic has shown, among other things, the strength of cooperation. The authors add that the majority of the economies that have moved up in the Index have benefited enormously from their participation in value chains and global innovation networks.
This year’s edition, which is led by Switzerland, Sweden and the United States, ranked our country 54th, three positions lower than the 2019 version of the study. It scored lower than the mean in the high-income economies group.
The index states that Chile has better results in regard to innovation inputs than innovation outputs, noting that our economy’s weaknesses lie in areas linked to ease of getting credit, knowledge diffusion and ICT services exports.
On the other hand, the index notes that Chile’s strengths lie in its institutions, particularly its regulatory sophistication and rule of law, educational level, factors of competition, market scale, market capitalization, the applied tariff rate and business sophistication, particularly in regard to training and intellectual property payments.
The Global Innovation Index is an important tool for shaping the role that innovation should have in our country, which allows national innovators to access a broad network of markets and exposes them to ideas from around the world.