March 14, 2012 Leave a comment
Earlier this month, The Information Technology & Innovation Foundation, in conjunction with the Ewing Marion Kauffman Foundation, published The Global Innovation Policy Index. The report emphasized the value of having an “innovative advantage” in an increasingly globalized world arena of fierce competition. The authors believe that in crafting a nation’s policies for maximizing innovative capacity, policymakers should embrace “thoughtful and constructive” strategies that boost competitiveness without disrupting the health of the globally-beneficial innovation environment.
To accomplish this, the index identified seven core policy areas that constitute their framework for determining fifty-five nations’ innovation capacity.
- Trade, market access and FDI
- Science and R&D
- Domestic competition
- Intellectual property rights
- Governance over information and communications technology
- Government procurement and transparency
- High-skill immigration
The United States ranks in the “Upper Tier” category, alongside other developed nations – such as Australia, Canada, France, Germany, Singapore, and Sweden – on overall innovation policy capacity. Notable countries residing within the “Upper-Mid Tier” include Israel, South Korea, and Spain. The BRICS countries ranked in the “Lower-Mid Tier” and the “Lower Tier.”
While the U.S. sits comfortably in the realm of the “Upper Tier,” it falls short behind several others in the categories of science and R&D and of high-skill immigration. Countries such as Chinese Taipei, Denmark, and Singapore all rank above the U.S. in science and R&D, while Brazil, China, Hong Kong, and Russia were given the same “Upper-Mid” ranking. The index identified three areas within this category that the U.S. could improve upon: R&D tax incentives, government R&D expenditure, and higher education R&D performance. The U.S. falls behind Canada, Chinese Taipei, Hong Kong, Israel, and Singapore in high-skill immigration policies. The index suggests that an immigration policy combining both the points-based and the employer-led selection systems may be the most conducive to bringing in high-skill immigrants that contribute to sustainable innovation capacity.
Posted by: Pokyee Yu
Sources: The Information Technology & Innovation Foundation
Photo Credit: Information Technology & Innovation Foundation