SUSTAINABLE DEVELOPMENT THROUGH INNOVATION IN SERVICE SECTOR

Regarding the economic crises and the slow recovery that still continues, we believe that a solution can be improving the capacity to research and innovate in order to achieve sustainable development. Another key issue of the paper is about developing the cooperation between academia and business. The challenge of this development is how to increase the amount to finance research and innovation that can be implemented in the economy. As a global solution, to this problem we can recommend, for example, reducing tax evasion and by fiscal education. Also particular sources have to be found in order to develop innovation on SME level. It is essential for innovation to make quality research in order to be better prepared and increase adaptability to economic cycles. The aim of the paper is to find out how service innovation and cooperation between academia and business can enhance sustainable development indicators. The conclusions of the paper are structured in particular proposals and recommendations.