Inputs and outputs of innovation: analysis of the BRICS

Based on the importance of innovation to global competitiveness and the importance that the Brazil, Russia, India, China and South Africa countries represent for the world economy, the purpose of this study is to analyze the innovation progress of BRICS as a block and its individual members from 2008 to 2013. The Global Innovation Index was used as a source of data due to its recognized importance. Innovation is measured by inputs and outputs in this data bank. Two analyses were done. First, the innovation index of BRICS was analyzed as a whole showing a drastic decrease in the innovation index during the economic crises of 2008-2009 followed by a timid recovery. Second, a regression analysis between inputs and outputs for each country is run. The regression analysis by country presents a small R2 showing that the relation between inputs and outputs cannot be satisfactorily explained. However, when the BRICS group is considered it shows a significant relation with R2 = 64%.