Mechanisms of an Ubiquitous Power-Source in the Knowledge-based Economy: Innovation and Competitive Advantage in Companies

Abstract

Innovation is seen as an impetus for the competitiveness of products and processes, a basic principle of organizations in the knowledge-based economy. Being globally present in (re)defining the vision of an organization, placing a new product on the market, academic research projects, public policies or transfer of new technologies, innovation is no longer just a matter of competitive advantage, but a matter of survival. The aim of current paper is to demonstrate the global spread of innovation by examination and comparison of a variety of innovation measurement scales issued during 2019, concluding that a significant number of states, including Finland, Germany, Sweden, Denmark and Luxembourg are ranked consistently among the most competitive and innovative countries. Given the very low values for countries such as Romania, we conclude that they can only learn from the examples of good practices regarding the financing of innovative projects and companies.

Keywords

• innovation
• innovative company
• competitive advantage
• entrepreneurship
• start-up