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The Importance of Institutional Support for Innovative Activities in the Digital Economy

The article is devoted to the institutional support of innovative activity in the digital age and the peculiarities of development regulation. It has been proven that the rapid development of technology and big data requires innovative policies, flexible governance and institutional changes. It was determined that the features of modern development require qualitatively new institutions to reduce the risks caused by digitalization, eliminate inequality, and strengthen control and accountability. Institutes must create the necessary conditions for monitoring and developing digitalization and supporting innovation. A qualitatively formed institutional environment will help to realize the advantages of the digital economy as efficiently as possible and make the EU an innovative leader in the world. The main areas in which institutional changes are primarily needed are considered: the labor market; education; enterprise management; investment activity. The symbiosis of the digital and green economy requires the formation of new markets and products, as well as business models at the enterprise level and the corresponding institutional environment. State institutions should not only promote the development of the knowledge economy and digitization, but also actively stimulate investment activity in new technologies and innovations. The main areas of investment stimulation are defined. The main changes in various sectors of the economy are outlined, which must be taken into account when building institutional support for innovative activities in the digital economy. The EU policy in the development of the digital economy and the achievement of sustainability has been thoroughly accelerated. The main directions of the development of innovative activities in the digital economy are determined.

Digital Economy, Innovation, Innovation Policy, Institutional Support

APA Style

Halyna Matviienko. (2023). The Importance of Institutional Support for Innovative Activities in the Digital Economy. Journal of World Economic Research, 12(1), 25-33. https://doi.org/10.11648/j.jwer.20231201.13

ACS Style

Halyna Matviienko. The Importance of Institutional Support for Innovative Activities in the Digital Economy. J. World Econ. Res. 2023, 12(1), 25-33. doi: 10.11648/j.jwer.20231201.13

AMA Style

Halyna Matviienko. The Importance of Institutional Support for Innovative Activities in the Digital Economy. J World Econ Res. 2023;12(1):25-33. doi: 10.11648/j.jwer.20231201.13

Copyright © 2023 Authors retain the copyright of this article.
This article is an open access article distributed under the Creative Commons Attribution License (http://creativecommons.org/licenses/by/4.0/) which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.

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