Author(s):
1. Veland Ramadani,

Abstract:
Innovation is not a new phenomenon. Arguably, it is old as mankind itself. There seems to be something inherently “human” about the tendency to think about new and better ways of doing things and to try them out in practice. Innovation is essential for sustainable growth and development. In the modern economy, innovation is crucial factor for value creation, growth and employment. Innovation will lead to new businesses as well as to the increased competitiveness of existing enterprises. As a country where EU integration is among the top priorities considering the Innovation Union Scoarboard (IUS) indicators, Republic of Macedonia belongs to the modest innovators, with performance well below the EU27. Republic of Macedonia is a full-fledged partner in the Programme for Competition and Innovations of the European Union. The Programme for Competition and Innovation is especially important for the small and medium sized enterprises in our country, because it will provide them with internationalization, as well as an easier access to the financial assets, more appropriate use of information and communication technologies, development of the IT society and promotion of the importance of new renewable resources of energy and energy efficiency. There are several core conditions which enable innovation and encourage economic growth and development. According to OECD the most important are: strong standards and effective enforcement of intellectual property protection; dynamic competition and contestable markets; a strong and sustainable fundamental research and development infrastructure; encouraging information and technology communication developments and a strong emphasis on education at all levels. This paper specifically elaborates the proper way of using terms such as innovation, invention, creativity and science, because in daily conversations they are often used interchangeably. The paper also addresses the meaning of innovation, innovation sources, types of innovation etc.

Key words:
Innovation, invention, competition, economic growth, development

Opening paper:
Yes

Date of abstract submission:
24.05.2011.

Number of visits:
805

Conference:
REDETE 2011

Applied paper from author