Capital, Resources and Commitment

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One of the reasons that Britain, and then America, were the global powerhouses of the last 300 years is because they had the capital, resources and commitment to lead the world in innovation. It’s no coincidence that a country that could marshall the resources, creativity and innovation required to put a man on the moon in 1969 became the source of some of the largest
household brand names of our generation (e.g Apple, Microsoft, Google etc.) and, whatever your view is of America today, they are still in the top 3 most innovative countries in the world, as is well illustrated by Visual Capitalist in their latest infographic: “The Most Innovative Countries, Ranked by Income Group”. Switzerland and Sweden are also significant amongst the high income ranking countries.

Many will be surprised to see China, a country which was not well known for being innovative in the past, is shown at the top of the Upper Middle Income Group with the comment “the nations making the biggest moves in GII ranking are found in Asia. China, Vietnam, India, and the Philippines have risen the most of all countries, with all four now in the top 50. China broke into the top 15 in 2019 and remains the only middle-income economy in the top 30. In 2020, South Korea became the second Asian economy to enter the top 10, after Singapore. As the first Asian country to move into the global top five, Singapore joined the leaders in 2018, and now sits at 8th place. In another first for 2020, India has now broken into the top 50”.

China and the rest of Asia is well positioned to lead the innovation race of the coming decade. They have the capital to invest in education, R&D, infrastructure and technology, the resources (in terms of their large population) to create and inspire world class entrepreneurs, scientists and investors, and the commitment to lead the world in the one area which is coveted by all: Innovation. This is why we are living in the “Asian Century”.

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