Finland in top 3 of most innovative EU countries

Finland in top 3 of most innovative EU countries

Jul 20, 2016
Cleanweb & IoT
Energy & resource efficiency
Bioproducts & materials

The Nordic countries dominate the 2016 European Innovation Scoreboard published by the European Commission. According to the report, Finland is the 3rd most innovative country in the EU, with Sweden and Denmark taking the top positions respectively. Finland, however, leads the scoreboard in the innovation area of financial framework conditions. 

When looking at global innovation proficiency, Finland fares almost as well as in the EU ranking. Finland is ranked the 5th most innovative country in the world in the prestigious Global Innovation Index 2016

Other countries making the top 5 of 2016 European Innovation Scoreboard are Germany and the Netherlands. Latvia, Lithuania and the UK relatively improved their standing the most.

According to the report, in order to be an innovation leader, a country must have the following innovation factors in place:

1) good private and public investment system
2) innovation must transform into successful product sales, exports and employment figures
3) functioning partnerships not just between companies but also with academia
4) first-class research and education system 

Looking at the EU as a whole, EU is bridging the gap to USA and Japan who are still leading the global innovation race according to the EC's report.

Read more articles on 2016 rankings below.

Source: European CommissionNordic Business Insider


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