“…In support of the Innovation System (IS) theory, it has been found that both education and foreign trade are crucial in the development of new knowledge, technology transfer, and knowledge spillovers (Keller, 2010;Lundvall et al, 2009;Srholec, 2011Srholec, , 2015. Recent contributions to the literature have not only shown that the educational institutions in Colombia should be capable of transferring knowledge to the industry (Vélez-Rolón et al, 2020), but also confirmed that imports are positively related with science, technology, and innovation activities (Guevara-Rosero, 2020) Seminal studies on the IS theory were conducted by Lundvall (1985) and Freeman (1982). While Lundvall (1985) analyzed innovation at the microlevel, whereby the user-producer interactions shaped the development of new technologies and products, Freeman (1982), from a macro-perspective, underlines the relation between innovation and international trade, emphasizing the importance of building a technological infrastructure at the national level.…”