Innovation Park and Its Role in Stimulating Economic Growth
DOI:
https://doi.org/10.26437/ajar.v10i1.714Keywords:
Digital economy. ecosystem. entrepreneurship. innovation park. marketAbstract
Purpose: The study aims to analyse the functionality of innovation parks as part of economic development.
Design/Methodology/Approach: The research utilised a purposive sampling technique to select countries that demonstrate successful innovation strategies, ensuring various economic contexts and approaches. Data were collected through secondary research, which included government reports, academic articles, statistical data from international organisations, and case studies of innovation parks and high-tech enterprises. Initially, a descriptive analysis summarised the data by critical themes such as innovation policy and government support. Thematic analysis was used to explore patterns related to the commercialisation of innovations and legislative regulation.
Findings: The rapid development of new technologies, globalisation of economic cooperation, and limited national budgets facilitate an intensification of the role of innovative solutions and strategies. These factors also lead to actualising regional and subregional scientific, technical, and creative cooperation.
Research Limitation/Implications: The authors have analysed the prospects for developing and functioning innovation parks in Ukraine and worldwide and identified the specifics of their industrial, technological, and scientific formations.
Social Implication: Innovation parks play a critical role in this process, driving the development and commercialisation of new products and stimulating economic growth and social progress.
Practical Implication: This model promotes benefits for the industry, such as technological integration, investment in human capital, and innovation systems, thereby increasing competitiveness in the global market. Innovation parks are integral components of this model, intensifying the development and commercialisation of innovative products and optimising production processes.
Originality/ Value: The study's novel aspects lie in its exploration of innovation parks' functionality, its analysis of their role in economic growth, its examination of legal and financial support for innovation, and its proposal of practical strategies for Ukraine's economic development.
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