Abstract

This paper aims to provide information on the extent to which companies in the Federation of Bosnia and Herzegovina implement innovation activities. For this purpose, we used both qualitative and quantitative research methods. We performed qualitative analysis of legislation in the field of innovation as well as the attitude of the government towards innovation processes. In order to quantify innovation activities in Bosnia and Herzegovina companies, we conducted survey questionnaire among profit-oriented companies who employ at least 10 people. The working hypothesis of the paper is that the authorities in Bosnia and Herzegovina have a marginal role when it comes to encouraging the development and implementation of innovations and statistical monitoring of business innovation processes, which results in the lack of innovation activities in Bosnia and Herzegovina companies and has a negative impact on the business. Different parametric and non-parametric statistical tests were applied to test the stated hypothesis. Quantitative research has shown that a small number of enterprises continuously introduce new products/services which has negative impact on their performance. Conducted qualitative research has shown that the role of government in promoting and developing the acquired competitive advantages such as knowledge and innovation in Bosnia and Herzegovina is marginalized. According to the obtained results we derived some recommendations for improving operations using innovation potential.

Highlights

  • The process of entrepreneurship consists of capabilities to discover the opportunity, collect resource, organize them and adopt the strategy so that opportunity can be exploited (Shane, 2003)

  • Opportunity identification is guided by the entrepreneurial mindset which consists of alertness (Krizner, 1999)

  • The opportunity identification is guided by an entrepreneurial mindset which consists of alertness (Krizner, 1999)

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Summary

Introduction

The process of entrepreneurship consists of capabilities to discover the opportunity, collect resource, organize them and adopt the strategy so that opportunity can be exploited (Shane, 2003). Opportunity identification is guided by the entrepreneurial mindset which consists of alertness (Krizner, 1999). Alertness helps individual to accumulate and trigger sniffing ability which makes them capable of identifying gaps in the market that have been overlooked by others (Krizner, 1979, 1999). Shane (2000) suggested that the individual capability of identifying opportunities depends on how knowledge and information are converted and transformed. Entrepreneurial alertness is used to develop sense by accumulating, transforming and selecting information from the environment so that it can be utilized for opportunity identification (Tang, Louis & Kacmar, 2012)). The individuals need to accumulate and utilize specific and general human capital of entrepreneurial alertness for identifying and exploiting the opportunities (Solesvik, Westhead, Maltay & Valdimir, 2013)

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