IMPACT OF INNOVATION AND TECHNOLOGY TRANSFER ON ECONOMIC GROWTH: THE CENTRAL AND EASTERN EUROPE EXPERIENCE

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1 Roman Gurbiel IMPACT OF INNOVATION AND TECHNOLOGY TRANSFER ON ECONOMIC GROWTH: THE CENTRAL AND EASTERN EUROPE EXPERIENCE Warsaw School of Economics Center of International Production Cooperation, Al. Niepodległości 162 (bud. F, p. 913) Warszawa, Poland tel. (+48-22) fax (+48-22) Warsaw, July

2 CONTENTS Abstract Specifics of Technology Transfer and the Innovation Process Technology and Economic Growth - Theoretical Issues Competitiveness Central and Eastern Europe Technology Gap CEE in the Competitiveness Ratings Finland a New Technology Powerhouse 11 4 Central and Eastern Europe Innovation Potential Constraints and Challenges Summary Bibliography

3 Abstract The main objective of this paper is to present the experiences of Central and Eastern European Countries (with special emphasis on Poland, the Czech Republic and Slovak Republic) in innovation and technology transfer policies during economic transition and the challenges faced during EU enlargement. Innovation and technology transfer are the key drivers of economic growth in today s world economy. Thus an appropriate economic policy should concentrate on strengthening these processes throughout the country and easing the flow of information and technology between the main players innovators, companies, state agencies and financial institutions. Transition economies are the special case. Most of Central and Eastern Europe countries experienced large GDP declines in the 1990 s which was resulted from large extent from an overall decline in competitiveness and increasing technology gap in comparison to western countries. This may imply certain difficulties taking into consideration the integration process with the European Union and associated with it specific circumstances like liberalisation of trade and production factor flow between member countries (e.g. capital, labour and technology). The paper consists of both theoretical and practical issues. The first part of the paper describes the relations between innovation and technology transfer and economic growth with a concentrating on the path of economic growth for transition countries and key differences in comparison with more economically advanced economies. This built a framework for conducting a more empirical analysis of appropriate processes in particular countries. 1 Specifics of Technology Transfer and the Innovation Process Technology transfer is a key factor strongly impacting on economic growth both in the short and long term. The access to technology and its usage in economic processes to large extent decides as to the competitive position in the international labour division. Structural changes of the entire economy are almost not possible without an effective technology transfer and well-defined country s innovation system. These two factors led the spectacular (despite current problems) improvement in competitiveness and economic success of the newly industrialised Asian Pacific economies. Technology transfer is a complicated process, which includes several closely related elements like technology (embodied and disembodied; e.g. subparts / machines, patents / licences) and knowledge (e.g. organisational behaviour). Sometimes transfer technology is being understood in parallel to innovation where the latter embodies of specific knowledge of a product or service. Technology transfer can be defined as a flow between technology owner/holder and technology buyer/user. It enables closing the gap in access to particular technology in different ways: buying, renting, lending or licensing. An important element strictly related to technology transfer is the technology commercialisation which is a technology transfer with a special emphasis on practical 3

4 usage of R&D efforts (e.g. closing a licence agreement with patent owner to exploit technology of a specific product design). The scale of diffusion of the transferred technology depends to a large extent on existing technology infrastructure e.g. the resources of the technical science and R&D potential, industrial production advancement, technology start-ups and technology transfer financing system, instruments encouraging the culture innovation across the country, the scale of the country s openess to foreign competition and production co-operation (at the beginning mainly transnational corporations channels). Economic level is one of most important factors determining the intensity of technology transfer. In effect the diversity in the level of quality and quantity of labour factors will be strictly correlated with the potential flow of technology. Technology transfer can have both a vertical and horizontal character. The vertical technology flow is taking place across particular stages of added value creation in the value chain: R&D implementation production process distribution final buyer Horizontal technology transfer is conducted in similar production stages or economic environments typical in the diffusion process: laboratory laboratory; factory factory; country country Technology transfer channels can transfer goods, services and production factors (workforce, technology, capital). In this context investments related to technology transfer are analysed as investments directly related to production (e.g. machinery) and partially related to production (e.g. distribution equipment). Innovation and Technology Supply Technology supply depends to a large extent on innovation the capabilities of a particular country or the so-called innovation potential. Innovation should be broadly understood as everything, which is considered as a new. Innovation is the result of the practical primary usage of certain idea. It is the embodied in a range of processes or products; thus we can distinguish process and product innovations. For an example, the innovation process can be analysed as in Box 1. Box 1. Innovation process scheme (1) R&D (basic and applied research) (2) invention (creation and documentation of technology) (3) innovation and technology implementation (4) learning of effective technology usage (5) optimisitation of production and organisation methods (6) appearing of micro and macroeconomic effects of technology implementation (eg. lower material and personal costs needs, higher productivity) The innovation potential of particular country is the sum of specific macro and microeconomic factors, which encourage the process of innovation like income per capita, R&D, technology infrastructure. Technology transfer indicators can be based on the foreign trade specifics and 4

