Abstract
Abstract In the context of economic globalization, technology is a key factor in boosting growth and competitiveness in the business world. Technologically intensive companies have more innovation, gain new markets, use available resources more productively, and generally offer more to the people they employ. Europe spends less on R&D, compared to the US and Japan, mainly due to lower levels of private investment. The lower share of HTC in the EU is the reason for half of the EU's lag behind the US. The aim of this paper is therefore to present the importance of high – tech companies for EU economy and to evaluate the steering of Europe 2020 grand strategies towards active support of HTCs and estimate, how Europe 2030 strategies will continue the effort of boosting EU economy.
Highlights
Technology is a key driver in the global economy (Morrison 2002, 279)
In the context of economic globalization, technology is a key factor in boosting growth and competitiveness in the business world
High-tech companies that are members of the Montana cluster raised wage rates by 7% in 2013, which is significantly more than the 1.4% growth rate of real wages in the private sector
Summary
Technology is a key driver in the global economy (Morrison 2002, 279). In the context of economic globalization, technology is a key factor in boosting growth and competitiveness in the business world. The findings show that the number of employees in the hightech industry has a positive effect on the number of patents, while R&D expenditure (per capita) has a negative impact Other factors, such as education expenditure, government R&D expenditure, economic development, the number of science and technology employees and the level of exports, do not affect innovation performance in the high-tech industry. Europe 2020 grand strategies towards active support of HTCs Given the research, done by different researchers around the world, we could summarize, that R&D investments, Venture capital investments and knowledge are the three factors that influence the high-tech industries Further on, with these assets, the high-tech industries influence the international trade, value of exports and employment to the extent that it can help the national economy in the time of economic crisis. We could argue that there are member states with no fundamental prerequisites for business and research
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