Innovative Entrepreneurship in Countries of Eastern Europe

Iaroslav V. Petrunenko, Mariia F. Plotnikova, Alona V. Nieliepova, Tamila Yu. Bilousko, Anastasiia V. Mazur, Iryna M. Goncharenko
International Journal of Economics and Business Administration, Volume VIII, Special Issue 1, 127- 140, 2020
DOI: 10.35808/ijeba/531


Purpose: Ensuring stable economic growth globally is impossible without the use of modern technologies in the economic development of the nations. After all, every year innovations penetrate more and more into all spheres of state and the society, which further identifies them as a key factor in international competition. Consequently, the need arises to develop innovative entrepreneurship within the country on the way to ensuring cross-border innovative cooperation. Therefore, the main purpose of this study is to determine the peculiarities of the development of innovative enterprise in Eastern Europe. Design/Methodology/Approach: This research is based on the statistical information provided on the official sites of statistical information, namely, the World Intellectual Property Organization, Organization for Economic Cooperation and Development, The Global Entrepreneurship and Development Institute on the development of innovative entrepreneurship for the countries of Eastern Europe in recent years. Findings: The results show that innovative entrepreneurship has an extremely large and new potential in Eastern Europe, which at the time of the study due to the peculiarities of historical and cultural development, is undiscovered. It creates a large gap in the pace of innovative entrepreneurship in these countries compared to other parts of Europe. Practical Implications: The study raises awareness of the pace of development of the digital economy and innovative entrepreneurship in Eastern Europe, practical mechanisms for the formation of innovative entrepreneurship, as well as further ways to stimulate its development. Originality/Value: The study emphasizes that the existing and new potential for innovative entrepreneurship is one of the driving forces of economic development in Eastern Europe, which will balance the existing disparities compared to other countries in the European region with the right incentives from government agencies and international institutions.

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