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.



Factors influencing the commercialization of R&D results and innovation

The process of innovation goes through a number of stages starting from the laboratory inventions and ending with the new products and processes appearing on the market. This process involves several stakeholders, which enable the commercialization of innovation to occur. The major stages and actors involved in the innovation process are presented schematically in Box 1 and Box 2. While Box 1 illustrates a traditional ("linear") model of innovation and commercialization, Box 2 highlights an interactive or "feedback" approach to these processes.


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