Abstract
If we a little bit elaborating Schumpeter model of technological innovation (invention → innovation → diffusion), we can confirm that every stage of innovation process is frankly interconnected. With this judgement, it is also seen that socio-economic institutions are quite influential in the emergence of technological innovation. The main purpose of this paper is to figure out why countries show different level of success; moreover, what kind of effects national education, finance and science have on national and regional technological advances. Furthermore, the role of radical and process innovation is examined in respect of national technological advance and institutional innovations. In this regard, two countries are contrast and compare, namely the USA and Germany.
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