Innovation implementations problems in Latvia

Abstract

This paper is devoted to research of newest complex tendencies of innovation and business climate in Latvia and EU. The main goal of this paper is to give evaluation of the current situation, tasks and development trends. In Latvian industrial low value added branches are dominated. Various studies show that the economy is changing stereotypes, when the driver becomes the most significant creative ideas, knowledge and ability to reinvent. Basis for further successful economic development lies in the innovative development model, which is an important competitive factor in the crisis. Standard quantitative methods for economic science research are used in elaborating this work including analysis, and statistical methods, we estimate the correlation between export-based companies and innovation level. We expect that innovation level of the companies is crucial for export activities and country’s growth. The applied methods allowed authors to analyze the previous development of industry, to analyze the current situation and forecast the possible prospective changes of the economically active enterprises and the factors influencing them.