5 international competitiveness 1. In this context, they can include e.g. prices in export, shares in appropriate international markets etc. One of the most often used indicators as to the intensity of technology transfer is the technology gap, which can be understood as difference between knowledge and capabilities of a particular country. There are several possibilities to define and measure the technology gap which include comparisons of industries labour productivity and capital intensities 2. An interesting indicator is the level of profit generated in a single country by foreign enterprises 3. The national technology transfer system can consist of several entities. The most important of which are innovators (technology creators), commercialisators (companies) and central government institutions (economic policy). A detailed technology transfer follows: Picture 1 Technology transfer and innovation system participants government institutions (goals and resources of innovation policy; legal affairs) R&D institutes (basic and applied research) Large industry (technology implementation and export) Higher education (R&D) Small and medium enterprises (technology implementation) Financial institutions (Venture Capital funds, banks, public funds) Technology transfer brokers (incubators, technology parks) Technology transfer channels Technology transfer channels are the medium between particular participants in the process. They include ways of gaining the technology (e.g. buying, lending) and other important factors related to the process (e.g. flow of people, documentation, products, and capital). Technology transfer is conducted through different channels and different entities. Depending on the means of creating and gaining of the technology its transfer can be considered either internal or external. Internal technology transfer is conducted mostly inside a single entity or its affiliates. This entity acts both as creator / innovator and user. The scope of internal process is limited by internal 1 see Durand M., Giorno C., Indicators of International Competitiveness... in OECD Economic Studies 9/ Sjoholm F., Technology Gap and Spillovers from Direct Foreign Investment, Stockholm School of Economics, Working Paper 212/1997, p Blomstrom M., Kokko A., Country Competition and Technology Transfer by Multinationals, Stockholm School of Economics, Working Paper 4131/1992, p. 4. 5

6 R&D resources and implementation capabilities. External technology transfer relies on external technology resources usually not related to buyer. The scale of advancement in technology transfer depends on the advancement of R&D resources and the capabilities for technology implementation in the production process of the transferee 4. As a result there are several possibilities for gaining technologies related to specifics of technology transfer participants. Table 1. Technology acquisition schemes 1. Acquiring non-documented knowledge I 2. Internal R&D I 3. Reverse engineering I 4. Secret acquiring trough internal R&D I+E 5. Contract R&D I+E 6. Strategic R&D partnership I+E 7. Licensing E 8. Purchase (domestic or foreign) E 9. Joint Venture E 10. Acquisition of a company with technology E I... technology transfer based mainly on internal R&D capabilities E... technology transfer based mainly on external R&D capabilities Source: UNIDO, Technology Management, Most advanced technology transfer, especially in the low and middle-income economies, is conducted through international production co-operation, where the production factors flow is most complex including machinery, semi-finished goods and production factors (workforce, technology and capital). The spillover effects to other parts of the economy related to this form of technology transfer are also the largest. Foreign direct investments as one of most widely used channels of international production co-operation to large extend decide about the location and level complexity of technology transfer. Thus a long-term economic policy is needed. 2 Technology and Economic Growth - Theoretical Issues Complexity of technology transfer imply construction of the theoretical model. An interesting basis could be existing international trade and capital flows theories assuming differentiation of production factors supply (workforce, capital, and technology) across countries and regions. This can be extended by neotechnology theories like product life cycle theory, technology gap theory and production scale theory. They argue that the cause of foreign trade is possible thanks to existing differences of supply of production factors across countries. In technology gap theory foreign trade is possible thanks to differences in economic development across countries; in production scale theory the gain and competitive share is possible due to high specialisation and decrease of costs per produced unit. 4 see Gurbiel R., Możliwości finansowania transferu technologii w Polsce /Possibilities of Technology Transfer Financing in Poland/ in Technology Transfer - The Polish Perspective (conference paper), IPPT PAN/WS Atkins, Warszawa

