The U.S. Drops Out of the Top 10 in Innovation Ranking


#1

Score another one for Seoul while Silicon Valley slides.

The U.S. dropped out of the top 10 in the 2018 Bloomberg Innovation Index for the first time in the six years the gauge has been compiled. South Korea and Sweden retained their No. 1 and No. 2 rankings.

The index scores countries using seven criteria, including research and development spending and concentration of high-tech public companies.

The U.S. fell to 11th place from ninth mainly because of an eight-spot slump in the post-secondary, or tertiary, education-efficiency category, which includes the share of new science and engineering graduates in the labor force. Value-added manufacturing also declined. Improvement in the productivity score couldn’t make up for the lost ground.

“I see no evidence to suggest that this trend will not continue,” said Robert D. Atkinson, president of the Information Technology & Innovation Foundation in Washington, D.C. “Other nations have responded with smart, well-funded innovation policies like better R&D tax incentives, more government funding for research, more funding for technology commercialization initiatives.”

Singapore jumped ahead of European economies Germany, Switzerland and Finland into third place on the strength of its top ranking in the tertiary-efficiency category.

“Singapore has always placed strong focus on educating her populace, especially in STEM disciplines,” said Yeo Kiat Seng, professor and associate provost at the Singapore University of Technology and Design, referring to science, technology, engineering and mathematics. It also has a “steadfast commitment to funding R&D and innovation,” added Yeo, who holds 38 patents.

South Korea remained the global-innovation gold medalist for the fifth consecutive year. Samsung Electronics Co., the nation’s most-valuable company by market capitalization, has received more U.S. patents in the 2000s than any firm except International Business Machines Corp. And its semiconductors, smartphones and digital-media equipment spawned an ecosystem of Korean suppliers and partners similar to what Japan developed around Sony Corp. and Toyota Motor Corp.

China moved up two spots to 19th, buoyed by its high proportion of new science and engineering graduates in the labor force and increasing number of patents by innovators such as Huawei Technologies Co.

“One common trait of the U.S., Korea and China is that people accept failure as part of the process,” said Prinn Panitchpakdi, country head of CLSA Thailand, an Asian brokerage and investment group. “Innovation lags in countries where the culture emphasizes risk avoidance and where R&D is seen purely an expense, not an investment. That’s the mindset in Thailand.” It dropped one spot from a year earlier, to 45th.

Japan, one of three Asian nations in the top 10, rose one slot to No. 6. France moved up to ninth from 11th, joining five other European economies in the top tier. Israel rounded out this group and was the only country to beat South Korea in the R&D category.


#2

This of course is a fallacy in the persecute of the kind of medical care system some countries have in Europe… R&D is the backbone of medical advancement but it is dying a slow death in the US and as we pursue even more government control, regulation and distribution, is will no longer be a major offering of the US.


#3

It seems like the weak point of the US is education and manufacturing, while patent activity is high. It goes to show that the bulk of researches and their subsequent results are not being utilized, while the talents are being wasted as US’ manufacturers outsourced both jobs and factories oversea. I think this is a problem that the tax plan as well as new tariff will help in the up coming years.


#4

Innovation is suffering because of the SJW culture that permeates so many tech companies. Politics and the social justice agenda need to be removed from the workplace.


#5

Do you think that will improve with the dems wanting more immigrants from **** hole Countries ? :roll_eyes:


#6

It will improve if inner cities kids stop playing victim and school have to lower standards for them, while public school get showered in money to help kids cheat. Really think the depart of education is abolished and school choice is in place.


#7

So then they must ignore the liberal democrats and think for themselves for once ? :wink:


#8

Yes