“…Cerović (2013) finds that the importance of intangible capital as a competitiveness factor is only gradually being accepted in Serbian companies, where investment in intangible capital is still rudimentary. In line with this critique, Cerović et al (2014) noted the falling levels of FDI following the economic crisis required a new focus on domestic industrial policy that would develop competitiveness, an approach applicable to all transition economies. Cerović noted that Serbia needs (1) a strong industrial policy that focuses on an export-oriented growth model, production incentives, and the creation of an economic environment with high technological and development capacity that 10 See: Van Ark, Hao, Corrado, & Hulten, 2009;Roth & Thum, 2010;Kuznar, 2012;Haskel, Corrado, Jona-Lasinio, & Iommi, 2013;Hidayati, Fanani, Prasetyo, & Mardijuwono, 2012;Prašnikar, 2010;Prašnikar, Redek, & Memaj, 2012;Dutz, Kannebley, Scarpelli, & Sharma, 2012. attracts FDI, (2) to strengthen business and professional associations, chambers of commerce, and organised inter-organisational activities, which should be followed by (3) development of higher education, especially in economics and business, human resource management, training, and other forms of support in fields that are essential for both present and future entrepreneurs.…”