If the Caribbean wants to compete in the global economy, it will need to come up with new ideas, new platforms and new strategies. That means innovation.

So what’s the most innovative place in the Caribbean?

It’s Barbados, according to the newest edition of the Global Innovation Index, which is co-published by Cornell University, INSEAD and the World Intellectual Property Organization.

“Innovation holds far-reaching promise for spurring economic growth in countries at all stages of development. However, realizing this promise is not automatic,” said WIPO Director General Francis Gurry. He added: “Each nation must find the right mix of policies to mobilize the innate innovative and creative potential in their economies.”

Barbados was ranked 37th in the world in the ranking, which covers 141 economies, or 95.1 percent of the world’s population.

The index looks at 79 indicators to “gauge both innovative capabilities and measurable results,” according to the GII, from university performance and patent applications to whether economies outperform their peers.

The index revolves around five key input pillars: institutions, human capital and research, infrastructure, market sophistication and business sophistication, along with two key output pillars: knowledge and technology outputs, along with creative outputs.

Barbados was ranked head of Lithuania and just behind Slovakia.

Other Caribbean countries that made the ranking included Trinidad and Tobago (80), Guyana (86), the Dominican Republic (89) and Jamaica (96).

For the full report, click here.

Written by the Caribbean Journal Contributor, see more at www.caribbeanjournal.com