Key Indicators for Measuring Innovation Processes: Driving Efficiency and Growth

Milica Ristić Cakić delivered her presentation in 19th September 2024 in Niš, focusing on the key indicators for measuring innovation processes. The presentation highlighted the importance of innovation as a key driver of economic growth and sustainable development. Various definitions of innovation were discussed, such as the creation of new combinations of existing resources and the implementation of significantly improved products, processes, or services. Milica emphasized the importance of measuring innovation processes effectively, as indicators are essential for assessing the success of these processes. She outlined key innovation indicators, including input indicators (investment in R&D, human capital, and technology), output indicators (patents, new products, and process improvements), and outcome indicators (impact on productivity, market share, and sustainability). The presentation also provided insights into the UK’s research and development spending, which accounts for 2.9% of its GDP, reflecting the country’s commitment to innovation. In addition, Milica discussed Serbia’s tax incentives supporting research and development, such as tax reductions for salaries of employees engaged in R&D and IP Box incentives for income generated from intellectual property. This focus on fostering innovation through strategic collaboration between academia and industry was highlighted as a key factor in driving efficiency and growth within the innovation ecosystem.