Bogota has the best score in the Colombian Innovation Index. Do you know why?
Bogota has been recognized as the city with the highest position in the Colombian Innovation Index. Get to know the facts that make Bogota number 1 in the country.
But first, what does innovation mean and how is it measured?
Innovation is understood as a process through which a product, service, or process is transformed. The added value of these transformations generates competitiveness and a rise in production.
As a consequence of this, a city with a high innovation index is more likely to have a permanent development than one that doesn’t have these innovation conditions.
The innovation index is measured by certain inputs, such as local institutions, human capital, infrastructure, and the sophistication of markets and businesses; and the results of this environment, which are creativity, knowledge, and technological production.
Thus, the innovation index is the result of the environment that fosters and encourages the innovation processes and the resulting projects and ideas.
Then, which are the main aspects that make Bogota the city with the highest innovation index in Colombia?
Bogota Region has the highest capacities for innovation in comparison with the other 31 Colombian regions. It is also noticeable that Colombia is the fifth highest country in Latin America and the Caribbean, and the 68th in the 2020 Global Innovation Index, which measures 131 economies around the world.
According to the Departmental Innovation Index for Colombia in 2020, the main aspects that give Bogota first place in the Colombian innovation index are:
- Its institutional and regulatory environment, which includes aspects such as the Government effectivity, the local political environment in terms of stability, and the effectiveness and quality of its institutions.
- Its human capital. In this regard, the city stands out because of its primary and secondary education, the average years in school, and the students’ performance on national tests.
- Its Access to Information and Communications Technology (TIC), which gives people the opportunity to learn and exchange ideas.
- Its commercial and competitive environment, in which there are diverse companies in different sectors that are always growing and expanding.
- Its production of knowledge and technology. This is evident in the capability that its human talent has to learn, acquire knowledge and create and disseminate new ideas.
- Its creative production, which is visible in aspects such as registered trademarks and patents, the use of TIC to innovate, the making of digital and informative contents, and the creation of digital startups and entrepreneurship.
Bogota Region is the only Colombian region having an efficiency ratio greater than one. This means that its innovation ecosystem has a high capacity to transform inputs into results.