Wonderful Engineering

The US Drops From The List Of Top 10 Countries In Innovation Ranking

According to a recent report in the 2018 version of the Bloomberg Innovation Index show the revised innovation ranking and the US is no longer in the top ten. Bloomberg started generating the index six years ago as it is a global leader in assessing the business and finance dynamics guiding the local economy. This is the first time the US has fallen out of the top ten spot.

A total of seven criteria are used to evaluate countries: productivity, high-tech density, research and development (R&D) intensity, value-added manufacturing, post-secondary, or tertiary, education-efficiency, researcher concentration and patent activity.

(Source: Interesting Engineering)

The most prominent changes in the index this year were:

The US was already on the 9th spot in the innovation ranking and was dangerously close to the edge of top ten. The reason it dropped its rank is the decline in the education efficiency category as well as in the value-added manufacturing category even though it ranked much higher than other in productivity.

(Source: Bloomberg)

Offering a sobering, and not very optimistic outlook on the future of the US, Robert D. Atkinson, president of the Information Technology & Innovation Foundation in Washington, D.C. shared his interpretation of the numbers: “I see no evidence to suggest that this trend will not continue. Other nations have responded with smart, well-funded innovation policies like better R&D tax incentives, more government funding for research, more funding for technology commercialization initiatives.”

 The US will have to up its game if it wishes to make it way back into the top ten and that will mean changing quite a few policies. Let’s wait and see how it responds and what the next year brings us in terms of innovation ranking.