Finland, Ireland, Sweden, Switzerland, and the US are among the countries that rank highest in terms of global innovation capability.
That’s according to a first-of-its-kind evaluation of 26 nations by Forrester Research.
The resulting ranking demonstrates how governments can implement successful innovation strategies designed for a globally networked knowledge economy.
According to Forrester, developed nations such as the US and Japan are spending on average $1,270 per capita per year on R&D with little to show for their science and technology investment.
Taxpayer money is being wasted because many politicians and bureaucrats confuse innovation with invention.
Forrester Research Vice President and Research Director Michelle de Lussanet, said, "National empowerment, power, wealth, and well-being depend more on deployment of innovations than on the invention itself.
The biggest flaw of most innovation agendas is that they look at nations as closed systems, as if nations must have all innovation capabilities in-house. It can't be done."
Instead, Forrester sees an emerging global ecosystem of collaborative innovation among countries, companies, universities, and other organizations.
Forrester calls these Innovation Networks. In an Innovation Network, countries identify and assume a specific role — Inventor, Transformer, Financier, or Broker — to match their unique skill set.
Pioneering firms like IBM, Procter & Gamble, and BT have already mastered global corporate Innovation Networks.
Now it's the turn of governments to nurture and strengthen these collaborative market structures by instituting forward-looking public policies.
Forrester Research Vice President Navi Radjou, said, "Nations must shed their inward-looking innovation attitudes to become successful in the end-to-end global innovation value network."They must play to their strengths and pair up with nations that complement these strengths."
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