The key issue of GII 2020’s theme is who will finance innovation? The question is how the economic fallout from the COVID-19 crisis will impact start-ups, venture capital, and other traditional sources of innovation financing. It is observed that the COVID-19 pandemic is severely pressuring a long-building rise in worldwide innovation, likely hindering some innovative activities while catalyzing ingenuity elsewhere, notably in the health sector, according to the Global Innovation Index (GII) 2020.
WIPO Director General Francis Gurry says “The rapid, worldwide spread of the coronavirus requires fresh thinking to ensure a shared victory over this quintessential global challenge,” “Even as we all grapple with the immediate human and economic effects of the COVID-19 pandemic, governments need to ensure that rescue packages are future-oriented and support the individuals, research institutes, companies and others with innovative and collaborative new ideas for the post-COVID era. Innovations equal solutions.”
As per the report Switzerland, Sweden, U.S., U.K and Netherlands lead the innovation ranking, with a second Asian economy – the Republic of Korea – joining the top 10 for the first time (Singapore is number 8). The top 10 is dominated by high-income countries.
This report particularly reproduces the Indian’s position in the innovation index.