Innovation is one of the most exciting ways to move a country forward.
But for that to happen, a country must create an environment conducive to creative activity that is supported by both the public and private sectors.
More concretely, we're talking about having high-quality scientific research institutions, sufficient investment in research and development, and protection of intellectual property, according to the recent report by the World Economic Forum.
We took a closer look at the 12 countries that have successfully fostered such environments and are leading the way as the most innovative countries in the world, according to data in the WEF's report. Check them out below.
12. United Kingdom
The United Kingdom ranked second in the world for quality of scientific research institutions, and it ranked fourth for university-industry collaboration in research and development.
It scored 34th, however, for government procurement of advanced tech products and 18th for availability of scientists and engineers.
"The country has created a good set of conditions for its vibrant service sector to develop and for London to become the epicenter of the European tech and start-up scene," according to the report.
Source: World Economic Forum
11. Taiwan
Taiwan scored 13th in company spending on research and development and 14th in university-industry collaboration in research and development.
It placed 29th, however, for government procurement of advanced tech products and 26th for quality of scientific research institutions.
Taiwan's overall global competitiveness slipped one rank this year, with its innovation and sophistication measure slipping. In fact, the "insufficient capacity to innovate" was listed as one of the most problematic factors for doing business this year, according to the report.
Source: World Economic Forum
10. Denmark
Denmark scored eighth for the ratio of PCT patents and applications to its population and 11th for its capacity for innovation.
But it scored 65th for government procurement of advanced tech products and 35th for the availability of scientists and engineers.
Denmark's innovation index remains above that of most developed economies and is one of the factors that make the country a competitive global economy, according to the report.
Source: World Economic Forum
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