- The McGill International Entrepreneurship series
Edited by Hamid Etemad
Chapter 14: Development of small innovative enterprises in Russia: internationalization issues
Innovation has a strong influence on the growth of the national economy and on the business success of the company. The capacity for innovation is becoming a crucial indicator of competitiveness. The authors of the Global Competitiveness Report emphasize that innovation is one of 12 pillars of competitiveness (The Global Competitiveness Report, 2009–2010: 4–7). They note that: firms . . . must design and develop cutting-edge products and processes to maintain a competitive edge. This requires an environment that is conducive to innovative activity, supported by both the public and the private sectors. In particular, this means sufficient investment in research and development (R & D) especially by the private sector, the presence of high-quality scientific research institutions, extensive collaboration in research between universities and industry, and the protection of intellectual property. (The Global Competitiveness Report, 2009–2010: 7) The impact of firms relying on the innovation process is crucial to economic growth (Tucker 2002).
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