Once again Chile’s ranking as a top innovator in Latin America has been confirmed. The country was ranked in the top 40 of the Global Innovation Index (GII), coming in 39th – placing it first in Central and South America. The miracle of the Chilean economy continues to shine and affirm the renown it received as a model in the region for social and economic progress since the 1990s.
Co-published by the World Intellectual Property Organization (WIPO, a specialized agency of the United Nations), and INSEAD (an international business school and research institution), the guide recognizes the key role of innovation as a driver of economic growth and prosperity. Now in its fifth installation, it has established itself as the leading composite indicator for innovation at the country level.
The index analyzed a wide range of criteria from business, education, politics, and trade to ecological sustainability. The data was then translated into a number out of 100. Chile received a score of 42.7 out of a possible 100 points. The top country in the study was Switzerland, with 68.2 points.
“Chile shows strengths across the board, with the notable exception of human capital and research,’” the report read. “This result is in line with the crisis of tertiary education in the country that was highlighted in 2011.”
In the Latin American cohort, Chile ranked tops in almost all sub-categories, showing particular strength in “creative outputs.”
It’s no secret that Chile has been working hard to develop a creative and diverse economy and push the envelope of innovation. Chile’s internationally recognized start-up program Start-up Chile has been attracting world-class entrepreneurs from nations spanning the globe, under the banner that people, not industry power innovation. The program, now in its second year, has brought more than 200 start-ups to the capital, Santiago.
With a topsy-turvy world economy still in the throngs of resolution, Chile continues to establish itself as an economic anchor in Latin America – well positioned to soon join the league of developed nations.