Costa Rica and its innovation potential

The WIPO recently published along with Cornell University and the INSEAD School, the Global Innovation Index (GII) 2016 Report, a tool that ranks innovation of 92.8% of the global population on an annual basis.  This year, Costa Rica reached the 46th position in this ranking, moving 5 places up compared to its performance in 2015.  In addition, the country ranked second in the Latin American and the Caribbean region.

The GII is relevant because it constitutes a tool available to adopt decisions and outline public policies, establishing innovation as a local strategy for economic growth.  Currently, Costa Rica is facing a number of challenges regarding urbanism, transportation, poverty and employment, which require immediate attention and effective long-term solutions.  Innovation, seen as a requirement to increase productivity, plays a key role in finding solutions to all these issues.

Even though there is no standard formula for innovation, there are some recommendations that should be taken into consideration, the first of which would be investing in research and development.

Also, the creation of strategic alliances between the different market stakeholders would be recommended to drive us to a win-win scenario.  This synergy does not have be restricted to the corporate environment, as the collaboration between countries may translate to positive outcomes in terms of developing capabilities to find solutions to common issues.

Costa Rica reached the 46th position in the GII ranking thanks to strengths such as its performance in education, business sophistication, and export capacity of cultural and creative services as a percentage of its aggregate trade figures.  However, there is still room for improvement, such as the easiness to set up businesses, general infrastructure, and the need of domestic investment.

It must be reminded that the strategic execution of an innovative plan is one of the primary measures for success, which may lead to enhanced economic growth and improved productivity.  Costa Rica is well ranked globally speaking, but there is potential to push further.  This is the right time to outline clear innovation policies and keep moving forward, not because the country has moved up in the ranking, but because our future as a country depends on this.

 

 

By: Anel Aguilar, BLP Associate.

Anel has over 5 years of experience in the legal profession. She specializes in Intellectual Property and Corporate & Commercial practice areas. Regarding Intellectual Property, she has extensive experience in trademarks, copyrights and patents issues. As for Corporate & Commercial, Anel has deep knowledge in day-to-day operations of companies, as well as in company management, shareholding issues, mergers & acquisitions, and sale and purchase of assets.