The importance of research and development for innovative activity: the overview of the top countries in Europe and worldwide

Janjić, Ivana and Jovanović, Milica and Simonović, Zoran (2021) The importance of research and development for innovative activity: the overview of the top countries in Europe and worldwide. Economics of Sustainable Development, 5 (2). pp. 19-28. ISSN 2560-421X

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Abstract

In the conditions of economic globalization and a dynamic business environment, companies need to continuously improve and innovate their business, in order to avoid complex and fierce competition and to achieve long-term and sustainable success. Due to the intensive effect of technical and technological progress, the survival and success of the company on the market depends on the introduction of innovative changes in the company and the undertaking of research and development activities. Research and development activities are a crucial factor in generating knowledge, creating patents and innovations, as well as in the increasing of profitability in the business of modern companies. Research and development (R&D) and innovations are considered to be a cornerstone of competitive advantage. The object of this paper is to point out the vital importance that R&D has for innovativeness, i.e. for performing innovative activities at the level of European countries and worldwide.

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