Alvin Lai Oon Ng, DPsych’s Post

📈 The European Commission releases the Innovation Scoreboard 2024 🌍 The latest edition of the European Innovation Scoreboard (EIS) 2024 reveals that the European Union continues to improve in innovation, with a 10% increase since 2017 and a 0.5% growth between 2023 and 2024. 🏆 🔹 Innovation Leaders: Denmark leads the EU in innovation, followed by Sweden. Estonia and Belgium are recognized as strong innovators. 🔹 Global Trends: Switzerland is the most innovative European country, while South Korea leads globally. China has surpassed Japan, narrowing the gap with the EU. 🔹 Challenges and Opportunities: While the EU shows strong performance in many indicators, it still faces challenges in areas like intellectual assets and business R&D expenditure. Research collaboration and digitalization are key to continued progress. 🔹 Spain: Ranked as a moderate innovator, Spain has shown positive trends in research collaboration but still needs to close the gap with innovation leaders. Specifically, Spain scores 98.9 points compared to the EU average of 110 points, marking an improvement of nearly ten points since 2017. This places Spain at the 15th position among the twenty-seven EU member states. Enhancing investment in innovation is crucial to fostering continuous growth and maintaining competitiveness in a rapidly evolving global market #Innovation #EU #Technology #Development #Research #EuropeanInnovation #EIS2024 https://lnkd.in/dgdBq-Xn

With significant recent investments announced from Germany and China in key technology sectors, Malaysia now needs to ensure that foreign direct investment contributes to meaningful technological advancements that will propel the nation towards high-income status. With Malaysia's R&D expenditure lagging behind regional competitors, fostering ecosystems and innovation-driven growth is crucial for the next steps in driving sustainable economic prosperity.

Malaysia must shift gears to innovation hub - https://lnkd.in/gJ5Tqa_Y Prime Minister Datuk Seri Anwar Ibrahim's international efforts are yielding promising results. Recent trips secured potential investments from Germany (RM45.4 billion) and China (RM170 billion) in crucial sectors like semiconductors, aerospace, and medical devices. This aligns with Malaysia's strategic goal of attracting foreign direct investment (FDI) that fosters technological advancement and propels the nation towards becoming a high-income economy. Data from the Malaysian Investment Development Authority (Mida) confirms a significant rise in approved investments in 2023, reaching RM329.5 billion, with FDI being the major contributor. Investments should contribute to technological advancement and propel the nation towards a high-income status. To achieve this, a robust framework for monitoring, evaluation, and facilitation is necessary. Malaysia's economic story is one of remarkable transformation. From its roots in agriculture, the nation transitioned into a manufacturing powerhouse, with the electronics and electrical (E&E) sector serving as its driving force. This strategy fuelled rapid economic growth, propelling Malaysia towards becoming a middle-income economy. However, a crucial element has been missing: A strategic shift towards climbing the value chain. Malaysia holds a significant share of the global E&E market (13.6 per cent). However, its contribution lies primarily in low-value assembly and packaging. This translates to limited technological advancement and a workforce skilled in routine tasks. While this approach has yielded economic benefits, it presents a significant challenge: Can Malaysia achieve its aspirations of becoming a high-income nation solely by relying on assembly-based activities? An unfortunate consequence of over-dependence on assembly has been the neglect of domestic research and development (R&D) capabilities. This has not only limited technological innovation but also hindered the creation of high-skilled jobs within the E&E sector. According to The World Bank, Malaysia's spending on R&D as a percentage of GDP is significantly lower compared to regional competitors like Singapore and South Korea.

I have spent few days in Shanghai last week after few years of absence mostly due to COVID. Overall, it was great to catch up with friends, colleagues, ex colleagues and business/industry leaders. Despite I use to live there for several years, and as well I have been regularly traveling in China, there is still one thing that always surprises me every time: How fast is innovation and especially how fast innovation scale up. We always tend to focus on the upstream part of innovation but in China one of the key elements is actually the downstream, specifically the consumers. The overall rate of innovation adoption is unique in my view and this is absolutely crucial in order to scale it up at speed. Despite tendency is to think that this is only because of a vast number of young people present in the country (very sizable segment considering China population size) my view is that in reality also senior citizen are very critical in this matter. If I compare with other countries the innovation adoption from senior citizen is higher and faster, sometimes just outstanding. This led me to think that despite also China population is aging, innovation will still penetrate at the fastest rate globally. In my view, many companies/organizations across multiple industries do not really embrace this and leverage this enough to build or at least support a global pipeline of innovation. After reflecting on this topic, I also found out an interesting article from HBR that speak from different angles about this subject. Have a look at it if fast innovation inspires you. https://lnkd.in/gnHfXT-V

