Indicators of the innovation system

The innovation capacity of a country is not only determined by its level of research and development, but also by its capacity to convert knowledge into new products, processes, organisational structures, which in turn generate economic growth. The innovation performance is also influenced by the socio-economic profile of the country, by the business environment, the degree of entrepreneurship, the access to finance…

Business environment, Finance and Entrepreneurship

Entrepreneurship is an important element of the innovation system. Creating new businesses ensures the valorisation of new knowledge or new ideas. To help entrepreneurs start and develop a business, it is essential to create a favourable business environment with clear and appropriate legislation, and with easy access to financing.

To help entrepreneurs start and develop a business, it is essential to create a favourable business environment with clear and appropriate legislation.

Innovation, R&D, and business creation are risky activities that are generally capital intensive, making mobilisation of external financial resources often necessary. Access to financing may be difficult for small and medium-sized enterprises, especially for innovative fast-growing firms.