University-Business Cooperation and Its Significance for the Development of Innovative Economy

Abstract

The study aims to scientifically substantiate the creation of a system of state management for university-business cooperation to promote the development of the innovative economy. The study employs the methods of correlation analysis and regressive analysis. The sample consists of five developed and five developing countries that lead in the ease of doing business index in their respective groups (2020 data). The results show that university-business cooperation is important for the development of the innovative economy (regression of 1.2118%, correlation of 44.37%). In developed countries, the key factor of university-business cooperation is knowledge-intensive employment (correlation of 65.58%). To raise the development level of the innovative economy to 55.57%, we recommend increasing knowledge-intensive employment by 161.23%. In developing countries, universitybusiness cooperation was more important for the development of the innovative economy. In these countries, the most impactful factor is ISO 9001 quality certification (correlation of 81.27%). To raise the development level of innovative economy in these countries to 89.647%, we recommend increasing raising the number of issues ISO 9001 certificates to 56.03 per 1 bln. USD of GDP adjusted to purchasing power parity.