Abstract
Establishment of new entrepreneurial ventures have a direct influence on economic growth of the economy and society of every country. It relates especially to unemployment level and net income of the employees. Given these facts, the two aims of the paper are: 1) presentation of the Innovativeness of 14 countries of South – East Europe region and two additional countries: Poland and Hungary based on their overall ranking(s) as well as Information and Communication Technologies, ICT access and ICT use; and 2) to present development and business performance of academic start-up and spin-off companies in ICT sector which were created by the University of Novi Sad (Serbia) and which allowed it to become a sustainable University. The indicators such as total number of new ventures, number of employees, total revenue and average gross profit margin were used in order to analyse establishment, development and sustainability of academic ICT start-up and spin-off companies. The study shows that sustainable measures, particularly academic start-up and spin-off companies, have a very important role in sustainable economic growth (local, national and regional) and are a significant driver of innovation. They are of key importance for the sustainable development of the University.
Highlights
Sustainable development is of the utmost importance for modern business, especially regarding employment level and net income
Most available studies are concerned and focused on development entrepreneurial universities in developed economies. Given these facts the paper: 1) presents the Innovativeness of 14 countries of South – East Europe (SEE) region and two additional countries: Poland and Hungary based on their overall ranking(s) as well as Information and Communication Technologies and ICT access; and 2) presents development and business performance of academic start-up and spin-off companies in ICT sector which were created by the University of Novi Sad (Serbia) and its actions to become sustainable institution
It is very important to understand the interdependence of ICT sector development and the level of innovation in the particular economy
Summary
Sustainable development is of the utmost importance for modern business, especially regarding employment level and net income. Entrepreneurship is multidimensional concept which has significant role on sustainable economic development, and Schumpeter (in his work) describes how the innovating entrepreneur challenges incumbent firms by introducing and using new inventions (Schumpeter, 2017). When considering the term entrepreneurship and new ventures, special attention should be paid to innovations (Abrahamson, 2019). Modern economies and companies are faced with the challenge of constant innovation in order to be sustainable and to further develop (Vekic et al, 2018). Innovation is the specific tool of entrepreneurs, the means by which they exploit change as an opportunity for a different business or a different service (Drucker, 1985)
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