Singapore rises to 4th in Global Innovation Index

1      SINGAPORE, 26 September 2024 - Singapore moved up a notch to 4th in its ranking in the annual Global Innovation Index (GII), the highest in over a decade, while retaining the top spot in the South-east Asia, East Asia and Oceania (SEAO) region.

2      The GII is a global ranking of the world’s most innovative economies and published by the World Intellectual Property Organization. This year, the index used 78 indicators to track innovation trends in 133 economies.

3      Singapore topped 14 out of 78 indicators (up from 11), including government effectiveness, information and communications technology (ICT) access, unicorn valuations and venture capital (VC).

4      The ranking is based on two broad areas: innovation inputs and outputs. Innovation inputs refer to factors that enable innovative activities while innovation outputs refer to the actual results of innovative activity in an economy.

5      Singapore retained its top rank in innovation inputs, seeing significant shifts in sub-component indicators under Human Capital & Research and Business Sophistication - ‘Education’ improved by 7 positions (to 39th) and ‘Innovation linkages’ improved by 5 positions (to 7th) respectively.

6      Said Rena Lee, Chief Executive of IPOS: “We are encouraged by the steady progress in Singapore’s journey as a global innovation hub, which is the result of joint efforts over the years across government, research, and business sectors to support innovation growth. The Singapore IP Strategy 2030 aims to continue broadening the scope of IP to the larger economy, into areas such as IP financing and commercialisation, to keep us on an innovation and business growth trajectory.”

7      More details on the full GII study is available here.

Annex: 2024 Global Innovation Index

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IPOS
Ms Cherie Koh
Senior Assistant Director, Media & Communications
Tel: +65 6330 2705
cherie_koh@ipos.gov.sg

About IPOS

The Intellectual Property Office of Singapore (IPOS) helps businesses use IP and intangible assets to grow. We are committed to building Singapore into an international hub for intangible assets and IP to drive Singapore’s future growth. We are a government agency under the Ministry of Law.