Determinants for sustainability of the innovation networks

Tsenov Academy of Economics, Svishtov, Bulgaria

^* Corresponding author: e.parashkevova@uni-svishtov.bg

Abstract

Innovations are one of the major contributors to economic growth and sustainability, and innovation networks play a crucial role in the development, implementation and diffusion of new knowledge. They form connections between business and academic circles, offer ample opportunities for sharing key recourses, provide diverse knowledge, and facilitate the exchange of ideas. When enterprises participate in the networks, successful and sustainable outcomes are not guaranteed, those depend on many circumstances and have to be earned by proactive and determined actions. The main determinants for the sustainable positive results from the network’s activities are summarized in the paper in four groups: network structure, social capital, geographical localization and academic cooperation, firm’s policy and innovation culture. They could facilitate or detriment the beneficial effects and sustainability, increasing the importance of both organizational commitments through systematic and targeted efforts, and the support of the public authorities, expressed in either various financial instruments, organizational and procurement procedures, or legislative initiatives that help networks to develop an environment for sharing knowledge and innovations, increasing competitiveness, and contributing to the sustainable economic and social development.