Page 45 - Azerbaijan State University of Economics

Odiljon Abdurazzakov: Role of technology transfer catalysts in stimulating
innovation: how to apply finnish experience to emerging economies

Exhibit 2.1 Innovation process -Activities of organizations involved and stages

Source: C. Greenhalgh and M. Rogers, Innovation, Intellectual Property and
Economic Growth (Princeton University Press, 2010), p. 97.

The main participants of the process of the commercialization of R&D results
are summarized in graph 3. The main factors in commercialization include factors
such as:
1. The level of Research and Development, which is measured by the stock of
inventions and innovations to be commercialized. Among other factors, the level of
R&D depends on the number of universities and research institutions in the country,
the number and qualifications of research workers in research organizations and the
business sector, investment in R&D from public and private sources and its
effectiveness.
2. Human resources available for R&D. The availability of highly qualified
researchers depends on the quality of education, especially at university level. The
quality of education, in turn, is determined by the funds allocated to education by the
state, enrolment rates in universities and the quality of education at these
universities.
3. Regulatory and institutional environment that supports innovation which
means transparency and accountability in public spending and investment, stable
property rights including intellectual property rights, transparent and stable laws,
low costs and simple procedures governing the registration and operation of
enterprises. Additionally, innovation is supported when legislation makes it easy and
less costly to hire workers and register intellectual property, transparent tax

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