Considerations Regarding the Development of Romanian Regional Economies through Innovation and Entrepreneurship

Abstract

In the current global economic situation characterized by increasingly processes of globalization and the growing need to promote the principles of sustainability in economic development, more and more theorists of development and development policy makers insist on the necessity of taking into account as key factors in ensuring long term economic growth: innovation and the ability to generate new knowledge, entrepreneurship and promotion of leading technologies at the global technological frontier, able to generate phenomena of “creative destruction”. In more or less paradoxically, many studies show that the regions have a decisive role and becoming more important in promoting economic growth based on innovation and entrepreneurship, through interaction and close ties that can arise between different stakeholders. Regional economies of Romania and other countries that have experienced profound economic restructuring processes face the problem of identifying new pathways and models of economic d evelopment, able to reducing the significant gap that separates them from developed EU regions. This study aims to explore the possibilities of promoting a development model able to use as the driving element the capacity of Romanian regions, and in particular the North East region, to gain competitive advantage and sustainable development through innovation, developing leading technology and stimulating entrepreneurship. For this we will try to find answer to some questions: Can be developed regional networks and clusters able to gather innovation and stimulate entrepreneurship? What are the factors and causes that stand in the way of promoting a development strategy based on knowledge and innovation? In what areas can be developed innovative regional clusters which underpin sustainable economic development?.