Development Trends of Technological Innovations in Georgia

Abstract

The modern business landscape is hard to imagine without developing technological innovations and creating new products through it. The mentioned process acquires special importance related to the activities of innovative start-ups, which have recently become synonymous with entrepreneurship and constantly achievement-oriented strategy, bringing their own, positive impulses to the economic progress of the country. Therefore, developing countries should facilitate the stimulation of high-tech innovations, by establishing creative firms, and commercialization of their products. According to international practice, in Georgia as well, state initiatives to stimulate technological innovations are mainly carried out at the national level. These initiatives, along with the financial support of startups, include participation of creation technology parks, innovation and information centers, innovation laboratories, accelerators, and business incubators, supporting their development. The aim of the present study is to reveal the general trends in the development of technological innovations in Georgia and to evaluate results. Qualitative and quantitative research, induction, deduction, and synthesis methods are used in the research process. Keywords: Technological Innovation, Innovation Policy, Innovative Startup, Commercialization, Startup Ecosystem, Global Innovation Index.