In the history of economics, spectacular innovations have always been groundbreaking events.
They have often paved the way for numerous derivative innovations in a wide range of fields. Not only did these innovations improve productivity, but they made tangible changes to the way we live and do business. There are many indications that we are currently on the brink of a new, unparalleled innovation boom.
In particular, the process of digitisation has the potential to shape the future of our society through a number of fields of application such as digital intelligence, robotics and 3D printing. As drivers of growth, innovations may compound this in the long term. As the digitisation process advances, increasingly complex solutions will be in demand.
Additionally, due to the individualisation of products and marketing many more ideas can be implemented as innovations than in the past. From a business perspective, the ability of a location to produce successful innovations will therefore also become a much more significant factor in the choice of a location.
Therefore, the focus of this year’s issue of the BDO International Business Compass is the capacity of countries for innovation.
We analyse the general conditions for innovation as well as research investment and successful research indicators from country to country. In addition to our in-depth look at innovation, we present the updated ranking of the IBC overall index as a yardstick of local attractiveness.
For the fifth time, we have evaluated the general economic, political and sociocultural conditions of individual countries and converted them into illustrative statistics.
Furthermore, the production and business sub-indices have been updated from the previous year.
This makes it possible to compare countries in terms of their attractiveness as production and marketing locations. With this analysis we hope to provide corporate decision-makers with a useful tool for selecting locations for their companies.