The European Commission (EC) recently ranked Ireland in the Top 3 countries getting the most out of innovation.

The EC developed an “Indicator of Innovation Output” to monitor the EU’s performance against its main trading partners by measuring the share of fast-growing innovative companies in the economy, and measuring the extent to which ideas stemming from innovative sectors are capable of reaching the market, providing better jobs, and increasing European competitiveness. The ability of an economy to transfer technological innovation is one of the components on which the new indicator on innovation output is based. This was measured by the number of International (PCT) patent applications per billion gross domestic product (GDP). This criterion was chosen to reflect the ability of an economy to transform knowledge generated by investing in research and development into marketable innovations.

Let’s take a look at how Ireland performs as a patent nation…

Click here to view inforgraphic.