Draper Hero Institute Launches Real-Time Updates to the Global Innovation Index
Monthly data updates will include the state of economic opportunity and freedom
SAN MATEO, Calif., Oct. 5, 2021 /PRNewswire/ -- Today, the Draper Hero Institute (DHI) announced the Draper Innovation Index Global 2.0, which will be the first index of its kind to be updated monthly to reflect the most current state of the ever-evolving state of economic opportunities, economic freedom for innovators, entrepreneurs, and investors around the globe.
"The combination of democracy and economic freedom has become a key competitive advantage for countries across the world in a time of continuing pandemic-related regulations, uncertainty about the future, and fierce economic competition fueled by remote work's decoupling of economic activity and physical locations," said Dr. Wallace Walrod, DHI's Chief Economic Advisor.
The Economist Intelligence Unit, whose research has been incorporated into the DII Global, notes that democracy "was dealt a major blow in 2020." Almost 70% of countries covered by the Democracy Index recorded a decline in their overall score, as most of them imposed lockdowns in response to the COVID-19 pandemic.
The updated version of the DII Global now includes:
- The DII Global's Government Quality category now incorporates the Economist Intelligence Unit's Democracy Index, which evaluates nations based on five indicator categories: electoral processes and pluralism, government functioning, political participation, political culture and civil liberties. First published in 2006, the Democracy Index draws on survey questions and expert analysis and is updated quarterly. It classifies nations into four categories: full democracies, flawed democracies, hybrid regimes, and authoritarian regimes.
- The DII's new Country Sentiment Index, a proprietary DII algorithm, incorporates three main components:
- S&P Dow Jones' Global Equity Indices, which measures changes in equity markets, in a specific country or region;
- Currency fluctuations in relation to the price of Bitcoin;
- The World Uncertainty Index (WUI), created by International Monetary Fund and Stanford University economists in 2018 as "the first effort to construct a panel index of uncertainty for a large set of developed and developing countries."
"These additions enable the DII Global to better accomplish its core mission, providing a global look at which countries and regions have the freest economies and the best, most supportive environments for innovation, entrepreneurship, and investment," said DHI Founder Tim Draper. "This knowledge is more important now than ever, as the competition for employers, skilled workforce, and capital has only become fiercer since governments now need to compete globally for innovators."
Make sure to revisit the DII Global each month to see how rankings continue to shift based on the most current data.
About Draper Hero Institute
Founded by legendary Silicon Valley venture capitalist and entrepreneur Timothy C. Draper, Draper Hero Institute (DHI) provides applicable and modern resources for future entrepreneurs globally and ensures inclusiveness and opportunities for all. As an action-based research institution, DHI focuses its efforts on non-traditional pathways to guide future entrepreneurs in the new economy.
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