The 2017 Bloomberg Innovation Index once again put Scandinavian economies in the top percentile while South Korea takes the top spot leading in the areas of Research and Development Intensity, Value-Added Manufacturing and Patent Activity.
The top ten innovative economies are (in order of ranking) South Korea, Sweden, Germany, Switzerland, Finland, Singapore, Japan, Denmark, the United States and Israel. From a South African context it is interesting to note that the Swedes promote an atmosphere of great personal ambition as opposed to an emphasis on the collective. This boosts innovation. Also, government financing particularly for small firms has made the difference in a country traditionally dominated by multi-national companies.
Finally, there are only two African countries among the top 50 Innovative Economies: Tunisia (45th) and Morocco (48th). View the complete top 50 ranking here: https://www.bloomberg.com/news/