Innovations Risk Factors Analysis Between Innovation Leaders and Moderate Innovators

Abstract

The main aim of the article is to compare the Baltic countries with Denmark in accordance with the different macro-economic indicators and the identification the potential growth of the innovation level. The subject of the article is the potential level of innovation by the different macro-economic indicators in the Baltic countries and Denmark. The article analyses the innovation’s value and the macro-economic indicators, which may depend the state’s level of innovation. The main methods are a logical, systematic, statistical analysis. The investigation has shown that not all macroeconomic indicator Denmark is a leader in innovation. According to some macro-economic indicator the Baltic countries would be innovation leaders. This shows that the Baltic countries have the potential to increase the level of innovation. European Innovation Scoreboard for European Union Countries calculates the summary innovation index. There are four main groups: innovation leaders, strong innovators, moderate innovators and modest innovators. Baltic countries are the moderate innovators; Denmark is the innovation leader. Latvia took a 31st place, Lithuania 30th, Estonia 19th, Denmark 3rd. The higher level has Sweden and Switzerland. There are several different reasons why are the different levels of innovation in the country, even though the countries are similar in size and in a geographical area.