IMPACT OF INNOVATION - SUPPORTIVE CULTURE FOR AN EFFECTIVE BIO-ECONOMY IN BULGARIA

Abstract

Bio-based economy as a part of circular economy covers all sectors and systems that use biological resources. It is one of the largest and most important sectors of the EU and includes agriculture and forestry, fisheries, agro-food, biomass and bio-based products. Its annual turnover is about 2 trillion euros, and it employs about 18 million people. Bio-economy is also a key area for stimulating growth in rural and coastal areas. In Bulgaria there is still a limited understanding of the added value of eco-innovation, the effects of defragmentation of the value chain, the consequences of the limited application of environmental investments, as well as the lack of appropriate financial instruments stimulating technological progress. The focus of the research was to measure the innovation-supportive culture exhibited through innovativeness, creativity, business alertness and risk taking and how and how they influence the effectiveness of bio-enterprises. The research focused on a population of 285 enterprises for the production of organic food from all Bulgarian regions. Collected data were analyzed using descriptive and inferential statistics with the aid of Statistical Package for Social Sciences (SPSS). Correlation and multiple regression were employed to analyse the data and test the hypotheses. The study revealed that innovativeness, creativity, business alertness and risk taking were significant for the formation of an innovations-supportive culture and affecting performance of Bulgarian bio-economy. The study concluded that innovation-supportive culture or lack of it has a major effect on business performance and if any organization is bended towards development and growth, it would have to embrace this concept.