Innovation has always been associated with progress and change, and it is an indispensable part of our lives - from many scientific discoveries to the unique technological advances that are used and implemented in society every day. Innovation is the engine of economic growth and development in today's society and is essential for meeting the challenges of our time. The aim of the thesis is to define and divide innovation into different types, to present the importance of innovation for the success of companies and economies, to identify the characteristics of innovation in the European Union and Slovenia, and to present policies to promote innovation. I mostly helped myself with research conducted by the Organisation for Economic Co-operation and Development (OECD) and with databases from the Statistical Office of the Republic of Slovenia (SURS) and Eurostat.
Research shows that innovation has a positive impact on economic growth by enhancing technological progress, accelerating the development of knowledge-based capital and raising total factor productivity. It also plays a key role in achieving the sustainable development goals by helping to address social, environmental and economic challenges. At the same time, a highly innovative society has the potential to deliver more inclusive growth and development that creates opportunities for all. However, if innovation does not focus on sustainability, it can lead to even greater inequalities in society and greater pressure on the environment.
For companies, innovation is the basis for secure and stable development in a rapidly changing economic and social environment. By offering unique or improved products, services, business models or processes to the market, companies secure an advantage over their competitors and attract a wider customer base.
The OECD has developed a strategic framework for increasing investment in the factors that drive innovation. The first factor is an adequately skilled workforce capable of generating and applying new ideas. A good business environment that encourages technological innovation and knowledge-based activities is also important. At the same time, it is essential to establish a strong and efficient system for the creation, dissemination and marketing of new knowledge and to invest in the systematic acquisition of knowledge. Specific innovation policies are also important to promote innovation and to address the difficulties facing innovation and entrepreneurial activities.
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