According to the European Innovation Scoreboard, the Regional Innovation Scoreboard and the Innobarometer of the European Comission, Latvia has become the “fastest growing innovator”.
EU innovation is catching up with Japan and the U.S., and Sweden is once rated as the top EU innovation leader, followed by Denmark, Finland, Germany and the Netherlands.
In selected areas of innovation, the EU leaders are: Sweden, for human resources and quality of academic research; Finland for the conditions of its financial framework; Germany, for private investment in innovation; Belgium, for innovation networks and collaboration; and Ireland, for innovation in small and medium-sized companies.
The fastest growing innovators are Latvia, Malta, Lithuania, the Netherlands and the UK.
Overall, the key driver of becoming an innovation leader is the adoption of a balanced innovation system which combines an appropriate level of public and private investment, effective innovation partnerships among companies and with academia, as well as a strong educational basis and excellent research. The degree of a country’s innovation, and it ability to generate innovative products and services, manifests in terms of sales and exports of innovative products as well as in the statistics on employment, the European Commission points out.