Innovation Trending

The Innovation Index is a publication that is available each year that showcases a composite ranking of countries with regard to their accommodation of innovation: both in environment and outputs. By comparing these values you can get a sense of how the various economies are faring, and extrapolate the efficacy of various innovation styles. The index for 2013 is being composed by INSEAD, Cornell University, and the World Intellectual Property Organization.

In 2011, an advisory board was established to provide guidance on the collection of the innovation index and experts in all fields. These experts are from international companies, academic institutions and government offices throughout the world, and come together to contribute their expert advice on the process and the results of all of the innovation index data. Creating such a diverse and balanced view for the project affords another level of credibility that allows the innovation index to hold more weight than it otherwise would have. For businesses that are looking for international trade partners or if they’re in the search for a country to launch a new branch in, using this index becomes an invaluable piece of data across their puzzle. Obviously innovation isn’t the only factor. However, for most companies it is a key factor.

And, Another Thing…

Once all of the data has been complied for the innovation index, the statistics are audited by the Joint Research Centre of the European Commission. This extra step ensures that the information is carefully screened for errors that may have otherwise affected the merits of the report. Combining all of these factors, the experts, the top institutions that author the advisory board, the report, and the audit, allows for the innovation index to be a valuable tool for information regarding global innovation practices and effectiveness.

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The key difficulty of leadership innovation is the lack of knowledge of unsuspecting CEOs that don’t understand that they have to be in constant engagement with and nurturing of innovation until it becomes an institutional culture. In most institutions, Top Leaders that don’t grow aren’t aware or do not take time to cope with innovation; and committed CEOs can face resistance to change and do not stay long enough for the innovation culture to take hold.

Crazy Things About Innovation

The framework of the innovation index is composed in a structured manner to permit easy comparison to previous years. Starting with the first section that shows the results and explaining the underlying conceptual framework for the rational of collecting and analysing the data. Boiling all of this data from the various inputs down into a simple average allows for comparison on pillars or categories that consist of: Institutions, Infrastructure, Market sophistication, Business sophistication, Knowledge, technology outputs, and Human capital and research, and Creative outputs. The data that goes into each of the above categories is then divided even further into three sub-pillars for each main pillar (and then 3-6 indicators for each sub-pillar). These tables may take a bit of time to read and understand, consisting of 84 data points, but they provide invaluable data on global innovation, once you learn how to interpret them.

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