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Austria is becoming a top innovation location

13. July 2017

Austria has come seventh on the 2017 European Innovation Scoreboard – up from tenth place last year.

Austria’s strategy for research, technology and innovation aims to make Austria one of Europe’s trailblazing ‘Innovation Leaders’ by 2020. The strategy is right on track: Austria has climbed from tenth to seventh place in the latest EU innovation rankings.

The Innovation Leaders are the countries scoring way above the EU average in the Summary Innovation Index. The group is led by Sweden, with a Summary Innovation Index of 143.6 points, followed by Denmark, Finland, the Netherlands, the UK and Germany (123.4 points). On a score of 121.5 points, Austria leads the second-most dynamic group, the ‘Strong Innovators’, which also includes Luxembourg, Belgium, Ireland, France and Slovenia.

It all proves that measures like Austria’s Open Innovation Strategy and rising R&D investment are beginning to bear fruit. Austria has made particular progress in corporate financing and innovation, as well as boosting R&D spending in the commercial sector.

The European Innovation Scoreboard uses 27 innovation-related indicators to compare development and innovation output for EU member states and their principal competitors. The annual ranking reflects performance, the relative deficits of the location and the successes achieved by the country’s innovation policy.