• News
  • People
  • Long Read
  • Opinion
  • Weekend Wrap

Breaking News

Finnish innovation grows globally

Finland has one of the best work-life balances in the world, a factor that inevitably contributes to the innovative mindset here.

Business Finland

Finland has moved up to sixth position in the 2023 Global Innovation Index, leading the world in innovation infrastructure.

A total of 132 economies were assessed in the Global Innovation Index (GII), with Finland advancing three positions on last year’s ranking.

The GII uses 80 indicators to track global innovation trends. Recognising innovation as key to economic development, the index groups these under seven pillars that measure factors facilitating innovation and actual innovative outcomes.

Of the main pillars, Finland was listed first in infrastructure, third in institutions, fourth in business sophistication and fifth in both knowledge and technology outputs, and human capital and research. When looking at specific indices, Finland's strengths lie in finance for startups and scale-ups, ICT services exports as a percentage of total trade, and patent families per billion US dollars in purchasing power parity-adjusted GDP, in each of which it ranked first globally.

The annual startup event Slush continues to showcase the breadth of Finnish innovation.

Otto Jahnukainen / Slush

The GII is released by WIPO, a specialised agency of the United Nations. This year found significant gains worldwide in the growth of scientific publications, research and development, and the number of venture capital deals and patents. The top five innovative economies this year are Switzerland, Sweden, the US, the UK and Singapore.

Last year Finland was ranked second in The European Innovation Scoreboard 2022, attaining the status of an innovation leader.

By: James O’Sullivan