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And while Europe was busy debating bitcoin's future, Switzerland already opened up the region's first bitcoin ATM earlier this year.
The country has managed to maintain its No. 1 ranking on the Global Innovation Index for four years in a row.
Switzerland's résumé is definitely impressive: The country boasts the second-highest number of patents per person - second to Japan. Its residents have won more Nobel Prizes per capita than any other country. But the key to creating the best inventions is a highly qualified workforce, and this is what distinguishes Switzerland from the rest.
So how is Switzerland breeding the most innovative minds? It starts very early. The Swiss have a unique dual-system of vocational education and training, or VET - considered by many to be the best in Europe.
A practical education
Once students in Switzerland reach the ninth grade, they can choose either to continue to upper-secondary education or to enroll in a VET program - which 70% of them do. VET is overwhelmingly popular because students study theory at school coupled with a three- to four-year apprenticeship at a company in their industry of choice. They can do anything from working on machinery to advising investors - everything a full-time employee does.
This program is an equally important investment for companies and the government as it is for the students. For starters, it helps fuel the economy, so much so that Switzerland boasts a 3.4% youth unemployment rate. To put that into perspective, as of July 2015, the youth unemployment rate in the US was a staggering 11.7%.
The VET program is an important factor in maintaining Switzerland's stronghold in the tech and biotech industries as it creates highly qualified and competitive candidates for employment in the STEM fields. In fact, about one-third of people in the country's research and development field are graduates of the VET program.
A diverse workforce
But not all of the country's talent is homegrown. About a quarter of the workforce is made up of non-Swiss. High quality talent flocks to the country for its high standard of living, career and research opportunities, and education system.
Top tech and biotech companies like Google, Microsoft, and Biogen have established operations there to tap into this diverse talent pool. Because Switzerland is attracting top talent from all over, it's now one of the top five most cosmopolitan economies.
With the combination of its diversity and excellent education system, Switzerland is grooming talent to lead the world's tech and biotech industry for years to come.
Learn more about how Switzerland is creating the right talent for innovation.
This post is sponsored by Switzerland Global Enterprise.
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