According to the European Innovation Survey, Switzerland is the innovation leader in Europe. The country thereby surpasses countries such as Germany, Finland or Sweden in most of the relevant indicator areas. In addition to that, Switzerland is also rated as one of the most competitive countries in the world, according to the World Economic Forum and other sources. The paper addresses the question how Switzerland managed to become an innovation leader, what the current situation looks like and how these advantages can be sustained. Method wise, it is the result of an analysis of secondary data from multiple sources combined with a series of interviews and workshops with major stakeholders in the innovation field in Switzerland. The results are presented within an adapted national innovation system framework. The most interesting question focuses on the future of the system and how the advantages created can be kept compared to emerging countries such as China or India.