Efficient innovation policy and adequate investment in scientific research are a starting point for the sustainable development of a country. A prerequisite for sustainable development in any country is the development of indigenous scientific and technological capacity, as well as investment in innovation, research and development

Babic, V.

Institutional Repository of Vadym Hetman Kyiv National Economic University

150
СЕКЦІЯ 3
«ІННОВАЦІЙНА ЕКОНОМІКА ТА ІННОВАЦІЙНИЙ
МЕНЕДЖМЕНТ: СУЧАСНІ ТЕНДЕНЦІЇ
ТА ВЗАЄМОВПЛИВ»
Babic V., PhD.
Assistant Professor
Faculty of Business Studies and Law,
«Union — Nikola Tesla» University, Belgrade, Serbia
violeta.babic@fpsp.edu.rs
RESEARCH WORK AS A FACTOR
OF SUCCESSFUL DEVELOPMENT
ABSTRACT. Efficient innovation policy and adequate investment in
scientific research are a starting point for the sustainable development
of a country. A prerequisite for sustainable development in any country
is the development of indigenous scientific and technological capacity,
as well as investment in innovation, research and development.
KEY WORDS: Science, Research, Development
Introduction
Innovation, research and development are a key factor in industrial
competitiveness, along with the knowledge and entrepreneurship. In
this sense, innovation is perceived as a foundation for the transition to
a society based on knowledge, and innovation policy is the most
important strategic tool in achieving industrial competitiveness and
the factor in the maintenance and stimulation of the economic growth.
The Lisbon Agenda, respectively the EU strategy on becoming «the
most dynamic knowledge economy by 2010» (European Council,
2000) is based on this very idea that innovation is a system that
involves the interaction of science, education and the economy, so-
called. «Research Triangle».
Research and Discussion
Science and technology play an important role in the development
of the world economy because they are integral elements of the
151
productive forces, and a long-term commitment of the society towards
the development of technology is one of the most important areas of
economic policy. Modern technological advances are a powerful
means of competition in developed countries, the basis of their
monopoly position in many areas of international relations and the
basis for the division of countries within the world economy on a
highly developed and underdeveloped1. The role of the socio-
economic and institutional context is key, because it supports or stops,
speeds up or slows down the realization of the research triangle, or the
operation of the innovation system.
EU, among other things, defined two priorities in 2000. as a part of
a series of strategic development reforms expressed through a joint
document of the Lisbon strategy2 for science, technology
development and innovation:
1) the total investment in this area by 2010. is brought to the level
of 3 % of GDP and 2) 2/3 of these investments come from the
industry.
The European Council issued a call for the countries of the old
continent to increase investment in research and development to 3 %
of GDP in 2005. Two years later, the Action Plan which was related
to an increased level of investment in research and development, was
adopted in Barcelona. As a result, the budget for research and
development in many countries has rapidly increased, and this was
one of the reasons why, in the crisis period 2007-2010. when many
countries have recorded a decline in GDP, expenditures on scientific-
research work remained at approximately the same level and did not
accompany decrease in GDP.
Table 1 shows that in 2010., only Sweden spent more than 3 % of
GDP for scientific research, while Germany and Denmark achieved
approximatelly that percentage. The EU average is slightly below 2 %
of GDP, and apart from the already mentioned countries, only France,
Belgium and Slovenia spent for the scientific research above the
average in 2010.
The high growth rate of expenditures for scientific research from
10.7 % in Slovenia and 8.6 % in the Czech Republic from 2002-2008.
influenced the recovery of the economy from the effects of the
economic crisis in 2008, so the significant increase in the rate of GDP
                     
1 Kokeza G. Transfer of technology as a factor of social and economic development –The
Faculty of Technology and Metallurgy, Belgrade, 2008, p.52.
2 Report from the High Level Group chaired by Wim Kok, Facing the challenge, The Lis-
bon strategy for growth and employment, November 2004., ISBN 92-894-7054-2
(20.07.2015.)
