The Role Of R&D And Innovation In Local Economic Development
The Role Of R&D And Innovation In Local Economic Development

Summary/Abstract: The paper looks at the issue of R&D and innovation first from the overall impact on economic growth and development and discusses questions of national innovation system and its constitutive elements. From there we focus more precisely on the concept of innovation capacity, which is a prerequisite for a specific environment if R&D and innovation efforts are to result in economic development. The build-up of innovation capacity depends on the development of innovation infrastructure, R&D capacity, diffusion and assimilation of innovation as well as the level of market development. Each of these elements can be influenced by appropriate innovation policy and a set of innovation support measures provided by the state, regional or/and local government. The ability to successfully implement innovation support measures depends on governance capacity, which is one of the most critical issues in many transition countries, including Bosnia and Herzegovina.

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