7 One of the theories, which can be applied in technology transfer analysis, is the R.Vernon s product life cycle theory. Vernon argues that reasons for foreign trade are technological advantages, which are embodied in innovations. Because the access to the core technologies is limited, innovations are spreading gradually and differently across countries from country innovator to country imitator (receiving country). One of the reasons for this is that countries differ in the levels of economic development and technology. Vernon s theory assume time as a factor of gradual evolution of product (from innovation, growth, maturity to decline); markets (from country innovator to country imitator) and production process (from complexity to standardisation). Dynamics of technology transfer depend also on the strategy of a particular firm innovator. Some firms prefer expansion by technology licensing others through foreign direct investment as the most appropriate and safest solution for securing the technology and to prolong the rent from the exclusivity of ownership. According to product life cycle theory, production is being moved from the country innovator to country imitator at the product s maturity stage. In the first stage of product development the production process is being conducted in the country of innovator (because of specifics of supply of production factors and the character of local market demand). In the second stage, together with diffusion of products, some export activities are established to middle developed countries. In the third stage full technology diffusion takes place. Production process simplifies when the innovator fails to resist its oligopolistic position. This often leads to move production to foreign countries in order to find relative cheaper production factors, to ensure better service of foreign markets and to internalise possessed technology. 7

8 Picture 2. Intensity of technology flows in the product life cycle theory Production volume Export Import Technology transfer intensity Highly developed countries (innovators; USA, Japan, Korea, EU countries) Export Import Middle developed countries (early followers; Central and Eastern Europe countries) Export Import Low developed countries (late followers; Middle East Countries) Time innovation growth standarisation production consumption Source: based on Vernon R., International Investment and International Trade in Product Cycle in Buckley P. (ed.), Internalisation of the Firm, Academic Press, London Technical progress is the key factor in economic development and decreasing the technology gap between countries. The intensity of technology transfer depends mainly on innovation potential of a receiving country. The more advanced it is the more complicated the transfer will be. The level of economic development is one of the main factors determining the intensity of technology transfer. 8

9 Picture 3. Technology inflow specifics and country s innovation capabilities Innovation capabilities Adaptive technologies Innovation technologies Base technologies Imitating technologies Technology transfer intensity Source: based on The Interrelationship Between Investment Flows and Technology Transfer, UN, 1992, p. 14. To ensure the effects of the technology transfer and its intensity a strengthening the process by appropriate economic policy instruments. As we can see in Picture 3, there is a high correlation between the intensity of technology transfer and a country s innovation capabilities. As a an example of the linkage between technology transfer and the economic policy; we can mention development path of some Asian countries like Korea, Taiwan, Hong-Kong, Singapore. These countries emerged in just a few decades as technology and production based powerhouses. Aggressive technology acquisition and its efficient use in production processes played key role in the economic development with a long-term goal to increase international competitiveness position. Development of innovation potential followed the main policy of economic development, which could be broadly characterised as moving from import substitution to export promotion. Protection of local imports and strict import policies enabled to acquire basic technologies mainly through import (some were acquired by licensing and foreign direct investments conducted mainly through joint ventures, which were used as a vehicle to assimilate the technology). Once acquired technologies were further developed using local R&D capabilities, based on broad linkages between state and private research institutes. Despite economic problems in the late 90-s Asian countries can be analysed as example of transition from country imitator to innovator scheme. However a very different international environment now precludes directly following this development path by other countries like Central and Eastern Europe which faces a much more open market environment. 3 Competitiveness Central and Eastern Europe Technology Gap 3.1 CEE in the Competitiveness Ratings Competitiveness of the economy in the long term depends on innovation potential of the economy gained through effective technology transfer 5. It is the key factor taking into account equalisation of traditional competitiveness factors like cost of production factors 6. 5 see OECD, Benchmarking Industry-Science Relationships,