152
growth was recorded in 2010., compared to 2009. Serbia allocated for
science and research about 0.3 % of GDP, which is far below the
European average, but also far below the average of its nearest
neighbors, Croatian, Slovenian and Hungarian, and the growth rate of
these expenditures of 1 % in the period of 2002-2008., is among the
lowest in the EU.
Table 1
GROWTH RATE OF GDP AND SCIENTIFIC RESEARCH EXPENDITURES,
IN % OF GDP, THE GROWTH RATE OF EXPENDITURES
FOR SCIENTIFIC RESEARCH IN SELECTED EU COUNTRIES
AND SERBIA, IN THE PERIOD 2007—2010.
Growth rate of GDP
Growth
rate of
expendit
ures
Growth rate of
expenditures for scientific
research (in % GDP)Country
2007 2008 2009 2010 2002-08 2007 2008 2009 2010
EU-27
average 3,2 0,3 –4,3 2,0 3,3 1,85 1,85 1,92 1,93
Czech
Republic 5,7 3,1 –4,7 2,7 8,6 1,48 1,41 1,48 1,34
Denmark 1,6 –0,8 –5,8 1,3 2,9 2,58 2,85 3,06 2,94
Germany 3,3 1,1 –5,1 3,7 2,6 2,53 2,69 2,82 2,72
France 3,0 –0,2 –3,3 –3,5 0,5 2,08 2,12 2,26 2,18
Hungary 0,1 0,9 –6,8 1,3 4,3 0,98 1,0 1,17 1,15
Netherlands 3,9 1,8 –3,5 1,7 1,5 1,81 1,77 1,82 1,72
Slovenia 6,9 3,6 –8,0 1,4 10,7 1,45 1,65 1,86 2,06
Slovakia 10,5 5,9 –4,9 4,2 3,2 0,46 0,47 0,48 0,62
Sweden 3,3 –0,6 –5,0 6,1 2,3 3,40 3,70 3,61 3,22
Great Britain 3,5 –1,1 –4,4 2,1 3,7 1,78 1,79 1,86 1,69
Belgium 2,9 1,0 –2,8 2,3 2,8 1,89 1,97 2,03 2,05
Spain 3,5 0,9 –3,7 –0,1 8,4 1,27 1,35 1,39 1,35
Norway 2,7 0,0 –1,7 0,7 1,1 1,62 1,61 1,80 1,65
Serbia 5,4 3,8 –3,5 1,0 1,0 0,30 0,29 0,28 0,28
Croatia 5,1 2,2 –6,0 –1,2 2,5 0,80 0,89 0,83 0,74
Source: http://appsso.eurostat.ec.europa.eu (22.01.2015.)
153
In the coming years, EU countries have slightly increased allocations
for scientific research, so that in 2013. the planned allocation for
scientific research reached Finland (3.34 % of GDP), Sweden (3.30) and
Denmark (3.06), and that level have converged Germany (2.85), France
(2.23), Slovenia (2.59) and Belgium (2.28 % of GDP), which is above
the EU average in 2013. amounted to 2.01 % of GDP. Other countries
have allocations for scientific research which are far below the level
determined by the Lisbon strategy, but also below the EU average. Serbia
is among them, with allocations that have increased significantly
compared to 2010., but still at a very low level of 0.72 % of GDP.
Allocations for science and technology are directly related to the
development indicators of the national economy, and in the following
chart we can see that countries which allocate more for research and
development have a higher GDP per capita.
Graph 1. Allocations for scientific research, in % of GDP and
GDP per capita, in selected countries of the EU and Serbia, 2013
Source: http://appsso.eurostat.ec.europa.eu (22.01.2015.)
What distinguishes developed and underdeveloped countries of the
world, countries that are developing rapidly and those that are
developing slowly, first of all, is the economic structure. High
technology products, based on knowledge and modern achievements,
are a prerequisite for economic development in the long term way.
Thus, the importance of investing in knowledge, technology and
innovation is more emphasized. Research and development sector and
the educational system are crucial to the economic development
154
process. Innovation system, understood as a set of institutions and
their interaction aimed at creating new knowledge and the application
of the existing, becomes a part of the infrastructure of any modern
economy, just as in past centuries were railways, highways,
telecommunication networks, distribution of electricity and the like.
