Report published September 24, 2026
Innovation: From Invention to Commercialization – UBS Macro Thematic Report
UBS · September 24, 2026
While Switzerland leads the Global Innovation Index due to massive R&D spending, its startup ecosystem suffers from a venture capital funding gap. To commercialize inventions and avoid losing startups to foreign ecosystems, Switzerland needs to double or quadruple its VC investment.
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Finvaulta summarizes UBS's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.
Key Takeaways
- 1.Switzerland excels in research and invention but lags significantly in venture capital funding needed to commercialize those inventions.
- 2.To match top startup ecosystems, Switzerland must expand venture capital funding by two to four times its current level.
- 3.Without closing the venture capital gap, Switzerland risks startup relocation, lost tax revenue, and diminished economic growth.
Table of Contents
- Global Innovation Index and ecosystem strength
- Invention versus innovation
- Thomas Edison – the light bulb
- R&D investments versus VC investments
- Closing the funding gap
Report data
Fig. 3: Funding gap in Switzerland
| Metric | Estimate | Context |
|---|---|---|
| Years leading the Global Innovation Index (GII) | 15 years | Switzerland led the Global Innovation Index for the 15th consecutive year. |
| Venture capital invested per dollar of R&D expenditure (Switzerland) | 0.04 USD | Switzerland allocates USD 0.04 in VC for every dollar spent on R&D. |
| Average VC invested per dollar of R&D expenditure across 22 strongest ecosystems | 0.06 USD | Average VC-to-R&D funding ratio across 22 benchmark ecosystems. |
| Venture capital invested per dollar of R&D expenditure (Israel) | 0.28 USD | Israel leads global startup ecosystems in VC funding per dollar of R&D. |
| Venture capital invested per dollar of R&D expenditure (United States) | 0.15 USD | US allocates USD 0.15 in VC per dollar of R&D expenditure. |
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Swiss Economy is shown in chronological order through this edition, published on September 24, 2026.
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