ECO-INNOVATION PERFORMANCE OF THE SLOVAK REPUBLIC

Current paper is devoted to researching eco-innovation development of the Slovak Republic as a small advanced economy. Such economies as Slovakia are characterized by solid political foundations, highly developed international activity and innovation. The progress of Slovakia towards eco-innovation development is ranked as below average of the EU. We have distinguished the main obstacles to eco-innovation development in the country. In particular, low educational power of the Slovak Institutes, high outflow of young and well-educated population, difficulties in starting new business. More specific factors which prevent eco-innovation development in the country include highly fragmented coordination work in promoting eco-friendly development, lack of funding for R&D, lack of market demand for eco-innovation, low level of public awareness on eco-innovation development issues. For addressing these issues cost-effective measures should be implemented.