Priority Factors of Innovation for the Development of Country

Dmytro Zakharov; Ghenadie Ciobanu

doi:10.26642/ppa-2022-1(4)-15-22

Authors

Dmytro Zakharov Zhytomyr Polytechnic State University, Ukraine https://orcid.org/0000-0003-3423-0093
Ghenadie Ciobanu ARTIFEX University, Romania https://orcid.org/0000-0002-2361-9717

DOI:

https://doi.org/10.26642/ppa-2022-1(4)-15-22

Keywords:

innovation economy, education, investment, business, digitalization

Abstract

The article analyzes the impact of education, investment climate, and ease of doing business in the country on its innovative
development. The correlation is set at 0.67. The influence of each of the factors on the level of economic development is
analyzed. The greatest interdependence was found between the level of education and the level of innovative development.
The analysis shows that the selected factors are critical for the development of innovation in the country and need attention
from both the state and the business environment. Improving the quality of education promotes innovation and thus stimulates
economic growth. At the same time, economic growth is the basis and important condition for the development of education,
including technical. The innovative business environment is sensitive to the complexity of regulations. In addition to
incentives, the state must provide accessible and transparent rules for innovative business. Investing in innovation is a crucial
factor in transforming the economic system. Innovation and investment are interconnected and cannot exist in isolation. The
growing share of both government and business investment in research and development contributes to exponential growth.

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