The Global Innovation Index (GII) 2024, published by the World Intellectual Property Organization (WIPO), captures the innovation ecosystem performance of 133 economies and provides a comprehensive analysis of current global innovation trends. This year’s theme, Unlocking the Promise of Social Entrepreneurship, explores the role of social enterprises in addressing societal challenges while fostering innovation-driven growth.
Global Innovation Trends
Innovation Investment Decline: After significant growth from 2020 to 2022, investment in science and innovation has slowed in 2023. Global R&D expenditures, venture capital, and scientific publications have returned to pre-pandemic levels, with a significant downturn in innovation investment in emerging regions like Africa and Latin America.
- Technological Progress: Health-related fields like genome sequencing and electric battery development continued to see strong innovation, while progress in green technologies, such as renewable energy and energy-efficient supercomputers, lagged.
- Technology Adoption: The adoption of technologies such as 5G, robotics, and electric vehicles showed positive growth. However, progress in areas like safe sanitation has slowed, and global adoption rates for certain key health technologies remain below targets.
- Socioeconomic Impact: Indicators like labor productivity and life expectancy have started to recover post-pandemic. However, global poverty levels remain higher than pre-2018, and environmental indicators, including rising carbon emissions and global warming, emphasize the urgent need for climate action.
Key Rankings in the Global Innovation Index 2024
- Switzerland, Sweden, and the United States retain the top spots, with Singapore and the United Kingdom rounding out the top five.
- India continues to lead the lower middle-income group, ranking 39th overall, while countries like Indonesia, Brazil, and Saudi Arabia have shown significant upward movement in the rankings over the last five years.
- The Republic of Korea (6th) and China (11th) remain strong contenders in global innovation, with China being the only middle-income economy in the top 30.
Special Focus on Social Entrepreneurship
This year’s report highlights the increasing role of social entrepreneurship, with approximately 11 million social enterprises worldwide contributing around USD 2 trillion to global GDP. Social entrepreneurs are addressing critical societal challenges, including poverty, environmental sustainability, and social injustice. However, these enterprises are often marginalized in traditional innovation models and face unique challenges, including limited access to funding, restrictive legal frameworks, and inadequate impact measurement.
The report emphasizes the need for supportive policies and infrastructure to fully unlock the potential of social enterprises, with recommendations for public-private partnerships, regulatory reforms, and increased investment in education and training programs.
India’s Role in the Innovation Landscape
India continues to be a strong performer in the GII, excelling in indicators such as R&D expenditure and technology outputs. The country remains an important player in both innovation and social entrepreneurship, with examples like Bandhu Tech providing housing solutions for migrant workers and iKure delivering primary health care through innovative models. These efforts highlight India’s growing role in leveraging innovation for social good, contributing to both national and global development goals.
You may view the full report here: Global Innovation Index 2024_WEB2
