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THE INTERACTION OF SCIENCE AND BUSINESS AS A FACTOR IN THE INNOVATIVE DEVELOPMENT OF THE ECONOMY: CASE OF LATVIA
Abstract
The formation of an innovative economy means the transformation of the intellect, the creative potential of a person into a leading factor in economic growth and national competitiveness. The source of high incomes is not only the possibility of obtaining income from the use of natural resources, due to the high world market conditions, but also the production of new ideas, technologies and social innovations. The interaction between business and science arises in the field of innovation, so it is easy to trace the connection between economic development and scientific inventions and discoveries. The creation of a productive alliance of science and business is by far the most promising direction for the development of the economy in Latvia. Most researchers note the positive impact of industrial-scientific cooperation on the processes of innovation activity. The purpose of this study is to identify factors hindering the introduction of innovative developments in Latvian enterprises. The authors analyzed the main strategies for interaction between business and science, identified the main factors influencing the effectiveness of this cooperation and identified the main factors influencing the commercialization of innovations. The main problem of interaction between business and science is the almost complete lack of coordination between science and the real sector of the economy.
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