Adrijana Vuković – Union – Nikola Tesla University Belgrade, Faculty of Law, Security and Management ‘’Konstantin Veliki’’,
Marijana Milunović – Union – Nikola Tesla University Belgrade, Faculty of Management, Sremski Karlovci, Serbia
Krsto Jakšić – University of Priština temporarily settled in Kosovska Mitrovica, Faculty of Economics, Kosovska Mitrovica
Filipa Višnjića bb, Serbia
5th International Conference – ERAZ 2019 – KNOWLEDGE BASED SUSTAINABLE DEVELOPMENT, Budapest – Hungary, May 23, 2019, CONFERENCE PROCEEDINGS
Published by: Association of Economists and Managers of the Balkans – Belgrade, Serbia
Conference partners: Faculty of Economics and Business, Mediterranean University, Montenegro; University of National and World Economy – Sofia, Bulgaria; Faculty of Commercial and Business Studies – Celje, Slovenia; Faculty of Applied Management, Economics and Finance – Belgrade, Serbia;
ISBN 978-86-80194-20-2, ISSN 2683-5568, DOI: https://doi.org/10.31410/ERAZ.2019
The contemporary world is painted with constant changes, in which the key to economic
success lies in the ability to understand them and to optimally adapt to the new business environment.
Under conditions where changes are gaining more and more intensity, the condition for the development
of every economy becomes precisely innovation.
Innovation is a significant factor in the development of the economy and society. As a fundamental driver
of the growth of the modern economy, innovation is closely related to the development of science and
the creation of new knowledge that is being developed, materialized and applied through innovations
through the innovation process. The development of the economy is precisely determined by the ability
to create, transfer, apply, and commercialize new knowledge through innovation.
The subject of this paper is innovative economies that adapt faster and more successfully to changes in
a dynamic environment, more effectively solve social challenges, change the economic structure faster
and more successfully and create a viable competitive advantage. The aim of this paper is to point out
that the improvement of innovation is a key factor in building an economy and a knowledge-based society,
whether it’s developed or developing countries.
innovation, economic growth and development, strategy, change, knowledge.
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