Financing Innovation, Neo-Schumpeterian Theory and the Reduction of Regional Disparities in the European Union

The paper analyses at the European Union’s support policy for research, development and innovation and the financial instruments used to implement this policy. The impact of the policy is analysed within the context of economical, territorial and social cohesion and the reduction of regional disparities. The aim of the paper is to highlight the influence of neo-Schumpeterian innovation theory on the formation of EU innovation policy and regional innovation strategies after the year 2000. The analysis revealed that pursuant to the conclusions of this theory, new financial instruments to support the competitiveness of and innovation in small and medium-sized enterprises can contribute to solving regional disparities. The paper also highlights the new intermediary institutions and agencies that were established in the European Union after the year 2000 and the role they play in the transfer of research results to the business sector in order to support innovation.

Authors: Petr Jiříček, Zdeňka Dostálová
Keywords: financing innovation, European Union, neo-Schumpeterian innovation theory, regional disparities
Volume: 11
Issue: 2
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