10 The ownership and access to crucial technologies affects a country s position of certain country in the international competitiveness ratings. Without having home-developed technologies the competing in the long term would be based on generally accessible technologies, mainly through better use of an imported technology. This is especially important in the case of Central and Eastern Europe Countries, which definitely lag behind more developed countries in the level of competitiveness. Table 2. Change in the international competitiveness position USA Singapore Finland Luxembourg Holland Hong Kong Ireland Sweden Central and Eastern Europe Countries Hungary Czech Republic Slovakia Slovenia Russia Poland Source: based on IMD, World Competitiveness Yearbook In the competitiveness research mentioned above conducted in by IMD only few Central and Eastern Europe countries have improved their rating s position. The largest improvement in the rating was achieved by Hungary moving from 37th to 27th position. The second best country was the Czech Republic, which balanced between position. It is interesting to mention that its best position was achieved by the country in The worst 47th position occupies Poland, which failed to make any significant changes in the ranking since its first listing in It is clear that CEE lags behind most developed countries from the OECD group. Prolonging this situation in the long term will have a negative impact on future economic development. Especially taking into account the changes in the world economy like increasing competitiveness from newly industrialised countries (the traditional ones like Korea or Taiwan; but also new players like China or India). 6 see Gurbiel R., Dezintegracja a zagraniczne inwestycje bezpośrednie i transfer technologii. Przypadek podziału Czechosłowacji /Disintegration and Foreign Direct Investment and Technology Transfer. Case of the Split of Czechoslowakia/, SEMPER, Warszawa

11 3.2 Finland a New Technology Powerhouse In just ten years, Finland has become one of most innovative countries of EU. This was possible due to changes in attitude to innovation, technology transfer and promoting linkages between R&D sector and industry. In 1999, the share of R&D expenditures in GDP exceeded 3%, which ranked Finland in the second place in OECD countries only after Sweden. The total value of R&D expenditures amounted in 1999 to approximately EUR 3,7 billion three times as much as in Poland. About 69% was spent by private companies, which were dominated by the electronics and telecommunication industry. Picture 4. Finland s R&D Expenditure to GDP and GDP Growth 3% -2% -7% R&D/GDP 1,9% 2,0% 2,2% 2,3% 2,7% 2,9% 3,1% GDP growth 0,0% -6,3% 1,1% 3,8% 6,3% 5,3% 4,2% Source: Finland Statistical Office Finland is characterised by a large number of R&D personnel employed both in public funded research institutions and private companies. At the end of the 90-s there were engaged more than 60 thousand of research personnel (53% business sector, 30% universities, 17% other public funded institutions). 11

12 Picture 5. International R&D Position of Finland at the end of 90-s No. of R&D personnel to of employees Japan 80 Finland (1997) Sweden 70 USA 60 OECD UE Finland (1990) 30 Poland 20 Czech Rp. 10 Griece 0 R&D expenditures to GDP 0,0 0,5 1,0 1,5 2,0 2,5 3,0 3,5 4,0 4,5 Source: based on Science, Technology and Industry Scoreboard, OECD 1999, p. 1,2. 4 Central and Eastern Europe Innovation Potential Constraints and Challenges R&D is the key element in the innovation and technology transfer process that decides about longterm economic development. Thanks to R&D expenditures new products and processes can be created. Thus their share of a government s central budget is highly significant. Historically Central and Eastern European countries were clearly interested in their own R&D development. This was a result of cold war and sustaining the military potential. However concentration on military technologies without any transfer of these achievements into commercial implementations had a negative impact on the whole economy. Opening the previously closed economies was a kind of shock for local companies that were unable to compete. Czech and Slovak Republics Like other socialist countries Czechoslovakia built its R&D system based upon the Soviet model, which consisted of the Czechoslovak Academy of Sciences, R&D branch institutes (divided as: independent institutions, institutions belonging to industry, institutions belong to government agencies) and university research units 7. R&D expenditures in the 70s and 80s exceeded 2% of GDP. The number of personnel professionally engaged in workforce amounted to 200 thousand with approx. a thousand research units. The economic transition, which started in 1989, also strongly influenced the research sector. There was conducted deep restructuring, involving the introduction of competitive mechanisms based on granted projects, closure of some non-performing institutes, and some were privatised. 7 Muller K., "Scenario for the transformation of science, technology and education" in Kukliński A. (ed.), Sceince,Technology,Economy, KBN, Warszawa 1994, s

