Brief

The client who specializes in developing MVPs for early stage funded startups wanted to understand which are the countries that are investing the most in innovation. They also required insight into the industries that are at the forefront of R&D. The purpose of this research was to identify the key international markets that the client wanted to expand to in 2024. 

Key Insights from the Report

• The US, Switzerland and Sweden ranked as top innovators for the 3rd consecutive year. Startups are bullish on APAC taking over as an innovation hub in the next 5 years, especially Singapore and Korea.

• The sectors that are a common thread across most reports for highest R&D and innovation spend is Healthcare and Deep tech. Web3 is prominent with younger generation entrepreneurs.

• Not surprisingly, AI and frontier tech like sustainability and climate change mitigation tech feature high in the priority for upcoming technologies in the next 3-5 years.

The report also contained detailed analysis of:

1. Global Innovation Index for 2023, and top countries spending on innovation

2. Top innovative economies by region

3. Most innovative industries and how the rankings have changed in the past decade

4. State of innovation in Startups, and global R&D spend by industry

5. Top ten technologies of strategic importance in high-innovation economies

Outcome

Based on the research findings, the client is in the process of building a lead list in the shortlisted countries for market expansion in 2024.