Innovation and investment policy: essence and interconnection definitions
Journal Title: Економіка. Фінанси. Право - Year 2019, Vol 4, Issue
Abstract
Introduction. The most significant feature of the modern world’s development is high technological capacity. It stimulates subjects to form necessary innovation policy. These subjects are the state, the region and enterprises. However, the introduction of innovation requires the search for sources of its resource support. First of all, it is financial support. In this context, the issue of combining the definitions "innovation policy" and "investment policy" and the search of the interconnection between them becomes actual view. Purpose. The purpose of the article is to find the common points between the definitions "innovation policy" and "investment policy" and combine them into one definition - "innovation and investment policy". Results. The interconnection between innovation and investment policies through on the cyclical nature base of these processes has been researched in the article. Five common points between innovation’s life cycles and investment processes that combine them have been identified. The most common point that combines definitions “innovation” and “investment” is the need to finance each stages of the innovation’s life cycle. The model of interconnection of innovation and investment policy has been constructed through combining the stages of the life cycle with the sources of their financing. The classical approach involves separating the four stages of the life cycle of the innovation process. This approach has been proposed to be grouped into two phases – technical (materialization of ideas) and economical (commercialization of innovations). The approaches of different scholars to the concepts of "innovative" and "investment" policies have been analysed. The definition of the "innovation and investment policy" has been presented by the authors. Conclusion. The main purpose of innovation and investment policy is organization of the concept of an "innovation triangle" that describes the cooperation of the three main subjects that provide the creation and implementation of innovation in life: the inventor, developer and consumer. It does not depend on the level (macro, meso or micro). The implementation of this concept requires some support tools, both from the state and the regions because the issue of investment support for innovation development of enterprises is the most acute.
Authors and Affiliations
Nataliia Lvivna Ovander, Tetiana Oleksandrivna Biliak, Alla Vasylivna Overchuk
Keywords
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