The Netherlands has ranked 8th in the Global Innovation Index 2024

Insights into the Global Innovation Index 2024

The 2024 Global Innovation Index (GII) from the World Intellectual Property Organization (WIPO) has placed the Netherlands in the global top 10. In the high-income group, the Netherlands achieved a total score of 58.8 in the "Performance above expectation for the level of development" category, with the top performer Switzerland, scoring 67.5. 

Now in its 17th edition, the GII is a key resource for tracking innovation trends, guiding policymakers and business leaders in tackling challenges like climate change. This year’s GII also highlights "social entrepreneurship," which combines business practices with social impact goals to address global issues.

The 2024 GII ranks Switzerland, Sweden, the US, Singapore, and the UK as top innovators, leading in R&D, patents, and venture capital. Emerging economies like China, Türkiye, India, Vietnam, and the Philippines have also made significant gains, driven by targeted innovation policies.

The Netherlands among top global innovators

The Netherlands ranks highest in business sophistication, creative outputs (7th), and knowledge and technology outputs (8th). However, it can improve in the areas of infrastructure (25th), where it ranks the lowest, human capital and research, market sophistication (14th), and institutions (9th).

The 2024 Global Innovation Index presents challenges and opportunities for Amsterdam and the Netherlands. Amid tightening funding and rising competition, the Netherlands can leverage its strengths in social entrepreneurship, climate tech, and advanced R&D to strengthen its innovation ecosystem and enhance its role in European and global innovation.

This latest global ranking reinforces the country’s strong standing as a European leader in innovation, remaining in the top 5 in the EU and now in the top 8 worldwide, especially in technology and research. Despite a drop in one place, the Netherlands has managed to maintain its competitive position in Europe and globally, staying responsive to these developments, especially as innovation investments face increasing financial pressures.

Innovation investment challenges and opportunities

The GII 2024 report reveals a sharp decline in innovation investments, with venture capital and R&D funding returning to pre-pandemic levels due to high interest rates and cautious investment. This slowdown, impacting regions like Latin America and Africa, poses challenges for economies reliant on foreign funding.

Innovation investments saw a significant downturn in 2023, reversing the growth seen from 2020 to 2022. Despite this, technology continues to advance quickly, with increased adoption and positive socioeconomic impacts. However, progress in climate technology has slowed or declined globally. Social entrepreneurship—a growing theme in the GII offers promising growth opportunities. Despite economic downturn risks, the past year has seen key investors, including SET Ventures, Carbon Equity, and Move Energy, invest millions in climate tech in the Dutch capital.

Read more about Amsterdam’s innovative business landscape