It is obvious that the first objective of the Lisbon strategy was not
achieved as well as the second one, that of a total amount of allocations
for science, only 1/3 should be provided from the budgets of European
countries and the EU, and 2/3 should be provided on the basis of
investments of the private sector in research activities. Although all
European countries aren’t close to achieving this goal, the European
average in 2010. shows that in the case of EU-27 only 34.6 % of
allocations for science come directly from the budget, 54 % from the
economy, and 10.6 % from other national and international sources.
Table 2
COSTS OF RESEARCH AND DEVELOPMENT BY SECTORS IN SELECTED
EU COUNTRIES, JAPAN, THE UNITED STATES AND SERBIA, IN %
OF TOTAL SPENDING ON RESEARCH AND DEVELOPMENT, 2010. AND 2013
2010 2013
Country Sector of
companies Public sector
Sector of
companies Public sector
EU — 27
average 53,9 34,6 55,0 32,8
Hungary 47,4 39,3 46,8 35,9
Croatia 38,8 49,2 42,8 39,7
Czech Republic 48,9 39,9 37,6 34,7
Netherlands 45,1 40,9 47,1 34,3
Slovenia 58,4 35,3 63,8 26,9
Slovakia 35,1 49,6 40,2 38,9
G.Britain 44,5 32,3 46,5 27,0
France 53,5 37,0 55,4 35,0
Germany 65,6 30,3 66,1 29,2
Austria 44,7 38,7 44,1 39,1
Denmark 60,7 27,1 59,8 29,3
Finland 66,1 25,7 60,8 26,0
Sweden 58,8 27,5 61,0 28,2
Belgium 58,6 25,3 60,2 23,4
Japon 76,1 17,7 76,5 16,4
USA 61,6 31,3 59,1 30,8
Serbia 39,2 47,2 35,9 59,5
Source: http://epp.eurostat.ec.europa.eu (21.01.2016.)
155
In 2013, this ratio in most countries improved in favor of the private
sector, so that the EU average is 55 % from the sector of companies and
32.8 % from the public sector. Some countries, such as USA, Finland,
Denmark and Germany reached a level where investment from
commercial sources in science amounts to 2/3 of the total investment in
the field of science,in 2010., as shown in the previous table. In Japan, the
share of the private sector reached the record of 76.1 % and still grows.
Even in the countries of our region, there are significant private sector
investments in science. In Slovenia, even 63.8 % of all investments in
science come from industrial sources, while in the Czech Republic and
Hungary a decline has been recorded compared to 2010. Research
activities do not take place only at universities and national research
institutes, and thanks to such incidents, the recruitment of a large number
of scientists in the private sector has been enabled, where some of the
most advanced global researches take place1.
Conclusion
EU defined two priorities in the framework of the Lisbon Strategy
in 2010: the total investment in the field of science by the year 2010.
should be brought to the level of 3 % of GDP and that 2/3 of these
investments come from the industry. By 2010., the European average
was 2 % of GDP, and the most developed EU countries reached and
exceeded the level of 3 %, while realizing the second objective.
Budgetary investments in science in Serbia are far below the
European average and significantly below the investments in
neighboring countries. Apart from low values the trend is
problematic, too, which is in contrast with the growing trends of
investments in EU countries and neighboring countries.
The Republic of Serbia set as its principal objective that
allocations for science, beyond infrastructure, reach 1 % of GDP by
2015., for the period of 2010-2015. We started with less than 0.2 % in
2000., so we can conclude that there is a real rise of investment in
science. Our objective has to be the same as the objective of the
European Union — 3 % of GDP, 1 % of the budget, and the rest of the
market. Of course, if the economy in our country develops the funds
invested in science outside the budget will be thus increased. There
are many reasons why every country requires science and why small
countries should have theirs, they can’t only use the achievements of
the developed countries and they have to be aware of that.
                     
1 Povrenović D. — Analysis of innovation activities in Serbia, Belgrade: Institute for
Intellectual Property, 2011, p.20.
