Research and Development (R&D) and Innovation: from Knowledge to Value, from Value to Capital
Scientific research and innovation processes are among the primary driving forces of modern economic development. In an era of intensified global competition and digitalization, the economic resilience of countries increasingly depends not on natural resources, but on the efficient management of knowledge and information capital (OECD, 2015; World Bank, 2020). In this context, Research and Development (R&D) and innovation are considered complementary stages of economic development. R&D focuses on creating new knowledge and technologies, while innovation transforms that knowledge into economic value.
https://ereforms.gov.az/files/article/pdf/en/7bf7c8ac1e003500bcccd96ee8f1d3c4.pdf
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