Business Innovation Policy and the ICT Phenomenon

Abstract

The attributes of globalization have underlined the ultimate reasoning process – the knowledge economy is driven by innovation, and the ICT phenomenon, while the successful finality of this new premise must be reduced to the measures a country is instituting, and to the capabilities and potential of private entities. The current regression analysis performed on the World Bank datasets on 11 countries from 4 continents managed to underline the correlations established between the expenditure in R&D as an innovation premise, and the potentially incentivized business sector toward developing new medium and high-tech products and services. Moreover, the study looked into the ICT sector and the extent to which the local governments are directing policies and funds to developing the former. The results are conclusive with the implementation of innovation policies, and the investment programs each country created for the optimization of the business performance and the development of the R&D sector.

Keywords

• business innovation policy
• research and development expenditure
• information and communication technology
• regression analysis