Switzerland has been named the top country in the world for business innovation, fending off strong competition from Sweden and Singapore.
Insead’s Global Innovation Index 2011, which was backed by the World Intellectual Property Organization (WIPO), saw the European nation rise three spots from last year’s ranking.
Despite heavy patent and trademark activity, the United States came in just seventh in the chart, one place ahead of Canada and three spots above the UK.
WIPO director general Francis Gurry stressed that innovation is “central to economic growth” and to the creation of new and better jobs.
“It is the key to competitiveness for economies, for industries and for individual firms,” he added.
“Innovation and its many benefits do not come without the investment of time, effort and human and financial resources.”
WIPO is a specialized agency of the United Nations, dedicated to developing a balanced and accessible international intellectual property system.
This is designed to reward creativity, stimulate innovation and contribute to economic development while safeguarding the public interest.