156
Reference
1. Kokeza G. — Transfer of technology as a factor of social and economic
development — Faculty of Technology and Metallurgy, Belgrade, 2008.
2. Narayanan, V. K. Managing Technology and Innovation for
Competitive Advantage, Prentice-Hall, New Jersey, 2001.
3. OECD, Eurostat, Oslo Manual — Guidelines for Collecting and
Interpreting Innovation Data, Joint Publication, 3rd Edition, 2005.
4. Povrenović D. — Analysis of innovation activities in Serbia,
Belgrade: Institute for Intellectual Property, 2011.
5. Report from the High Level Group chaired by Wim Kok, Facing the
challenge, The Lisbon strategy for growth and employment, november 2004.
6. Public Finance Bulletin for August 2015, the Ministry of Finance,
Republic of Serbia 2015.
7. Strategy for Scientific and Technological Development of Serbia
2010-2015. Ministry of Science and Technology, 2009.
8. Ministry of Economy and Regional Development — Strategy and
industrial development policy of the Republic of Serbia from 2010 to 2020.
9. www.eurostat.eu
Віннікова І. І., к.е.н.,
доцент кафедри менеджменту,
ДВНЗ «Київський національний
економічний університет імені Вадима Гетьмана»,
vinnikova.inna@gmail.com
Марчук С.В., асистент кафедри менеджменту,
ДВНЗ «Київський національний
економічний університет імені Вадима Гетьмана»
marchyk13@ukr.net
Vinnikova I. I., Ph.D.,
Associate Professor of Management Department,
SHEI «Kyiv National Economic University
named after Vadym Hetman «,
vinnikova.inna@gmail.com
Marchuk S. V.
assistant of the Management Department,
SHEI «Kyiv National Economic University
named after Vadym Hetman «
marchyk13@ukr.net
ІНТЕЛЕКТУАЛЬНИЙ КАПІТАЛ ЯК ОСНОВА ІННОВАЦІЙНОГО
РОЗВИТКУ КОМПАНІЙ СФЕРИ ВИСОКИХ ТЕХНОЛОГІЙ
АНОТАЦІЯ. Розглянуто роль і значення інтелектуального капіталу
в інноваційному розвитку компаній, що працюють у сфері високих
технологій. Наведено фінансові показники компаній і вартість


Research Work as a Factor of Successful Development

Name not available

150СЕКЦІЯ 3«ІННОВАЦІЙНА ЕКОНОМІКА ТА ІННОВАЦІЙНИЙМЕНЕДЖМЕНТ: СУЧАСНІ ТЕНДЕНЦІЇТА ВЗАЄМОВПЛИВ»Babic V., PhD.Assistant ProfessorFaculty of Business Studies and Law,«Union — Nikola Tesla» University, Belgrade, Serbiavioleta.babic@fpsp.edu.rsRESEARCH WORK AS A FACTOROF SUCCESSFUL DEVELOPMENTABSTRACT. Efficient innovation policy and adequate investment inscientific research are a starting point for the sustainable developmentof a country. A prerequisite for sustainable development in any countryis the development of indigenous scientific and technological capacity,as well as investment in innovation, research and development.KEY WORDS: Science, Research, DevelopmentIntroductionInnovation, research and development are a key factor in industrialcompetitiveness, along with the knowledge and entrepreneurship. Inthis sense, innovation is perceived as a foundation for the transition toa society based on knowledge, and innovation policy is the mostimportant strategic tool in achieving industrial competitiveness andthe factor in the maintenance and stimulation of the economic growth.The Lisbon Agenda, respectively the EU strategy on becoming «themost dynamic knowledge economy by 2010» (European Council,2000) is based on this very idea that innovation is a system thatinvolves the interaction of science, education and the economy, so-called. «Research Triangle».Research and DiscussionScience and technology play an important role in the developmentof the world economy because they are integral elements of the151productive forces, and a long-term commitment of the society towardsthe development of technology is one of the most important areas ofeconomic policy. Modern technological advances are a powerfulmeans of competition in developed countries, the basis of theirmonopoly position in many areas of international relations and thebasis for the division of countries within the world economy on ahighly