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Canada’s Ranks 15th on WIPO 2023 Innovation Index

Innovation | Nov 20, 2023

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The Most Innovative Countries in 2023 on Visual Capitalist

The 2023 Global Innovation Index by the World Intellectual Property Organization, which includes 190 UN member states and some non-members.. The innovation index uses seven pillars and 80 indicators to assess a country's innovative strength. These pillars include Knowledge & Tech Outputs, Human Capital & Research, Business Sophistication, Market Sophistication, Creative Outputs, Infrastructure, and Institutions.

Canada ranked 15th overall with a score of 53.8.

Top Innovative Countries

Switzerland leads the ranking for the 13th consecutive year, with a score of 67.6. It is followed by Sweden (64.2), the United States (63.5), the United Kingdom (62.4), and Singapore (61.5). These rankings reflect a combination of factors such as patent applications, high-tech exports, research talent, and entrepreneurship culture.

See:  Firm Size and Innovation: A Double-Edged Sword

  • Switzerland's top ranking is attributed to its business policies and scale of patent applications, along with world-class research institutions and skilled workforce.
  • Sweden, ranking second, excels in business sophistication, knowledge-intensive employment, and researchers per capita.
  • The United States, in third place, scores high in venture capital received, global corporate R&D investors, and total unicorn value.
  • Singapore is the highest-ranked Asian country, known for its government effectiveness, venture capital, and business stability.
  • Brazil (49th) and Mauritius (57th) lead in Latin America and Sub-Saharan Africa, respectively.
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See the full list of rankings --> here

NCFA Jan 2018 resize - Canada's Ranks 15th on WIPO 2023 Innovation IndexThe National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit:

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