DEVELOPMENT OF AN ENTREPRENEURIAL START-UP ECOSYSTEM: SOCIO-ECONOMIC AND LEGAL FACTORS INFLUENCING THE ACHIEVEMENT OF ESG PRINCIPLES (CASE OF ASIAN COUNTRIES)

Abstract

Objective: The article aims at determining priority areas for creating a reliable innovation ecosystem based on the principles of open innovation to increase the innovative activity of companies, especially in developing regions. Methods: We selected five countries in the Asian region for the study of the startup ecosystem. The study included a comparative assessment of development indicators of innovation ecosystems in five Asian countries (South Korea, Japan, India, China, and Kazakhstan); correlation and regression analysis reflecting the dependence and influence of ecosystems on innovation activity. Results: The results obtained indicate a direct and strong relationship between the level of innovation activity and the qualitative development of the ecosystem. There is a high degree of correlation among the level of innovative activity, the elements of quantitative development, and the business environment. The study demonstrates that countries with a well-developed startup ecosystem are characterized by a higher innovation activity and the best indicators of innovation development. At the same time, countries forming a business ecosystem, including the Republic of Kazakhstan, show relatively weak indicators of innovation development in comparison with other countries. Conclusion: The above-mentioned results allow the authors to identify a set of priority measures and strengthen and promote the effective development of innovative startup ecosystems.