Colombia Retains in the Global Innovation Index

The World Intellectual Property Organization (WIPO) has unveiled its latest Global Innovation Index (GII), featuring the 2023 results. Out of the 132 nations assessed, Colombia holds the 66th position, unchanged from 2022, while Switzerland, Sweden, and the United States emerge as the top-ranked countries.

This publication is designed to provide the most comprehensive perspective of innovation and encompasses around 80 indicators, including measures of the political environment, education, infrastructure, and knowledge creation of each economy. The 2023 results reveal a slow economic recovery stemming from the contingency caused by the Coronavirus, which has led to increased interest rates, compounded by recent international conflicts.

Colombia ranks within the average positions for Latin America and in the middle of the index, however, it falls short of standing out in key indicators. According to WIPO, Colombia’s performance relative to GDP is as expected. Nevertheless, the country is producing fewer innovative products relative to its level of investment.

WIPO insights into Latin America’s landscape

Reviewing the panorama in Latin America and the Caribbean, the index highlights Brazil’s rise (49th), which entered the top 50 for the first time, making it the most innovative nation in the region. The country excels in indicators such as online government services and electronic participation, climbing five places this year and firmly establishing itself in the group of economies that have achieved the most notable improvements.

Chile (52nd) follows, while Mexico maintains 3rd place at 58th, Uruguay (63rd), and El Salvador (95th) are the only other countries within the region to have improved their position this year. Additionally, Peru was singled out as the leader in human capital and research, while Costa Rica’s performance has declined, performing below expectations for its level of development.

Overview of the Global Innovation Index

On the international stage, Europe leads in innovation, with 16 out of the top 25 positions occupied by European countries. However, the United States ranks third and stands out among several key indicators in the ranking, such as multinational investment in research and development (R&D), venture capital received, university quality, joint valuation of startup companies, and the value of corporate intangible assets.

The overall analysis was positive: according to WIPO, a gradual improvement in the configuration of the innovation ecosystems of countries was evident. “A group of emerging economies are consistently climbing the GII ranks, showing how a focus on the innovation ecosystem can make a difference. Globally, despite a downturn in venture capital funding, the GII 2023 should reassure us that innovative activity currently continues to run strong but that innovative activity should continue to shift from quantity to quality.” wrote the WIPO Director General on the official website.

Despite Colombia’s placement at 81st in Human Capital and Research, underscoring the imperative to invest in nurturing qualified talent, the analysis highlights Colombia’s key strengths in innovation. These include the formal training offered by businesses, substantial investment in intellectual property, and a strong focus on technology.