developed and underdeveloped1. The role of the socio-economic and institutional context is key, because it supports or stops,speeds up or slows down the realization of the research triangle, or theoperation of the innovation system.EU, among other things, defined two priorities in 2000. as a part ofa series of strategic development reforms expressed through a jointdocument of the Lisbon strategy2 for science, technologydevelopment and innovation:1) the total investment in this area by 2010. is brought to the levelof 3 % of GDP and 2) 2/3 of these investments come from theindustry.The European Council issued a call for the countries of the oldcontinent to increase investment in research and development to 3 %of GDP in 2005. Two years later, the Action Plan which was relatedto an increased level of investment in research and development, wasadopted in Barcelona. As a result, the budget for research anddevelopment in many countries has rapidly increased, and this wasone of the reasons why, in the crisis period 2007-2010. when manycountries have recorded a decline in GDP, expenditures on scientific-research work remained at approximately the same level and did notaccompany decrease in GDP.Table 1 shows that in 2010., only Sweden spent more than 3 % ofGDP for scientific research, while Germany and Denmark achievedapproximatelly that percentage. The EU average is slightly below 2 %of GDP, and apart from the already mentioned countries, only France,Belgium and Slovenia spent for the scientific research above theaverage in 2010.The high growth rate of expenditures for scientific research from10.7 % in Slovenia and 8.6 % in the Czech Republic from 2002-2008.influenced the recovery of the economy from the effects of theeconomic crisis in 2008, so the significant increase in the rate of GDP                     1 Kokeza G. Transfer of technology as a factor of social and economic development –TheFaculty of Technology and Metallurgy, Belgrade, 2008, p.52.2 Report from the High Level Group chaired by Wim Kok, Facing the challenge, The Lis-bon strategy for growth and employment, November 2004., ISBN 92-894-7054-2(20.07.2015.)152growth was recorded in 2010., compared to 2009. Serbia allocated forscience and research about 0.3 % of GDP, which is far below theEuropean average, but also far below the average of its nearestneighbors, Croatian, Slovenian and Hungarian, and the growth rate ofthese expenditures of 1 % in the period of 2002-2008., is among thelowest in the EU.Table 1GROWTH RATE OF GDP AND SCIENTIFIC RESEARCH EXPENDITURES,IN % OF GDP, THE GROWTH RATE OF EXPENDITURESFOR SCIENTIFIC RESEARCH IN SELECTED EU COUNTRIESAND SERBIA, IN THE PERIOD 2007—2010.Growth rate of GDPGrowthrate ofexpendituresGrowth rate ofexpenditures for scientificresearch (in % GDP)Country2007 2008 2009 2010 2002-08 2007 2008 2009 2010EU-27average 3,2 0,3 –4,3 2,0 3,3 1,85 1,85 1,92 1,93CzechRepublic 5,7 3,1 –4,7 2,7 8,6 1,48 1,41 1,48 1,34Denmark 1,6 –0,8 –5,8 1,3 2,9 2,58 2,85 3,06 2,94Germany 3,3 1,1 –5,1 3,7 2,6 2,53 2,69 2,82 2,72France 3,0 –0,2 –3,3 –3,5 0,5 2,08 2,12 2,26 2,18Hungary 0,1 0,9 –6,8 1,3 4,3 0,98 1,0 1,17 1,15Netherlands 3,9 1,8 –3,5 1,7 1,5 1,81 1,77 1,82 1,72Slovenia 6,9 3,6 –8,0 1,4 10,7 1,45 1,65 1,86 2,06Slovakia 10,5 5,9 –4,9 4,2 3,2 0,46 0,47 0,48 0,62Sweden 3,3 –0,6 –5,0 6,1 2,3 3,40 3,70 3,61 3,22Great Britain 3,5 –1,1 –4,4 2,1 3,7 1,78 1,79 1,86 1,69Belgium 2,9 1,0 –2,8 2,3 2,8 1,89 1,97 2,03 2,05Spain 3,5 0,9 –3,7 –0,1 8,4 1,27 1,35 1,39 1,35Norway 2,7 0,0 –1,7 0,7 1,1 1,62 1,61 1,80 1,65Serbia 5,4 3,8 –3,5 1,0 1,0 0,30 0,29 0,28 0,28Croatia 5,1 2,2 –6,0 –1,2 2,5 0,80 0,89 0,83 0,74Source: http://appsso.eurostat.ec.europa.eu (22.01.2015.)153In the coming years, EU countries have slightly increased allocationsfor scientific research, so that in 2013. the planned allocation forscientific research reached Finland (3.34 % of GDP), Sweden (3.30) andDenmark (3.06), and that level have converged Germany (2.85), France(2.23), Slovenia (2.59) and Belgium (2.28 % of GDP), which is abovethe EU average in 2013. amounted to 2.01 % of GDP. Other countrieshave allocations for scientific research which are far below the leveldetermined by the Lisbon strategy, but also below the EU average. Serbiais among them, with allocations that have increased significantlycompared to 2010., but still at a very low level of 0.72 % of GDP.Allocations for science and technology are directly related to thedevelopment indicators of the national economy, and in the followingchart we can see that countries which allocate more for research anddevelopment have a higher GDP per capita.Graph 1. Allocations for scientific research, in % of GDP andGDP per capita, in selected countries of the EU and Serbia, 2013Source: http://appsso.eurostat.ec.europa.eu (22.01.2015.)What distinguishes developed and underdeveloped countries of theworld, countries that are developing rapidly and those that aredeveloping slowly, first of all, is the economic structure. Hightechnology products, based on knowledge and modern achievements,are a prerequisite for economic development in the long term way.Thus, the importance of investing in knowledge, technology andinnovation is more emphasized. Research and development sector andthe educational system are crucial to the economic development154process. Innovation system, understood as a set of institutions andtheir interaction aimed at creating new knowledge and the applicationof the existing, becomes a part of the infrastructure of any moderneconomy, just as in past centuries were railways, highways,telecommunication networks, distribution of electricity and the like.It is obvious that the first objective of the Lisbon strategy was notachieved as well as the second one, that of a total amount of allocationsfor science, only 1/3 should be provided from the budgets of Europeancountries and the EU, and 2/3 should be provided on the basis ofinvestments of the private sector in research activities. Although allEuropean countries aren’t close to achieving this goal, the Europeanaverage in 2010. shows that in the case of EU-27 only 34.6 % ofallocations for science come directly from the budget, 54 % from theeconomy, and 10.6 % from other national and international sources.Table 2COSTS OF RESEARCH AND DEVELOPMENT BY SECTORS IN SELECTEDEU COUNTRIES, JAPAN, THE UNITED STATES AND SERBIA, IN %OF TOTAL SPENDING ON RESEARCH AND DEVELOPMENT, 2010. AND 20132010 2013Country Sector ofcompanies Public sectorSector ofcompanies Public sectorEU — 27average 53,9 34,6 55,0 32,8Hungary 47,4 39,3 46,8 35,9Croatia 38,8 49,2 42,8 39,7Czech Republic 48,9 39,9 37,6 34,7Netherlands 45,1 40,9 47,1 34,3Slovenia 58,4 35,3 63,8 26,9Slovakia 35,1 49,6 40,2 38,9G.Britain 44,5 32,3 46,5 27,0France 53,5 37,0 55,4 35,0Germany 65,6 30,3 66,1 29,2Austria 44,7 38,7 44,1 39,1Denmark 60,7 27,1 59,8 29,3Finland 66,1 25,7 60,8 26,0Sweden 58,8 27,5 61,0 28,2Belgium 58,6 25,3 60,2 23,4Japon 76,1 17,7 76,5 16,4USA 61,6 31,3 59,1 30,8Serbia 39,2 47,2 35,9 59,5Source: http://epp.eurostat.ec.europa.eu (21.01.2016.)155In 2013, this ratio in most countries improved in favor of the privatesector, so that the EU average is 55 % from the sector of companies and32.8 % from the public sector. Some countries, such as USA, Finland,Denmark and Germany reached a level where investment fromcommercial sources in science amounts to 2/3 of the total investment inthe field of science,in 2010., as shown in the previous table. In Japan, theshare of the private sector reached the record of 76.1 % and still grows.Even in the countries of our region, there are significant private sectorinvestments in science. In Slovenia, even 63.8 % of all investments inscience come from industrial sources, while in the Czech Republic andHungary a