Journal of Management Information and Decision Sciences (Print ISSN: 1524-7252; Online ISSN: 1532-5806)

Abstract

Prospects for innovation-driven growth of different countries through effective financing facilities

Author(s): Bykova, O.N., Garnov, A.P., Abanina, I.N., Kamchatova, E.Y., Starovoitov, V.G., & Krupnov, Y.A.

Currently, the competitiveness of industrial bodies is determined by a high degree of effective innovation activity. The purpose of this paper is to identify the key prospects for innovation-driven growth that contribute to the formation of the digital industry through effective financing facilities. Expected results: to offer solutions for stimulating innovation-related processes in companies through digitalization, an effective financing facility and introduction of the results of intellectual performance. Based on this target, the following were analyzed: the ranking of innovation economies of the world (Bloomberg Innovation Index); the Global Competitiveness Index 4.0, digitalization pattern; the main ways of transforming economic performance using digital technologies; the characteristics of the Networked Readiness Index are shown; issues in the transition to digital technologies were revealed; the country-wise structure of R&D funding sources (National Science Board) was analyzed; the general components of the digital economy in developed countries were identified such as significant amounts of investment in digital infrastructure, as well as favourable conditions for the introduction of innovations, since the effective use of digital solutions in innovation is impossible without a stable dynamics of technological development of the country; and a deterrent factor - financing that hinders the growth of industry - came to light as well.

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