Lithuania Achieves Highest Growth in EU in Innovation Ecosystem, Reports European Innovation Scoreboard 2024. The European Commission has recently unveiled the results of the European Innovation Scoreboard 2024, highlighting significant strides in #Lithuania’s innovation ecosystem. Over the period from 2023 to 2024, Lithuania has demonstrated the highest 📈 growth rate in the #EU, with an impressive increase of 3.7 percentage points, surpassing the EU average of 0.6%. This marks the highest level of development in Lithuania’s innovation ecosystem to date, reflected by a cumulative innovation index score of 92 points. Lithuania’s innovation growth is 10% ahead of the EU average. From 2017 to 2024, Lithuania has shown consistent progress, culminating in a 16% improvement over this period. Similar advancements are observed in countries such as Belgium and Italy, each with a 15% increase. More information: https://lnkd.in/gEBWgJjP #Innovation #Lithuania #LithuaniaCoCreate

Lithuania Achieves Highest Growth in EU in Innovation Ecosystem, Reports European Innovation Scoreboard 2024. The European Commission has recently unveiled the results of the European Innovation Scoreboard 2024, highlighting significant strides in #Lithuania’s innovation ecosystem. Over the period from 2023 to 2024, Lithuania has demonstrated the highest 📈 growth rate in the #EU, with an impressive increase of 3.7 percentage points, surpassing the EU average of 0.6%. This marks the highest level of development in Lithuania’s innovation ecosystem to date, reflected by a cumulative innovation index score of 92 points. Lithuania’s innovation growth is 10% ahead of the EU average. From 2017 to 2024, Lithuania has shown consistent progress, culminating in a 16% improvement over this period. Similar advancements are observed in countries such as Belgium and Italy, each with a 15% increase. More information: https://lnkd.in/gEBWgJjP #Innovation #Lithuania #LithuaniaCoCreate

Lithuania Achieves Highest Growth in EU in Innovation Ecosystem, Reports European Innovation Scoreboard 2024.   The European Commission has recently unveiled the results of the European Innovation Scoreboard 2024, highlighting significant strides in #Lithuania’s innovation ecosystem. Over the period from 2023 to 2024, Lithuania has demonstrated the highest 📈 growth rate in the #EU, with an impressive increase of 3.7 percentage points, surpassing the EU average of 0.6%. This marks the highest level of development in Lithuania’s innovation ecosystem to date, reflected by a cumulative innovation index score of 92 points.   Lithuania’s innovation growth is 10% ahead of the EU average. From 2017 to 2024, Lithuania has shown consistent progress, culminating in a 16% improvement over this period. Similar advancements are observed in countries such as Belgium and Italy, each with a 15% increase.   More information: https://lnkd.in/gEBWgJjP #Innovation #Lithuania #LithuaniaCoCreate

Lagging behind in innovation means lacking competitiveness and the inability to effectively respond and adapt to market changes, which results in low production efficiency and slow economic growth. This ultimately weakens overall development potential. Through measures such as technology transfer, financial assistance and talent training, the international community can help less developed regions to boost their innovation capability, as well as contribute to knowledge sharing and promoting balanced development among regions.

pdf Mastering Innovation in China: Insights from History on China’s Journey towards Innovation Joachim Jan Thraen (auth.) digsell Joachim Jan Thraen uses insights from history to provide a fresh perspective on China’s potential transition towards a global innovation leader. He applies historical evidence from countries like the United States, Germany, and Japan in the 19th and 20th century and builds on results from four case studies to reveal key strategies that firms can utilize to leverage China as a global hub of innovation. China’s large market, strong manufacturing networks, increasing R&D capabilities, and a government strongly supporting innovation provide unique opportunities for new forms of innovation driven by efficiency, rapid commercialization, and large volumes. Managers that understand China’s … Read More » https://lnkd.in/da3ZVMK7

Lithuania Achieves Highest Growth in EU in Innovation Ecosystem, Reports European Innovation Scoreboard 2024. The European Commission has recently unveiled the results of the European Innovation Scoreboard 2024, highlighting significant strides in #Lithuania’s innovation ecosystem. Over the period from 2023 to 2024, Lithuania has demonstrated the highest growth rate in the #EU, with an impressive increase of 3.7 percentage points, surpassing the EU average of 0.6%. This marks the highest level of development in Lithuania’s innovation ecosystem to date, reflected by a cumulative innovation index score of 92 points. Lithuania’s innovation growth is 10% ahead of the EU average. From 2017 to 2024, Lithuania has shown consistent progress, culminating in a 16% improvement over this period. Similar advancements are observed in countries such as Belgium and Italy, each with a 15% increase. More information: https://lnkd.in/gEBWgJjP #Innovation #Lithuania #LithuaniaCoCreate