Innovation process development in Latvia

Innovations are the decisive factor of industry competitiveness of each country. A relevant feature of innovation is that the owner of the particular innovation gains a considerable competitive edge in the market. In order to help science to produce specific socially and economically favourable results it is necessary to create a mechanism for promoting innovations, for applying results of scholarly research, and for supporting establishment of innovation-focused enterprises. An innovation-focused and knowledge-based economy is the most effective way to a developed economy and political stability for small countries that are not rich in energy or other relevant natural resources, Latvia is one of them.