Innovation factors for high and middle-income countries in the innovation management context

Abstract

Objectives: It is generally recognized that innovation is an important determinant of economic and social development in a globalized competitive economy. Under these conditions, the correct management of innovations at different levels and in various forms is one of the key conditions for success at all levels of economic activity. At the same time, various innovation factors exist and operate, and it is possible to single out the corresponding indicators that reflect the level of economic development of the country as a whole and its dynamics. However, to date, there has been a relatively limited amount of research on the characteristics that a country needs to have in order to innovate successfully. In more depth, questions remain about what the key innovation factors of a country are and how they affect its economic development level. Methods/Approach: The object of the study was the relationship between the key innovation factors and the economic development level. The aim of the study was to determine the possible relationship between the relevant innovation indicators and the level of development for high and medium-developed countries. Study approach: As a research methodology, the linear regression approach was used using the ordinary least squares model. Results: As a result, estimates of the relationship between the considered innovation indicators and the level of development were obtained. This makes it possible to single out priority areas and tools for improving innovation activity in order to achieve economic development. Conclusions: The obtained results can serve as a starting point for more detailed studies of various criteria for innovative activity and its implementation. The identified criteria can serve as a practical tool and be used in the process of management and measurement of innovation processes.