Research and Development (R&D), Innovation and Competitiveness: Interwoven Concepts for the Sustainability of Entrepreneurial-Developmental Outcomes
Analyzing the role of research and development (R&D) innovation and competitiveness in economic development is important for determining country’s entrepreneurial stance, global economic and business positioning and competitiveness. The empirical synthesis of the connective relationship of R&D, innovation and competitiveness confirms their significance and indispensable role for entrepreneurial and sustainable developmental outcomes. This study isolates other development influencing factors such as good governance, effective public administration, law enforcement, protection of intellectual rights and other contextual-factors and only considers the outcomes of R&D, innovation and competitiveness in the analysis. The study aligns the outcome of investment in R&D, innovation activities and competitiveness of countries. Based on literature and examples from developed and developing economies, international benchmarks statistics on GERD and GERD percentage of GDP, innovation (GII) and competitiveness (GCI) are used for comparison between countries. The findings show that countries that invest more in R&D tend to be more innovate and competitive in both regional and global phenomena. Increased investment in R&D is recommended as policy and strategic priority for enhancing innovation and subsequently competitiveness of the national economy in a global playground. The implication is that countries that invest more in R&D can develop faster, have speedier promotion of prioritized sectors, tend to attract partnerships globally, and can enable public private partnership (PPP) and improve people’s standard of living.
Key Words: R&D, Innovation, Competitiveness, GERD, GDP