Abstract
1- Introduction
2- Theoretical background
3- Research methodology
4- Research results
5- Discussions and conclusion
References
Abstract
The economy’s growth potential is determined by the country’s ability to sustain the level of income and returns to investments. A country’s wealth depends on the competitiveness of firms and on the capabilities of its entrepreneurs and managers. Companies achieve competitive advantage through acts of innovation. Although innovation is the engine of growth, it does not create economic benefits until it is incorporated into actual products, services and processes, which are commercialized. National and European investments in R&D are not always strongly correlated with average incomes. According to the Global Competitiveness Report 2015-2016, Romania together with Croatia and Hungary was in the transition from stage 2 (efficiencydriven stage of development) to stage 3 (innovation-driven stage). A year later Romania went back to the stage 2, in spite of Croatia and Hungary which kept their positions. Regarding the competitiveness international ranking, according to the Global Competitiveness Report, Romania ranked 53th in 2015, while in 2016 Romania ranked 62th. In order for Romania to reach 3 stage of development (innovation-driven stage) it has to improve the activity of the innovative firms. Did the EU funds accessed between 2007-2013 had a real impact on the global competitiveness of Romania? Will Romania reach the stage 3 innovationdriven stage, by 2020? This article analysis the impact of the IEC Program (2007-2013) on the Romanian global competitiveness index and 12th pillar innovation and tries to answer those questions mentioned above.
Introduction
Improving the countries competitiveness is a central issue. It is essential to rise the prosperity and welfare of inhabitants and companies. It is imperative to increase the understanding of economic growth prospects in all cities of a country. However, several signals indicate competitiveness as emerging from successful collaboration among economic actors who form innovative facilities of companies and other organizations (Corsi, 2016). The pursuit of competitiveness through innovation is a praiseworthy objective of local and national policy, since innovation is a key function in the current modern knowledge-driven economy, mainly for urban/metro areas that start behind and wish to catch up (Cantwell, 2005). Approaching the frontiers of knowledge through innovation, companies must design and develop cutting-edge products, services and processes to maintain a competitive edge and move toward even higher value-added activities. This endeavour requires sufficient investment in research and development (R&D), with the involvement of high-quality scientific research institutions (which generate the fundamental knowledge needed to build the new technologies, products and services), extensive collaboration in research and technological developments between universities and industry and the protection of intellectual property, as the main drivers among others. The innovative entrepreneurship plays an important role in the growth of the economic competitiveness and in assuring the sustainability.