Page 42 - Azerbaijan State University of Economics

THE JOURNAL OF ECONOMIC SCIENCES: THEORY AND PRACTICE, V.73, # 2, 2016, pp. 42-61

ROLE OF TECHNOLOGY TRANSFER CATALYSTS IN STIMULATING
INNOVATION: HOW TO APPLY FINNISH EXPERIENCE TO EMERGING
ECONOMIES

Odiljon Abdurazzakov
Adjunct Professor of Innovation and New Business Ventures
School of Business, ADA University
[email protected]

Received 22 September 2016; accepted 12 December 2016;
published online 26 December 2016

Abstract
Emerging economies view economic growth based on innovation as an important
condition of ensuring sustainable growth in the 21st century. In light of this,
governments of developing economies have adopted state programs on stimulating
innovation among small and medium businesses. The government of Azerbaijan has
made it a priority to develop new technology based firms (NTBF). The Development
Concept of Azerbaijan Republic approved by the President in 2012, “Azerbaijan
2020: Look into the Future” emphasizes the establishment of market infrastructure
network that serves to develop the non-oil sector. In this context, it is critical to
study the national innovation policies and technology transfer systems of developed
countries and modify it for the economy of Azerbaijan in order to stimulate
innovative activeness in Azerbaijan. In this paper, experience of one of the leading
countries in the field of technology transfer, namely Finland, is analyzed. The
research mainly uses qualitative data obtained using the methodology of in-depth-
interviews (IDI) with representatives of private sector, a public research centers,
start-up accelerators and universities in Finland. Azerbaijan ecosystem for
innovative entrepreneurship has also been analyzed based on IDIs conducted at start-
up incubators and accelerators in Baku as well as using Delphi technique in a
discussion which was attended by managers of Azerbaijani incubators and
accelerators. Recommendations on how to apply Finnish experience in Azerbaijan
are given in the conclusion of the paper.

Key world: emerging economies, economic growth, stimulating innovation,
national innovation policies, technology transfer.

JEL classification: O31, O32, Q55

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