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News article3 May 2024European Innovation Council and SMEs Executive Agency1 min read

World Intellectual Property Report 2024: Making Innovation Policy Work for Development

World Intellectual Property Report (WIPR) 2024 “Making Innovation Policy Work for Development” published by the World Intellectual Property Organization (WIPO) delves into the intersection of human innovation, economic diversification, and industrial policy. It suggests that sustainable growth for countries hinges on directing policy efforts towards fostering local innovation capabilities.

The biennial report highlights a recent resurgence in industrial policy making, particularly in many developing and least developed countries. These efforts are geared towards cultivating a broad and expanding economic structure, supported by innovation, creativity, and technology.

Complementing this framework there are three case studies across the agriculture technology, motorcycle and video game industries, spanning eight different countries. These studies demonstrate how countries have successfully carved out specialized trajectories within innovative and complex industries.

WIPR 2024 also introduces a new policy toolkit aimed at enabling countries to replicate these success stories. By identifying over 600 technological, scientific, and production capabilities worldwide, the new framework empowers decision-makers to design effective policies based on empirical evidence. This enables policymakers to strategically target their innovation policies by nurturing existing strengths or leveraging them to access new and promising scientific, technological, and production opportunities.