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These rankings use key indicators, such as the number of scientists and engineers; corporate, government and university research and development; venture capital; and productivity and trade performance. They serve as a benchmarking tool for policymakers, business leaders, and other stakeholders.

“The U.S. supremacy that existed during the 20th century has faded, as the access to the drivers of national innovation are accessible to more nations,” says consultant Marshall.

Old World, New Leaders

Germany and Japan, powerhouses of innovation after they were forced to rebuild their economies following World War II, have also slipped in recent years.

“Japan and Germany are somehow paying the price of having concentrated too much on manufacturing and not so much in services,” says Daniele Archibugi, author of "Innovation Policy in a Global Economy" and research director at the Italian National Research Council . “It was good for the period from 1946 to 1990; it may be less good for the last 20 years.”

The key is to consider innovation holistically, says Marshall of Innochat. For a country to have successful innovation policy, its government must work in concert with industry and higher education to produce a business environment that ensures market forces are allowed to work freely.

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