The World Intellectual Property Organization (WIPO) has published the Global Innovation Index (GII) for 2024. The GII is the leading benchmark for measuring the performance of the innovation ecosystem in economic and geopolitical environments. It ranks 133 countries on innovation performance based on some 80 indicators.

Slovenia is ranked 34th in this year's ranking, one place lower than last year. It is joined in the rankings by Malaysia, ranked 33rd, and Lithuania, ranked one place below. Among the neighbouring countries, Austria is ranked 17th, Italy 26th, Hungary 36th and Croatia 43rd. Among the 39 European countries, Slovenia retains its 21st place. Among the 51 high-income economies, Slovenia is ranked 32nd.

In terms of the areas covered by each indicator, Slovenia scores best in Human Capital and Research (24th), Infrastructure (26th), Knowledge and Technological Achievement (27th) and Business Sophistication (32nd). In the areas of human capital and research and infrastructure, Slovenia scores above the European average and the high-income group. However, it scores lowest in domestic market sophistication (62nd), creative output (48th) and institutions (41st).

The Global Innovation Tracker 2024, which shows how fast technologies are being adopted and the resulting societal impacts, shows for Slovenia that seven indicators have improved in the short term and four have worsened.

European countries remain among the most innovative in the ranking, with 15 countries among the top 25 innovative economies. Only 10 European countries ranked higher than last year.

China, Turkey, India, Vietnam and the Philippines are the fastest risers in the last ten years. China remains the only middle-income economy among the top 30 GII countries - in 11th place.

However, the GII 2024 also notes that leading indicators of future innovation activity will deteriorate, including a reversal of the increases in innovation investment between 2020 and 2022. In the context of higher interest rates, venture capital funding declines by around 40% in 2023, and growth in R&D expenditure and the number of scientific publications also declines. There has also been a decline in international patent applications. WIPO Director-General Daren Tang points out: "However, technological advances in 2023 were still strong, especially in health-related areas such as genome sequencing, and in computing and electric batteries. Technology deployment has also deepened, particularly in 5G, robotics and electric vehicles. This year's GII also reveals positive trends in key indicators, including a reduction in global poverty and increases in labour productivity and life expectancy."

The thematic focus of GII 2024 is on the growing importance of social entrepreneurship, a key source of innovation that is often overlooked by policy makers, innovation economists, development agencies and funding institutions. It combines business practices with social objectives and addresses some of the most pressing social and environmental challenges, such as creating jobs, providing education, improving infrastructure and developing sustainable solutions tailored to local needs.

GII 2024 has brought together analysis and policy guidance from key players in the field, revealing the under-researched links between innovation and social entrepreneurship. The latter is therefore becoming an important part of the international dialogue on development and innovation policy and an increasingly interesting area for cross-border cooperation. Director-General Tang commented: "By helping social entrepreneurs to scale up their activities and harness intellectual property to their benefit, we are advancing the ultimate goal of the GII - accelerating the journey from idea to impact by strengthening innovation ecosystems around the world."

Source: WIPO press release