decline has been recorded compared to 2010. Researchactivities do not take place only at universities and national researchinstitutes, and thanks to such incidents, the recruitment of a large numberof scientists in the private sector has been enabled, where some of themost advanced global researches take place1.ConclusionEU defined two priorities in the framework of the Lisbon Strategyin 2010: the total investment in the field of science by the year 2010.should be brought to the level of 3 % of GDP and that 2/3 of theseinvestments come from the industry. By 2010., the European averagewas 2 % of GDP, and the most developed EU countries reached andexceeded the level of 3 %, while realizing the second objective.Budgetary investments in science in Serbia are far below theEuropean average and significantly below the investments inneighboring countries. Apart from low values the trend isproblematic, too, which is in contrast with the growing trends ofinvestments in EU countries and neighboring countries.The Republic of Serbia set as its principal objective thatallocations for science, beyond infrastructure, reach 1 % of GDP by2015., for the period of 2010-2015. We started with less than 0.2 % in2000., so we can conclude that there is a real rise of investment inscience. Our objective has to be the same as the objective of theEuropean Union — 3 % of GDP, 1 % of the budget, and the rest of themarket. Of course, if the economy in our country develops the fundsinvested in science outside the budget will be thus increased. Thereare many reasons why every country requires science and why smallcountries should have theirs, they can’t only use the achievements ofthe developed countries and they have to be aware of that.                     1 Povrenović D. — Analysis of innovation activities in Serbia, Belgrade: Institute forIntellectual Property, 2011, p.20.156Reference1. Kokeza G. — Transfer of technology as a factor of social and economicdevelopment — Faculty of Technology and Metallurgy, Belgrade, 2008.2. Narayanan, V. K. Managing Technology and Innovation forCompetitive Advantage, Prentice-Hall, New Jersey, 2001.3. OECD, Eurostat, Oslo Manual — Guidelines for Collecting andInterpreting Innovation Data, Joint Publication, 3rd Edition, 2005.4. Povrenović D. — Analysis of innovation activities in Serbia,Belgrade: Institute for Intellectual Property, 2011.5. Report from the High Level Group chaired by Wim Kok, Facing thechallenge, The Lisbon strategy for growth and employment, november 2004.6. Public Finance Bulletin for August 2015, the Ministry of Finance,Republic of Serbia 2015.7. Strategy for Scientific and Technological Development of Serbia2010-2015. Ministry of Science and Technology, 2009.8. Ministry of Economy and Regional Development — Strategy andindustrial development policy of the Republic of Serbia from 2010 to 2020.9. www.eurostat.euВіннікова І. І., к.е.н.,доцент кафедри менеджменту,ДВНЗ «Київський національнийекономічний університет імені Вадима Гетьмана»,vinnikova.inna@gmail.comМарчук С.В., асистент кафедри менеджменту,ДВНЗ «Київський національнийекономічний університет імені Вадима Гетьмана»marchyk13@ukr.netVinnikova I. I., Ph.D.,Associate Professor of Management Department,SHEI «Kyiv National Economic Universitynamed after Vadym Hetman «,vinnikova.inna@gmail.comMarchuk S. V.assistant of the Management Department,SHEI «Kyiv National Economic Universitynamed after Vadym Hetman «marchyk13@ukr.netІНТЕЛЕКТУАЛЬНИЙ КАПІТАЛ ЯК ОСНОВА ІННОВАЦІЙНОГОРОЗВИТКУ КОМПАНІЙ СФЕРИ ВИСОКИХ ТЕХНОЛОГІЙАНОТАЦІЯ. Розглянуто роль і значення інтелектуального капіталув інноваційному розвитку компаній, що працюють у сфері високихтехнологій. Наведено фінансові показники компаній і вартість

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Research Work as a Factor of Successful Development

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