13 A significant shortage of funds and lack of assimilation to the new market conditions decreased the research base. In just two years after start of transition, in Czechoslovakia in the number of researchers decreased 36% (in Czech region 38%, in Slovakia 32%) and R&D institutes 37% 8. The total financing of research sector decreased about 46% (in Czech Republic 42%; Slovakia 53%) 9. The large number of R&D institutes changed its orientation into more commercial forms, however based on research activity. Several institutes started small-scale production based on inhouse developed technologies. The split of Czechoslovakia into the separated countries of the Czech and Slovak Republics resulted in some changes in the R&D sector as well. One of the main results was the end of federal research programs and central directives for science policy. This automatically decreased the flow of funds and co-operation efforts between Czech and Slovak R&D institutions. The late 90-s did not bring a radical improvement to the science sector in the Czech Republic. In 2000 comparing to 1990 there were 50% less people involved in the R&D development (decrease from 105,9 to 53,5 thousand). Since 1994 the share of public spending on R&D did not exceed 50%. The steadily growing share was represented by private sector. In 2000 R&D expenditures were financed 44,5% from public funds (government and universities) and 45,0% from private funds. About 3,1% funds came from foreign sources. All of these funds are low compared to GDP but on the other hand this ratio is relatively high comparing to other Central and Eastern Europe countries. Similar negative trends were characteristic also in Slovakia where after the split were the funding and employment decrease was significantly higher. One of the reasons for this was a specifics of the Slovak economy, which was based on heavy machinery production and chemicals industry (including military industry) which were largely weakened after the quick market opening in the first years of transition period. Table 3. R&D expenditures to GDP Czech Republic 1,10% 1,01% 1,03% 1,17% 1,27% 1,29% Hungary 0,88% 0,73% 0,65% 0,72% 0,68% 0,68% Poland 0,76% 0,69% 0,71% 0,71% 0,72% 0,75% Slovak Republic 0,96% 0,98% 0,97% 1,13% 0,82% 0,68% European Union 1,83% 1,81% 1,81% 1,80% 1,81% 1,85% Source: OECD, Main Science and Technology Indicators, 2001/1, p. 16. To encourage technology transfer there were several instruments used like business incubators, technology transfer brokerage, technology parks (more than 12 in the Czech Republic); Business Innovation Centres co-operating with European Union institutions. Poland Poland faced similar problem of R&D transition like other CEE countries. In the number of research staff decreased 6% from 83,6 to 78,9 thousand. This was followed by low values of 8 Reviews of national science and technology policy:czech and Slovak Federal Republic, OECD 1992, p. 35,36. 9 Statistical Yearbook of CSFR, CSU, 1991, p

14 funds spent on research. Since the beginning of transition in the share of gross domestic expenditures on R&D to GDP did not exceed 1%. In 2000 this ratio amounted to only 0,7% which was significantly less than EU average. The decrease of R&D efforts had a negative impact on the number of patent applications, which in the period decreased more than 60% from 4105 to 2404 (there were granted appropriately 3242 and 939 patents). In the same time, there was a large increase in non-resident foreign patent applications from 1316 to One of the effects of decreasing in innovation potential is a widening gap in international transactions related to scientific and technological developments, which is presented in table below. Table 4. R&D balance of payments (USD million) export 9,4 6,2 21,0 23,8 import 5,8 23,1 347,1 457,9 (export-import) 3,6-16,9-326,1-434,1 Source: See Statistical Yearbook of the Republic of Poland, 2001, p The main weakness of Polish R&D system is a lack of effective technology transfer between research and industry sector. This is a complex issue strictly correlated to the specifics of the Polish economy, dominated (by share in production; year 2000 data) 10 by rather low and middle technology intensive industries like - food and tobacco products manufacturing (17,8%), energy and water supply (8,7%), motor vehicles manufacturing (6,3%), chemicals products manufacturing (5,8%). Most of these industries use import as the main transfer technology channel thus limiting the demand for in-house R&D, which is used mostly for implementation purposes. Recent reforms of R&D institutes did not change much the situation. Most of them have to deal with a lack of funds to undertake necessary investments, which is a barrier to offer a competitive supply of technology. In 2000 the existing research equipment was depreciated by 69%. New ideas like technology parks and innovation centres are not sufficient to encourage rapid growth of innovation potential. Foreign direct investment as a significant channel for technology transfer The success of the transition process of Central and Eastern Europe Countries was largely possible due foreign direct investment inflow, which transformed the entire economies. It is because it represents the highest form of international production co-operation engaging the broadest spectrum of resources capital, technology/knowledge and skilled workforce. Transnational corporations brought not only fierce competition, which forced many local companies to restructure but also technology and innovativeness, which spilled over to local industries. Till 2000 in Central and Eastern Europe was invested about USD 124,7 billion mostly by large transnational corporations which entered the local markets mostly buying local major companies. This strategy is steadily changing. Finished privatisations and lack of healthy local companies to 10 Statistical Yearbook of Industry of the Republic of Poland, 2001, p

