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Fostering innovative entrepreneurship

Challenges and policy options

image of Fostering innovative entrepreneurship
This publication sheds light on innovative entrepreneurship and difficulties that entrepreneurs face when creating businesses based on research and development results. The legal and regulatory conditions for enterprise development and the existing infrastructure for applied research are explored. Sources of financing for innovative entrepreneurs and roles of specialized financial providers are explored. Highlighted is the need to strengthen linkages between institutions that generate knowledge and the firms that strive to use it commercially. The publication discusses government policies facilitating the emergence of new innovation-based enterprises, its initial growth, identifying bottlenecks and suggesting corrective action for governments and other stakeholders.

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Innovative entrepreneurship as a key factor of modern economic development

In recent decades, innovation has become the focus of economic research as a key long-term factor of economic development. Usually, the start of in-depth innovation studies is associated with the work of Joseph Schumpeter, one of the most influential economists of the twentieth century. A real explosion of interest by social scientists from different schools of thought to the issues of innovation and its role in economic development occurred after the Second World War and has continued through the beginning of the 2000s. The results of innovation studies have increasingly emphasized the link between innovation, underlying research and entrepreneurial effort aimed at commercializing the results of R&D. In many instances innovation is a precondition for an enterprise acquiring a competitive advantage. At the same time, start-ups and academic spin-offs, which bring the R&D results to the market are argued to have become a major driver of continuous and sustainable economic growth.

English

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