According to the most recent Bloomberg Innovation Index (at least annually by the Bloomberg organization in the United States) Singapore is now the third most innovative nation on the planet – in the United States has dropped out of the top 10 most innovative nations for the first time in six years (the entirety of these annual rankings).
Both South Korea and Sweden maintained their top two positions (number one and number two, respectively) which isn’t all that surprising considering the fact that these nations have a legacy history of being some of the most innovative, some of the most forward thinking, and some of the most creative throughout their history.
Singapore was sitting behind nations like Germany, Switzerland, and Finland for a handful of years in the past – with thanks to major new developments in the startup community, the world of investment, and new technological solutions pioneered by Singapore-based organizations they are the third most innovative place to be on the planet today!
This is incoming as any surprise to members of the government, the educational world, or the business community in Singapore.
Singapore has long had a reputation for a serious focus on education (particularly in the STEM fields) and the infrastructure that they have throughout the nation has been established to help foster innovation in a way that other less infrastructure heavy nations cannot. High-speed internet access is amongst the best in the world, wireless access is top-notch as well, and the business community in Singapore has never been as healthy or as successful as it is today.
These factors all help to positively improve the Singapore economy, help to boost the Singapore educational opportunities, but also helps to create and develop a citizenry that is innovative, forward thinking, and serious about improving their prospects while leading the charge for the rest of the global community to follow.
Singapore leapfrogging over those strong European centric nations was a bit of a surprise to some that have been tracking these rankings over the last six years, but seeing the US drop out of the top 10 of most innovative nations hasn’t been quite as surprising.
The US now sits at the 11th spot, mostly because of a major slump as far as postsecondary education efficiency options are concerned and how few students are graduating and STEM fields today compared to some of the other nations around the world.
Sure, the US remains one of the leading places in the world to build and grow a forward thinking and innovative company (the world’s leading technology companies, medical research companies, and the ancestral home of startup businesses in general still exist in the US), they aren’t seen as the fast-moving, aggressive, innovative nation that they once were in the past.
On top of that, many that helped to rank each individual nation as part of the Bloomberg Innovation Index believe that this downward trend for the United States isn’t going to change anytime soon. Other nations are coming out with fast, smart, well-funded innovative solutions in a way that the United States simply isn’t – and many of the governments in the top five of the Bloomberg Innovation Index are also helping to spur on development far more than the US government is right now.
About the Author
Morris Edwards is a content writer at CompanyRegistrationinSingapore.com.sg, he writes different topics like India and Singapore to promote innovation, How To Successfully Grow Your Business In The Age Of The Customerand all topics related Business Growth in Singapore, and if you need help on Setting up company in Singapore visit our website.
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