Innovative environment in the country and its importance in terms of business innovation as a precondition for the financial performance of company

Abstract

In today′s world of significant progress and deepening globalization, both the private and the public sectors are forced to respond to the ever-changing competitive environment and incoming changes. It should therefore be in the interest of every government to prepare the country’s innovation environment at the highest possible level and thus prepare innovative inputs for the private sector. In fact, businesses are the driving force for innovation, as they can keep pace with competitors, both in domestic and foreign markets. Addressing the issue of innovative landscape in the country and its importance in terms of business innovation is and will continue to be crucial in the future as innovation is one of the major factors of sustainability and improving the performance of the state’s economy. The global economy is undergoing many changes with the increasing globalization bringing these changes. In a given situation of constant economic changes, it is inconceivable for the Slovak Republic to be successful without the substantial use of innovation. Today and with the greatest expectation in the future, modern economy will need to be based on a knowledge-based, open and innovative society. As such, the public sector should be able to prepare an appropriate innovation environment in the country and deliver innovative innovation inputs. Both the environment and inputs form the basis for the main focus of market economy innovation, represented by businesses. It is they who, through their internal processes, capture and generate ideas and transform them into innovative products or services.