Posted by Lindsay Geoffroy
Innovation – the act of developing new ideas or methods in order to implement or improve an existing process, or create something which will improve life. Innovation is absolutely essential in the development of business and technology. Without it, we would still be stuck in the Stone Age.
So how do we measure the general “innovativeness” of a country, as compared to the rest of the world? Is this even possible? What metrics would be used to fairly and accurately measure this seemingly intangible quality?
Recently, Bloomberg LP compiled and released The Bloomberg Innovation Index, designed to measure six categories of activity which are likely to contribute to innovation. As a result, Bloomberg was able to determine the 50 most innovative nations in the world. Let’s learn a little bit more about this index and how it relates to Lionbridge and the translation industry as a whole.
How Innovation Is Measured, and Who Comes Out on Top
The Bloomberg Innovation Index focuses on six categories when measuring the innovativeness of nations:
- Research and Development: The research and development category measures how many R&D is done in each country by the amount spent on these activities. The #1 country in this category is South Korea.
- Manufacturing: The manufacturing category measures which nations produced the most manufactured goods. The #1 country in this category is Switzerland, who is a leader in pharmaceutical manufacturing.
- High-Tech Companies: This category measures which nation is home to the greatest number of high-tech companies. The winner, in this case, is the United States (who is home to the likes of Apple, Microsoft, and IBM).
- Postsecondary Education: This category measures the higher-education levels of each nation’s workforce and, once again, South Korea ranked #1 in this category.
- Research Personnel: The research personnel category measures how many of the nation’s employees are in the R&D field. The #1 nation in this category is Finland, who produces large numbers of engineers and is prominently engaged in the gaming industry.
- Patents: The patents category measures how many patents are held by residents of each country. In this case, South Korea is #1 again.
Overall Ranking (Top 10 Most Innovative Countries):
1. South Korea
6. United States
10. United Kingdom
These standings could very well shift within the next few years, depending on changes in the landscape of any of the six categories. Innovate away!
Lionbridge onDemand and Translation Innovation
Here at Lionbridge onDemand, innovation is central to our business plan and is a key component to our success. Lionbridge is the #1 translation company in the world, and as its newest venture, onDemand was birthed out of a necessity to innovate.
Currently, onDemand is the only translation portal available wherein a client can upload documents and receive an instant quote. onDemand was developed as a streamlined alternative to the “old school” method of translation which utilizes project management, as this method can be more costly and time-consuming.
Lionbridge is dedicated to continuing on the path to innovation, and we are constantly looking for ways to improve our processes and procedures, especially as it pertains to the onDemand portal. Our outlook on innovation is one of the many things that set us apart from competitors.
To learn more about Lionbridge’s commitment to innovation, or to get a quote on a translation project, come check out our portal.