Luxembourg Ranks 11th In 2023 Global Innovation Scorecard
In the report by the Consumer Technology Association, which assessed 70 nations across 40 indicators and 17 categories, Luxembourg also ranked in the highest category and was deemed an innovation champion.
Since last year, the American innovation association, which also owns and produces CES Las Vegas, has been releasing its Global Innovation Scorecard. This year’s edition covered 70 countries across the world, including all EU and G20 members, across categories such as tax friendliness, entrepreneurial activity and cybersecurity.
The 17 categories and 40 indicators were chosen on the basis of which policies and practices were needed to support the next generation of entrepreneurs and innovators in bringing new technologies to life.
Adding four new indicators – telemedicine, cybersecurity, digital assets and artificial intelligence – and nine additional countries, this year’s Global Innovation Scorecard reflects the CTA’s most throughout and complete attempt at measuring innovation levels across the globe.
#GoInternational
It’s the second to last day for our delegation at @CES:#Luxembourg was handed the #innovation champion trophy
companies charmed jury members at various pitches
— Chambre de Commerce du Luxembourg (@ccluxembourg) January 9, 2023
Topping the charts is Finland, closely followed by the United States and Estonia. Luxembourg just misses out on the top 10 but is ranked ahead of tech leaders such as Israel, Germany and France.
Curiously, Luxembourg received its lowest grade, a ‘C’, in the categories of tax friendliness and drones. The reasons for this grade are Luxembourg’s corporate tax of 24.9% and its top individual tax rate of 45.8% and the absence of a “government-led group focused on advanced air mobility or a regional strategy to develop it”.
Luxembourg received the highest score (A+) for the categories of diversity, freedom and telehealth. Generally speaking, the Grandy Duchy was rated high in new business creation and maintaining policies promoting innovation. Next to creating a “more business-friendly tax environment”, Luxembourg should also focus on producing “more graduates in STEM disciplines”.
Ranked innovation champion along with 24 other countries, Luxembourg counts among the nations “embracing policies that unleash innovation and empower diverse communities to bring new technologies to life and to market, improving the lives of millions,” as put it Gary Shapiro, president and CEO of CTA.
For a closer look at Luxembourg’s scores as well as those of the other 69 countries, see here.
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