Nation Tops Innovation Scorecard, Surpassing the US with High Scores in Key Categories

Singapore has been ranked as the world’s most innovative country, surpassing the United States to claim the top spot in the latest Global Innovation Scorecard. This biennial ranking, compiled by the Consumer Technology Association (CTA), evaluates 74 countries and the European Union based on a variety of indicators, such as workforce education, the rate of new business creation, and overall innovation capacity.

The Republic’s rise to the top marks a significant leap from 15th place in 2023, earning the highest composite score out of 25 countries recognised as global innovation champions. The top five spots in the ranking were completed by the United States, New Zealand, Sweden, and Switzerland.

The prestigious Global Innovation Champion award was presented to Singapore on January 9 at CES, the world’s largest tech exhibition in Las Vegas, where tech companies display their latest innovations and prototypes. The four-day event concluded on January 10.

The CTA’s scorecard measures a country’s ability to foster technological advancements by assessing factors such as political, economic, and demographic conditions. This year’s ranking expanded to 56 indicators, an increase from the 40 used in the 2023 edition, with data sourced from organisations like the World Trade Organization, World Intellectual Property Organization, and the United Nations Conference on Trade and Development.

Singapore excelled in several key categories, including business environment resilience, data transparency, and a pro-innovation legal framework. Additionally, it scored highly for its support of start-ups, small businesses, and its favourable corporate tax policies. The country’s diverse workforce, openness to telehealth, and cross-border data flows were also highlighted as strengths, alongside its impressive broadband speeds.

Gary Shapiro, CEO of the CTA, commented that the scorecard reflects a nation’s ability to create the right environment for innovation, focusing not just on investment in cutting-edge sectors but also on the freedoms that promote workforce diversity and entrepreneurship. He added, “By celebrating these innovation champions, we inspire other nations to follow suit.”

In a post on social media, Enterprise Singapore expressed pride in the country’s achievement, highlighting Singapore’s skilled workforce, entrepreneurial climate, and commitment to embracing new technologies as key factors in its success.