Innovation is a driving force of economic growth and social change.
But innovation inputs and outputs are mostly concentrated in very few economies and a global innovation divide persists. Most top science and technology clusters, for example, are in the U.S., China and Germany. In Central and Eastern Europe (CEE), we have seen great progress over the last 30 years. The region has capitalised on its creative people, strong technical education and emerging technologies to foster innovation. But CEE countries are still outperformed by their Western EU counterparts in innovation rankings.
Innovation in CEE
An interview with Vazil Hudak, Honorary Vice-President of the European Investment Bank
Bulgaria, Croatia, Czech Republic, Hungary, Latvia, Lithuania, Poland, Slovakia and Slovenia are all ranked above the 44th position in the Global Innovation Index 2019. In 2019, Estonia’s 12th place ranking in the European Innovation Scoreboard was the highest among CEE countries.
COVID-19 has only advanced the need for a vibrant innovation ecosystem. As companies approach the recovery period, innovation will be a driving factor. According to PwC’s CFO Pulse Survey, most CFOs (63%) cite offering new or enhanced products or services as crucial to their recovery.
How can CEE continue to build on past successes to establish an innovation ecosystem? We’ve outlined five criteria that governments and public sector organisations should focus on.
Five criteria to establish an innovation ecosystem
An innovation mindset
When innovation is rooted into governmental mindsets and ways of working, it becomes a natural element of strategy and regulatory frameworks.
Collaborative efforts
Government, industry, academia and civil society participants can combine their efforts for a bigger impact. With different expertise and experience, each sector can bring unique insights to foster an innovation ecosystem.
Knowledge transfer
A vibrant knowledge transfer infrastructure can make the most of emerging technologies. I.e. co-working centres, design labs and living labs.
Incentive schemes
By introducing incentive schemes for innovative companies and start-ups, the government will improve the export of innovations and demonstrate their support for these projects.
Upskilling citizens
Through methods of upskilling our people across the region, governments and public sector organisations can demonstrate their commitment to preparing both individuals and communities for a digitalised world.
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