 Innovation is very important for inspiring people. The world today has enormous numbers of young people and they need something to look forward to. They need to be inspired to create the best that they can and to create value in societies around them. And emerging markets has become especially important and today in the Innovation Index results we see innovation emerging in different parts of the world. So companies and governments need to have a global perspective in innovation and they keep need to benchmarking themselves for continuous progress. Innovation is fundamental to the economy and to society. It's the major component of economic growth. It's the source of competitiveness. It's the way in which we are able to overcome as a society the challenges that we face which are generally technological. Why a Global Innovation Index? It's very important to have some form of measure of the components that go into constituting successful innovation and this is what the index does and it constitutes a benchmark that countries are able to use for policy purposes to determine whether they have the right settings to encourage the right amount and sort of innovation. The World Intellectual Property Organization is very happy to be a knowledge partner in the Global Innovation Index. The reason we have intellectual property is to encourage innovation. The patent system exists to encourage investment in research and development, one of the important components of course in reducing successful innovation.