15 acquire forced many large international companies to start greenfield investments, which have been especially invited by local authorities. Table 5. FDI inflow to selected CEE countries (USD million) (annual average) Central and Eastern Europe Growth rate of FDI inflow (%) 314,3% -10,8% 50,7% 9,5% 10,5% 9,5% Czech Republic Hungary Poland Slovak Republic Belarus Lithuania Russia Ukraine Source: UNCTAD, World Investment Report An interesting case of technology transfer through FDI appears in the Czech electronics manufacturing sector, which up until now attracted more than 200 of foreign companies. The total amount of FDI invested in the sector exceeded in 2001 the amount of USD 570 million. The high inflow of technology based foreign enterprises was mainly a general effect of friendly FDI regulation offering broad spectrum of incentives and attractive business environment (e.g. relatively cheap and educated workforce, long tradition in electronics manufacturing). Good results from the initial investments encouraged some investors to locate in the Czech Republic part of their R&D activities (including Motorola, Rockwell Automation, Honeywell and Vitatron). Table 6 Largest foreign investors in the Czech electronics manufacturing sector INVESTOR COUNTRY OF ORIGIN TYPE OF BUSINESS 15 TOTAL INVESTME NT (mil.usd) NO. OF EMPLOYEES TIME Matsushita Electric Industrial Co. Japan Consumer 72, electronics ON Semiconductor USA Electronics 55, AVX Limited U.K. Electronics 50, UPC United-Europe Communications Netherlands Cable TV Epcos AG Germany Ferrites 43, Foxconn Holdings B.V. Taiwan PC 40, Tyco Group S.a.R. Luxembourg connectors 35, /2000 Liechtex Establishment Liechtenstein Electromotors 28, Ralston Purina USA Batteries 26, AEG Kondensatoren und Wadler Germany Capacitors 25,o GmbH Schneider Electric SA France Electronics 22, components Vishay Europe GmbH Germany Electronics 20,

16 components Flextronics International USA Electronics 20, Punch International Belgium Electronics 17,0 NA NA Invensys Luxembourg air conditioner, 16, washing machines ELCERAM Electronics 16, Infineon Technologies AG Netherlands PC and equipment 15, Cherry GmbH Germany PC and equipment 14, Black & Decker USA Power tools 12, Source: CzechInvest 5 Summary Innovation and technology transfer have strong impact on economic development and increase in international competitiveness level of the economy. Despite some progress made in recent years Central and Eastern European countries still lag behind many of their European Union neighbours. Thus limiting of the technology gap between Central and Eastern Europe countries and EU is of crucial importance to the success of integration process. Because of lacking of effective technology transfer from R&D sector to industry, import and foreign direct investments are the main channels of technology transfer in transition countries. There is a strong need of securing funds for local R&D sector and to promote the linkages between the sector and industry. To encourage innovation philosophy across CEE countries an appropriate economic policy is needed. This include e.g. tax instruments, limiting complicated administration procedures, building and financing technology transfer institutions (business incubators, technology parks) and attracting venture capital investors. A significant opportunity for development of R&D sector in transition countries will offer integration with EU, which enable to access to increasing possibilities in participation of EU funded research programmes. A recent study conducted on innovation potential summarised specifics of innovation profiles of EU candidates countries as follows: Box 2. Innovation Profile Specifics of Selected CEE Countries Czech Republic Innovation Drivers and Resources Tradition of production cooperation in industry FDI plays a role in providing advanced learning opportunities of workforce Industry science relationships exist and are growing in recent years Positive, indirect role played by non-govermental organisations Growing supply of risk capital 16

