Public Financial Support for Commercial Innovation in ECA Countries
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World Bank, Washington, DC
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Key factors driving self-sustained,
long-term economic growth are innovation and technology
absorption; these factors are generated from within the
economic system, responding to economic incentives. This
conceptual framework molds analysis: on the one hand, the
view of the centrality of innovation and knowledge creation
in the growth process and, on the other hand, the
understanding that these are economic factors that may be
shaped and influenced by properly designed economic
policies. For the purpose of this knowledge brief,
innovation can be defined as the development and
commercialization of new unproven technologies and untested
processes and products, and absorption as the application of
existing technologies, processes, and products. The ability
of an economy to research and develop new technologies
increases its ability to understand and apply existing
technologies. Vice versa, the absorption of cutting-edge
technology inspires new ideas and innovations.
Palabras clave
BARRIERS TO COMPETITION, BUSINESS DEVELOPMENT, BUSINESS SECTORS, CAPITAL STOCK, COLLABORATION, COMPETITIVENESS, DOMESTIC MARKETS, ECONOMIC ACTIVITY, ECONOMIC POLICIES, EMERGING MARKETS, ENVIRONMENT FOR INNOVATION, EQUITY FUNDS, EXPENDITURE, EXPENDITURES, EXTERNAL FINANCING, FINANCIAL INSTRUMENTS, FINANCIAL SECTOR, FINANCIAL SECTOR DEVELOPMENT, FINANCIAL SUPPORT, FOREIGN DIRECT INVESTMENT, GOVERNMENT INTERVENTION, GOVERNMENT INTERVENTIONS, GOVERNMENT SPENDING, GOVERNMENT SUPPORT, HUMAN CAPITAL, INNOVATION, INNOVATION POLICY, INNOVATIONS, INTELLECTUAL PROPERTY, INTELLECTUAL PROPERTY RIGHTS, INTERFACE, INVENTION, INVESTING, INVESTMENT CLIMATE, IP, JOB CREATION, KNOWLEDGE ECONOMY, LEARNING, MARGINAL COST, MARKET FAILURES, NATURAL RESOURCE, NEW MARKETS, NEW PRODUCTS, NEW TECHNOLOGIES, PRIVATE INVESTMENT, PRIVATE INVESTOR, PRIVATE INVESTORS, PRIVATE SECTOR, PRIVATE SECTOR INVESTORS, PRIVATE SECTOR PARTICIPATION, PRODUCTIVITY, PROGRAMS, R&D, REGULATORY REFORM, RETURNS, RISK CAPITAL, RISK SHARING, SATELLITES, SILICON, STARTUP, STARTUPS, STATE CAPTURE, STRATEGIC INVESTORS, TAX, TAX INCENTIVES, TECHNOLOGICAL DEVELOPMENT, TECHNOLOGY PARKS, TECHNOLOGY TRANSFER, TRACK RECORD, TRANSPARENCY, VENTURE CAPITAL