Global Innovation Index. I’m sure you must have heard this term. What Is Global Innovation Index and why does it matter? If you’re looking for the answer to this question this is the place for you. Global Innovation Index aka GII was started back in 2007 and was started by INSEAD and World Business. World Business is a British Magazine. Global Innovation Index is an annual ranking of countries throughout the world. This Ranking is particularly based on the capability of a country to be successful in Innovation.
Global Innovation Index and Why Does It Matter?
What is Global Innovation Index?
Global Innovation Index was started by INSEAD and World Business which was a British Magazine. Prof. Sumitra Dutta was the one who created the GII. The GII aka GII is an annual ranking of different countries. This ranking is based on their capacity and success in Innovation. The GII is Published by the World Intellectual Property Organization. The World Intellectual Property Organization is a part of the 15 Specialized Agencies in The UN (United Nation).
The World Intellectual Property Organization publishes the GII along with some other institutions and Organisations. Moreover, The GII is based on both the Objective data and the Subjective Data which is taken from several different resources such as the International Telecommunications Union, World Economic Forum, and even the World Bank. The GII is mainly used by government officials and corporate officials to compare different countries based on their capacity of Innovation. The Most Innovative Country of Last year, 2021 was the United States of America (USA).
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The GII is calculated by an average of the Scores in two different areas. These two areas are the Innovative Input Index and the Innovation Output Index. These indexes are composed of Five and two pillars respectively. All of these pillars describe the attributes of Innovation and further comprise those attributes in five different indicators. After this, the score of the GII is Calculated by the average method. However, GII has been criticized because GII gives a huge amount of importance to some attributes that are not connected to innovation in any way. For Example, The ease of paying taxes is given a huge amount of importance in GII scores. However, this topic does not is connected to the Innovation of a Country. Along with this, there are a lot of other factors such as Electricity Output, Ease of Getting a Credit Card Etc.
Why Does GII Matter?
After reading the definition of the Global Innovation Index, you must have a rough idea of what it means. GII was started in 2007 and has been a very successful thing since then. Why does GII Matter? GII is an annual ranking in which different countries compete. Now It may be a simple answer but there is no one out there who likes to lose. Following the same rule, different countries compete to get a higher ranking in the GII.
GII is based on the Innovation of a country. Innovation gives a country the ability to resolve difficult problems with innovations. Moreover, innovation is surely important in developing countries such as India. And if a country is Innovative, the development speed of that country will also increase ten-folds. In Simple words, innovation allows any organization, company, or even an institution to stay relevant in the market. Alongside this, Innovation also plays a very important role in the economic growth of a country.
Now, what does this all mean? It is simple. The countries compete in the GII ranking and to compete they need to get more innovative. GII helps a country to get more innovative. And getting more innovative simply means that the growth rate of the country will increase as well. So according to me, it should be clear to you know why does the GII Matter. Global Innovation Index helps a country to get more innovative and develop faster and compete with other countries in doing so.