Ecosystem factors contributing to innovation: A case of Latvian technological startup
Inese Ratanova
Faculty of Business, Management and Economics
University of Latvia, LV-1586,
Raiņa Blvd. 19, Latvia
Inesa Voroncuka
Faculty of Business, Management and Economics
University of Latvia, LV-1586,
Raiņa Blvd. 19, Latvia
Abstract
An innovative environment boosts technological innovativeness through the implementation of new technologies. At the same time, an innovative environment draws from technological innovation knowledge, which stimulates its development. The most innovative economies exemplify the strong link between the economy and science. The leading role of start-ups in EU economy is determined by a range of advantages originating from dynamic process of formation thereof, namely producing large number of new ideas, innovative projects diversification, creation of new jobs. Innovation takes place within an ecosystem of multiple factors. Any factor missing from the innovation ecosystem is the problem for new ideas from being generated or evolving into viable commercial products. At the same time, it should be noted, that a key indicator of EU innovation leaders is the effective commercialization of their technological innovations. The purpose of this paper is to analyze the set of factors and conditions conducive to the successful development of innovative entrepreneurship environment and technological start-ups in Latvia. Results of researches show that the main determinants of the innovation ecosystem are administrative requirements, government incentives, financial resources, academic-industry collaborations, research and development, commercialization, market dynamics, entrepreneurial culture.
Keywords
Commercialization of technologies, innovation, innovation ecosystem, start-up.
Biographies
Inese Ratanova is a PhD student of the Doctoral Programme on Management Science, sub-sector Business Management, at the University of Latvia, and senior lecturer at the Baltic International Academy. She earned bachelor’s professional degree in Entrepreneurship Management from the Baltic International Academy, and Master’s degree in Economics from the University of Latvia. She has experience in project coordination and management. She is a team member of the FX Group start-up based on an invention by Riga Technical University scientists. FX Group was born in the Reactor of Commercialization platform after Deep Tech Atelier 2018, organized by Latvian Investment and Development Agency. She holds a Controller Diploma from joint programme of Controller Academy & German Business School and has practical experience in general management and finance. The main topics of scientific researches and publications in EBSCO are in the field of project management, SMEs, controlling. Her main scientific and research interest focuses on studies in the field of innovative and sustainable development of entrepreneurship and SMEs, entrepreneurship environment ecosystem, commercialization of technologies, open innovation and start-up, business management using the concept of controlling.
Inesa Voroncuka is a Professor, Director of the Doctoral Programme on Management Science, Head of the Department of Public Administration, Demography and Socio-Economic Statistics of the Faculty of Business, Management and Economics at the University of Latvia. She earned both the Master’s degree in Economics and the PhD in Economics Science at the University of Latvia. Post graduate studies in economics were continued at the University of Latvia. She is a candidate of economic science (Dr.oec.) from Moscow Statistical Institute, Russia, topic of doctor’s dissertation: Economic efficiency of information management system. The main topics of scientific researches and publications in Scopus, Web of Science, EBSCO address knowledge management in organisations and their effect on entrepreneurship, Public administration, Human Resource Management, Job Analysis and Performance Evaluation. She is member of several professional organizations, such as American Society for Public Administration (ASPA, Washington, DC, 20005-3885, USA); programme-manager in Project Management Training Centre, Riga, Latvia; member of NISPAcee, Bratislava, Czech Republic; member of Volunteer organisation, Culver City Senior Centre 4153 Overland venue Culver City, CA, 90230, USA.