Global Innovation Index

The Global Innovation Index (GII) is an annual ranking of countries by their capacity for, and success in, innovation. It is published by Cornell University, INSEAD, and the World Intellectual Property Organization, in partnership with other organisations and institutions, and is based on both subjective and objective data derived from several sources, including the International Telecommunication Union, the World Bank and the World Economic Forum. The index was started in 2007 by INSEAD and "World Business", a British magazine. The GII is commonly used by corporate and government officials to compare countries by their level of innovation.
The GII is computed by taking a simple average of the scores in two sub-indices, the Innovation Input Index and Innovation Output Index, which are composed of five and two pillars respectively. Each of these pillars describe an attribute of innovation, and comprise up to five indicators, and their score is calculated by the weighted average method. It has been criticized for giving excessive significance attributed to factors that aren’t integral to innovation. For instance, “"Ease of Paying Taxes"“, “"Electricity Output"“(half-weightage) and "“Ease of Protecting Minority Investors”" are factors alongside “"Ease of Getting Credit"” and “"Venture Capital Deals"“.