Today’s world relies on new technologies and innovative solutions to old problems. In order to be truly competitive, countries have to invest heavily in research and development, and create an environment where new business ideas can thrive. Although Brazil has the 8th largest economy in the world, with a GDP of more than USD 2 trillion, it ranks only 64th in the Global Innovation Index (GII), published annually by Cornell University, INSEAD and the World Intellectual Property Organization (WIPO).
According to the ranking, Brazil trails behind smaller Latin American economies such as Chile, Costa Rica, and Mexico. But why is the strongest regional economy (and one of the largest in the world) not able to keep up with the global need for creativity and development?