GIWA stands for "Global Innovation Index," which is a comprehensive and widely recognized measure of global innovation capabilities and performances of economies around the world. Developed by Cornell University, INSEAD, and the World Intellectual Property Organization (WIPO), the GIWA provides valuable insights into the innovation landscape, offering policymakers, business leaders, and researchers a benchmark to assess the progress and potential for innovation within countries and regions.
The GIWA takes into account various pillars, indicators, and sub-indices to evaluate the innovation ecosystem of economies. These include institutions, human capital and research, infrastructure, market sophistication, business sophistication, knowledge and technology outputs, and creative outputs. By examining factors such as research and development investments, patent filings, technological advancements, education, entrepreneurship, and infrastructure development, the GIWA offers a detailed assessment of the innovation landscape across countries.
The index serves as a valuable tool for policy formulation, enabling governments and organizations to identify areas where they can foster innovation and enhance competitiveness. Additionally, it allows for benchmarking against other economies, providing an understanding of relative strengths and weaknesses.
The GIWA has become an important reference for policymakers and stakeholders alike, shedding light on the critical role of innovation in driving economic growth, job creation, and sustainable development. It encourages countries to prioritize innovation-related policies, foster collaboration between academia and industry, and create an enabling environment for creativity and entrepreneurship.
