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Russia enters top 50 innovative countries for first time

0 23 July 2014

Russia has entered the top 50 in the Global Innovation Index, compiled by Cornell University, the World Intellectual Property Organisation (WIPO), and graduate business school Insead. Russia was ranked 49th, a considerable improvement on the previous year’s ranking of 63rd.

The Index has remained relatively stable at the top, with Switzerland being named the most innovative country for the fourth year running. Great Britain and Sweden swapped places in 2nd and 3rd, with Finland rising 2 places to take 4th. 4 of the 5 BRICS countries improved their positions, with Brazil, China and South Africa all moving up the Index. Russia rose the fastest of the 4, moving up 13 places. Researchers involved in the project noted Russia and China as demonstrating marked progress, closing in on other higher ranking developing countries in absolute terms.

Ksenia Arutyunova, senior analyst at Rye, Man and Gor securities, said: “It is important to have a clear idea of what return we are getting from every dollar invested in innovation”.

According to Soumitra Doutta, professor at Cornell University business school and one of the key authors of the index, truly accurate tools for measuring innovation simply do not exist. Different countries innovate in different ways, he affirms, and if in the past new products and services were mainly appearing in one or two markets, now the situation has completely changed. Innovation, in the broadest sense, is taking place in many corners of the globe.

The analysts use a number of different parameters to compile the Index, with Russia doing well in areas such as creative services exports (11th in the world in 2014), further education (joint 14/15th place), and also patent activity in the domestic market (joint 7/8th place). Another of its areas of strength was in the area of e-participation, that is, the growth in the population which is active on the net. This can only be good news for both domestic and foreign companies looking to tap into Russia’s growing IT sector. 

Source: vedomosti.ru

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