The Commonwealth innovation index was launched as part of a new Commonwealth Innovation Hub on the sidelines of the Commonwealth Heads of Government Meeting (CHOGM). The Index is created in partnership with the United Nations World Intellectual Property Organisation (WIPO) and its annual Global Innovation Index (GII).
The initiative aims at providing a tool that would allow the member states, citizens and the organizations in the member states to benchmark themselves against 53 member countries of the Commonwealth.
The new innovation hub would offer a dedicated online space for the members of the Commonwealth to showcase what they have to offer and share with the other member’s nations.
The Index was topped by Canada, Singapore and the United Kingdom, while India was ranked tenth.
Global Innovation Fund (GIF)
Global Innovation Fund (GIF) would function as the delivery partner for hosting a new Commonwealth Innovation Fund (CIF), which would use GIF’s existing due diligence processes for evaluating, sourcing and investing, in order to generate a high-quality portfolio of enterprises which are in alignment with the priorities of the Commonwealth Secretariat.
The GIF will manage the fund and its investments, which will be targeted at innovative projects across Commonwealth countries that “save and improve lives”.
Debt investments, grants and equity would be deployed by the CIF in order to support innovators across the Commonwealth for accelerating the development, testing and scaling up of evidence-based and market-tested innovations.
The target size of the new fund, with financial commitments from member-countries, is expected to be 25 million pounds of initial funds to prove the new model.
Commonwealth Heads of Government Meeting (CHOGM)
It is a biennial (every two years) summit meeting of the heads of government from all the Commonwealth nations.
Every two years the meeting is held in a different member state and is chaired by that nation’s respective Prime Minister or President who becomes the Commonwealth Chair-in-Office until the next meeting.
The first Commonwealth Heads of Government Meeting was held in 1971.