17 Innovation Constraints technology spin-offs from foreign-owned firms are limited still lack of bridges between academic and industrial sectors Innovation Policy Challenges establish an integrated policy for framework policy develop a legal framework favouring linkages and spin-off effects introduce tax incentives for R&D and innovation Poland Innovation Drivers and Resources long tradition of small scale entrepreneurship growing innovation in manufacturing sector, mainly through acquisition of technology large availability of business support organisations Innovation Constraints limited access to capital low diffusion of quality and innovation oriented management techniques relatively few links between research organisations and firms danger of becoming branch plant economy with few foreign owned companies locating research or strategic management functions Innovation Policy Challenges develop policy monitoring and evaluation practices rationalise innovation support infrastructure support labour market training Hungary Innovation Drivers and Resources FDI brings in new products and processes Suppliers networks around FDI help upgrade domestic firms Availability of skilled people for industrial activities Improving relationships between research sector and industry Innovation Constraints Foreign controlled firms rely on developments in parent company Lack of venture capital activities Innovation Policy Challenges Secure funding for applied R&D Envisage fiscal incentives for start-ups Ensure effective take off of venture capital supply Source: see Innovation Policy in Six Candidate Countries: the Challenges Cyprus, Czech Republic, Estonia, Hungary, Poland and Slovenia, September 2001, p

18 6 Bibliography Blomstrom M., Kokko A., Country Competition and Technology Transfer by Multinationals, Stockholm School of Economics, Working Paper 4131/1992 (a). Czinkota M., Moffet M., International Business, Dryden, Orlando Dunning J. Explaining changing patterns of international production... in Oxford Bulletin of Economics and Statistics, Basil Blackwell, 4/1979 (a). Dunning J., International Production and the Multinational Enterprise, G.Allen and UNWIN, London 1981 (c). Durand M., Giorno C., Indicators of International Competitiveness... in OECD Economic Studies 9/1987 Gurbiel R., Rola zagranicznych inwestycji bezpośrednich w rozwoju gospodarczym Republiki Czeskiej in Starzyk K. (red.), Rola kapitału zagranicznego i handlu zagranicznego w rozwoju gospodarczym wybranych krajów w procesie transformacji / The Role of Foreign Direct Investment in Economic Development in the Czech Republic in Starzyk K. (ed) Role of Foreign Direct Investment in Economic Development in Transition Countries/, Zakład Międzynarodowej Współpracy Produkcyjnej SGH, Warszawa 2000., p. 9. Gurbiel R., Możliwości finansowania transferu technologii w Polsce /Possibilities of Technology Transfer Financing in Poland/ in Technology Transfer - The Polish Perspective (conference paper), IPPT PAN/WS Atkins, Warszawa Gurbiel R., Dezintegracja a zagraniczne inwestycje bezpośrednie i transfer technologii. Przypadek podziału Czechosłowacji /Disintegration and Foreign Direct Investment and Technology Transfer. Case of the Split of Czechoslowakia/, SEMPER, Warszawa Hill M.R., Trade, Industrial Cooperation and Technology Transfer, Aldershot : Avebury, IMD, World Competitiveness Yearbook Muller K., "Scenario for the transformation of science, technology and education" in Kukliński A. (ed.), Science,Technology,Economy, KBN, Warszawa OECD, Benchmarking Industry-Science Relationships, OECD, Main Science and Technology Indicators, 2001/1. OECD, Reviews of national science and technology policy: Czech and Slovak Federal republic, OECD, Science, Technology and Industry Scoreboard, Sjoholm F., Technology Gap and Spillovers from Direct Foreign Investment, Stockholm School of Economics, Working Paper 212/1997, p. 9. Statistical Yearbook of CSFR, CSU, Statistical Yearbook of Industry of the Republic of Poland, UN, The Interrelationship Between Investment Flows and Technology Transfer, 1992,ps. 14. UNCTAD, World Investment Report UNIDO, Technology Management, Vernon R., International Investment and International Trade in Product Cycle in Buckley P. (ed.), Internalisation of the Firm, Academic Press, London

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