GLOBAL INNOVATION INDEX 2014: CHILE MAINTAINS LEADERSHIP IN LATIN AMERICA FOR FOURTH CONSECUTIVE YEAR

05 / 08 / 2014

In its seventh year, the Global Innovation Index 2014 recently published on July 18, 2014 is headed this year by Switzerland, followed by the UK and Sweden.

Chile resumed a prominent place by maintaining 46th place globally and in Latin America leads over Panama (52), Costa Rica (57), Brazil (61), Mexico (66), Colombia (68) and Argentina (70). Whereas considering the Caribbean region, it stands second after Barbados (41).

The Global Innovation Index is published by business school INSEAD, Cornell University and the World Intellectual Property Organization (WIPO) and mainly consists of a ranking of world economies’ innovation capabilities and results in the field of innovation economies around the world.

 

This index has grown as a premier reference among innovation indices, becoming a useful tool for comparative analysis to facilitate dialogue between the public and private sectors, through which both policy makers and the leaders business and other stakeholders can periodically evaluate the progresses.

For innovators, this index is also a good tool to determine where it is advisable to develop their technologies while protecting their inventions. In this sense, Chile has become in recent years a center of technology development for entrepreneurs and large companies through its policies both for its financial support and clear rules.

Notwithstanding these good news, in our country only the 33% of I+D investment is financed by private companies, while in OCDE countries this goes up to the 66%.

In this sense, the previous government gave a mayor boost with the enactment of law 20241 about research and development to promote innovation, allowing companies to reduce theirs income tax expenses in R&D. The current administration has just launched the Productivity, innovation and Growth Agenda. Through CORFO has implemented several initiatives, highlighting among them a support line for companies called “Management of Innovation”, which objective is to promote the generation of ideas in order to transform them later into specific proyects that add value to the companies, allowing them to improve their competitiveness.

While these are important tools Chile only needs to be able to wear the innovations color proudly, a deep change of mindset where everyone, the State, private industry, universities and researchers work together so as to achieve transforming ideas into further development and productivity to our country.

Should you need any further information in this regard, please contact Eduardo Molina (emolina@villaseca.cl) or María Isabel Martínez (martinez@villaseca.cl)