Abstract
The need for increased market access and greater trade revenues, compels small developing nations to intensify their efforts to boost competitiveness on a global scale. Using survey data and a modified Heckman’s two-step approach, an evaluation of factors regarding innovation in the CARICOM services sector and the impacts on policy is conducted. Results of the analysis suggest firm size, foreign ownership involvement, patent rights, availability of public funds for innovative activity and external trade are significant in explaining the general firm’s decision to innovate. However, for services firms, the decision to innovate depends mainly on patent protection and to a lesser extent foreign ownership involvement in the firm.
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