Innovation Management and Economic Perspectives: The Case of Greece

Abstract

The level of the Greek economic growth is highly depended on three vital factors: a) entrepreneurship and business development b) innovation and creativity c) education and skills. The correlation among these factors are direct and clear. This is why it is so important to monitor economic growth in respects of innovation, education and business development and to pursue a methodical policy to stimulate and reinforce them. In this paper we focus on analysing the factors which affect the process of innovation in Greece in comparison with member states of European Union. More specific we attempt to measure innovation in Greek enterprises for the last decade and identify barriers to innovation in Greece as compared to other EU countries. We also evaluate the statistical relationship between per capita GDP (as a proxy to level of Greek people prosperity) and Research & Technological Development (RTD) Expenditure (as indicator to innovation-creativity activity) using Linear and Exponential Regression Models. In the knowledge-driven economy, economic growth was achieved mainly through innovation, technology diffusion and new product applications. Therefore, we probe deep into considerations which influence -either positively or negatively - the advancement of the innovation activity, through empirical evidence and statistical methodology. Since, innovation and Research & Technological Development (RTD) are often considered as a main drive for economic development, recommendations proposed in this article become more intense and must be incorporated in the industrial infrastructure and in management attitudes at national and regional level.