The 2018 Bloomberg Innovation Index was published. The nation winning the top is South Korea. It keeps the triumph for years.
Bloomberg: The U.S. Drops Out of the Top 10 in Innovation Ranking
In this year, the US dropped the rank by two. Finland, Canada, and New Zealand were also declining. In contrast, France, China, Ireland, and Italy are climbing the ladder.
The Bloomberg Innovation Index is a compilation of several key elements. R&D intensity, manufacturing value-added, productivity, high-tech density, tertiary efficiency, researcher concentration, and patent activity are all important for development. But, how do each nation enhance the quality of these topics are various.
Bangkok Post: South Korea tops, Thailand drops in innovation index
For example, South Korea is the top-ranked at patent activity this year. Indeed, Korean companies gain a significant amount of new patents in recent years. However, the quality of each idea is questionable. Samsung, LG, and other companies had adopted the follower strategy. And finally, Samsung defeated Apple in some regions. But I am doubtful it has developed truly innovative products.
On the other hand, Japan has a problem with which innovation is hardly born. People are often too conservative and risk-avoidant. Although the development level of the technology is almost highest in the world, Japanese seldom create innovation such as Facebook, iPhone, or Bitcoin. Each nation has their own challenges.