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U.S. only 6th in Tech Innovation

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The Bloomberg Innovation Index, which ranks countries based on tech developments including research and development, tech education, and patents, placed the United States in sixth place with regard to overall innovation, research and development (R&D), and education. The U.S. followed South Korea, Japan, Germany, and Finland.

Israel zoomed from 30th place last year in innovation to fifth this year, based on its #2 ranking in GDP expenditure on research, as well as the abundance of workers with advanced degrees and research professionals, where it ranked #4, according to the Times of Israel.

Aspects of the tech industry analyzed by the study included: R&D, manufacturing, the total number of high-tech, the total of college students, the percentage of PhDs working in R&D, and the number of patents per capita.

South Korea ranked first in R&D, patents, and education, primarily based on Samsung. The report commented, “In South Korea, research-intensive companies, led by Samsung, have modernized the whole economy…is proof that countries can lift themselves up by their bootstraps through a combination of government support and private enterprise.”

Bloomberg predicted that the economies of Switzerland. Japan and Europe would only grow about 1% this year, while Brazil, China, and Russia’s economies would decline. Bloomberg did state that the U.S. far outstrips all other countries in the number of high-tech companies.


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