Nordic nations dominate the top 15, while South Korea reigns supreme and Russia is dealt a huge blow

by Michelle Jamrisko & Wei Lu More stories by Wei Lu

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There’s something about those Nordic countries.

Government financing particularly for small firms has made the difference in a country traditionally dominated by multi-national companies, said Asa Lindholm Dahlstrand, professor in innovation studies at the Centre for Innovation, Research and Competence in the Learning Economy at Lund University in Sweden. The emphasis on research and development — the country stayed at No. 5 for the R&D spending sub-category — has helped Sweden weather the continent’s economic storms of the past several years.