Building the innovation culture or increasing financial investments in hi tech companies - searching for the right balance Online publication date: Wed, 07-Aug-2019
by Marko Ropret; Sašo Sukič; Peter Fatur; Borut Likar
International Journal of Quality and Innovation (IJQI), Vol. 4, No. 1/2, 2019
Abstract: The article addresses two crucial mechanisms influencing innovation and economic results of hi tech companies: innovation culture development versus innovation financial investments, i.e., investments into R&D capacities and concrete research and innovation projects in Slovenia. The results show that innovation culture development (non-financial factors) and innovation financial investments (financial factors) have comparable influence on innovation results. At the same time, raising innovation financial investments does not grant an improvement of the innovation culture. Therefore, it is crucial to improve the company's innovation culture rather than to increase financial investments. The main reason is also related to obstacles, which are significantly smaller when managing the innovation culture. The article also provides guidance for better management of these two groups of influential factors and, consequently, the increase of innovation and business results.
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