WIPO Global Innovation Index 2024: Unlocking the Promise of Social Entrepreneurship

The Global Innovation Index 2024 (GII) provides a snapshot of innovation within a context of steady yet slow global economic growth, reduced innovation financing, and stagnant productivity. It ranks the innovation performance of approximately 130 economies, shedding light on both their strengths and weaknesses in innovation. 

According to GII 2024, Switzerland, Sweden, the United States, Singapore, and the United Kingdom rank as the world's most innovative economies. Meanwhile, China, Türkiye, India, Vietnam, and the Philippines are the fastest climbers over the past decade. The report also highlights a slowdown in venture capital activity, research & development (R&D) funding, and other key investment indicators.

This year, the GII also emphasises the increasing importance of "social entrepreneurship," which serves as a vital source of innovation frequently neglected by policymakers, innovation economists, development agencies, and funding institutions. 

The GII 2024 has compiled insights and policy recommendations from prominent organisations in social entrepreneurship, including the Skoll Centre for Social Entrepreneurship at Oxford University, the Schwab Foundation for Social Entrepreneurship, and Catalyst 2030, as well as leading social entrepreneurs and innovation experts. These contributions highlight the often-overlooked connections between innovation and social entrepreneurship, positioning social entrepreneurship as a key focus in international development and innovation policy discussions, and fostering increased interest in cross-border collaboration.