#7 Serbia

Score: 0.93

The innovation fund available in the country established by the Serbia Innovation Law in order to provide funding for innovation, aids the high tech startups and entrepreneurs by financing upto 85 percent of project costs for activities such as development of the proof of concept, prototyping, and business plan preparation. The country is also actively developing institutional capacity to stimulate innovative activities in the enterprise sector.

Related: 7 Biggest R&D Spenders In Tech World

#6 Paraguay

Score: 0.94

Paraguay, a country whose 34.7 percent of total population living below the poverty line, comes as a surprise to the list as a forefront of innovation. The land-locked Latin American country’s GDP dedicated to Science and Technology is just 0.06 percent. However, from the past few years, there have been improvements in tech related jobs and also the number of people doing PhD and master’s which allows more research in the areas of innovation.