Economics and management of national economy

Innovative clustering and its development factors as a source of Latvia’s competitiveness

Economic Annals-XXI

Economic Annals-ХХI: Volume 168, Issue 11-12, Pages: 28-32

Citation information:
Zaitseva, E., & Stradinya, S. (2017). Innovative clustering and its development factors as a source of Latvia’s competitiveness. Economic Annals-XXI, 168(11-12), 28-32. doi: https://doi.org/10.21003/ea.V168-06

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Elena Zaitseva
MA (Ecomomics),
Doctoral Student,
Baltic International Academy
4 Lomonosov Str,, Riga, LV-1003, Latvia
elena353@inbox.lv
ORCID ID: https://orcid.org/0000-0002-4535-2793

Svetlana Stradinya
D.Sc. (Ecomomics),
Assistant Professor,
Baltic International Academy
4 Lomonosov Str., Riga, LV-1003, Latvia
svet@mits.lv
ORCID ID: https://orcid.org/0000-0003-3409-3922

Innovative clustering and its development factors as a source of Latvia’s competitiveness

Abstract. Small countries with transition economies have to choose their own path of economic development. Nowadays, the economic model of the EU countries implies the volume of the venture capital of 0.3% of GDP per year, i.e. the required volume of venture capital in Latvia is EUR 90 million per year, which implies a tenfold increase. The authors consider the influence of intellectual potential, free economic zones and venture capital as development factors of innovative clustering in terms of Latvia’s competitiveness. The undertaken modelling confirms a stronger impact of the development of clusters on innovations and intellectual potential (IP) in comparison with the other positions. The positions of «Venture capital» and «Higher education and training», or IP, have a significant impact on the development of clusters, while the development of clusters impacts GDP and innovations which, in turn, affects the level of Latvia’s competitiveness.

Keywords: Innovation; Innovation Cluster; Intellectual Potential; Venture Capital; Competitiveness; Latvia

JEL Classification: R11; R58

DOI: https://doi.org/10.21003/ea.V168-06

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Received 27.10.2016

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