Comparative Analysis of Selected Determinants of Innovation in EU Countries

Innovation is the key to the success of businesses and entire economies in today's world. And it should become a strategic target for the development of the EU economies. Undoubtedly, the creation of conditions for the development of innovation becomes the most important issue both from the perspective of an individual economic entity success and of the entire state. This issue is therefore extremely important in the micro and macroeconomic area. Bearing in mind that modem economies are transforming at an incredible rate, and at the same time, permanent sources of development are weakening, innovations, and above all their commercialization, are what the EU countries see as an effective solution to the problem of achieving economic growth. When analyzing selected determinants of innovation, it is impossible to underestimate their role and importance. Consequently, the subject matter is relevant both from theoretical as well as practical point of view. The aim of the article is to deepen the definition and multifaceted examination of the relevance of selected determinants of innovation in EU countries. The essence of the research problem is therefore to examine the relationship between the level of innovation in EU countries and the following factors: GDP, number of applied patents, innovative products, or research and development expenditure. In the light of the theoretical research, the following were analyzed: the essence and definitions of innovation, the role and significance of innovation in the company.