Excellence, relevance and efficient application of research results at universities and institutes from the standpoint of economy developing

Abstract

Product development is a creative task where is systematically created a new product, which makes possible to firms to offer attractive, innovative and market oriented products. In conditions of fierce competition and saturated markets, companies that do not innovate are stagnating and disappear from the market. Innovations are very important factor for surviving the company on the market because companies need to increase their competitive ability through development of new high quality products, introduction of new technologies in production, introduction of new organization in production, introduction of new information and communication techniques etc. Research, inventions and innovations are closely related to each other. The results of research projects can largely contribute to finding inventions and innovations and their application in creating new products and technologies. This is a very important resource that is insufficiently used in our country. The paper analyzes the role and importance of excellence and relevance of research at faculties and institutes from the aspect of their effective application in economic subjects.