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Welcome to the Topic “Why Germany is one of the most innovative countries”
When it comes to innovation, Germany is now in the driver’s seat, owing in part to the rapid pace at which it is creating new technology such as driverless automobiles.
With a score of 87.5 out of 100 in the Innovation capability pillar of the Global Competitiveness Report, which is one of the 12 drivers of a country’s productivity, Germany was ranked as the world’s most innovative economy in the most recent edition of the World Economic Forum’s Global Competitiveness Report.
It surpassed the United States of America, the most competitive economy in the world, which came in second for innovation (86.5), while Switzerland came in third (82.1).
As the Fourth Industrial Revolution develops at a rapid pace, the new index predicts that nations will gain a competitive advantage based on the speed with which they are able to adapt new ideas, processes, and products.
What makes Germany one of the most innovative nations?
Germany’s position as the world’s leading inventor is due in part to the sheer volume of ideas it generates, many of which are in the automobile sector, where it is focused on digitally networked mobility, autonomous vehicles, and electric mobility.
The nation that pioneered the MP3 player and the fuel cell scored fifth in the Forum’s ranking for patent applications, with 295.32 per million inhabitants.
According to the index, a high level of consumer sophistication (66.1) meant that corporations were continually pushed to innovate, while innovators profited from a thriving business sector to bring inventions to the market (81.6, 2nd place).
For that purpose, it spends 2.9 percent of GDP on research and development (R&D), ranking tenth.
While several governments reduced R&D investment in response to the global economic crisis, Germany expanded support for small and medium-sized businesses and e-mobility initiatives.
According to the 2018 Global Innovation Index, Germany’s Gross Domestic Expenditure on R&D (GERD) was back to pre-crisis levels in 2016, at 123 billion in purchasing power parity dollars (PPP$).
Because of this dedication to R&D, German automakers are now creating the future. In 2017, 2,633 patents were filed in the field of autonomous cars, a 14% increase over 2016. Volkswagen, the world’s largest automaker, spent 11.6 billion euros on R&D in 2017, ranking it fifth in the world behind Amazon, which spent 20.1 billion euros.
In 2017, the German Patent and Trade Mark Office (DPMA), the biggest in Europe and the fifth largest in the world, registered a total of 128,921 patents, with Germany accounting for one in every three patent applications in Europe.
Why is technological innovation so important?
In an innovative atmosphere, vital abilities such as critical thinking and problem solving are cultivated, challenging business professionals to think in new ways and generate imaginative solutions. This creates a culture as well as other individuals who believe differently. They will respond to problems with analytical thinking and aptitude in order to develop new notions and solutions.
Innovation is the driving force behind contemporary life. Although some unintended repercussions of innovation exist, change is unavoidable, and in most situations, innovation results in a beneficial change.
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