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| While we have an underdeveloped financial market, it is impossible to develop pioneering industries (especially at their early stages) without state sponsorship. Budget financing will provide initial resources for innovative industries in the conditions of underdeveloped market mechanisms of long-term financing and low domestic demand for innovative products in Ukraine. Yet in the future, after they have reasonably developed, these enterprises can freely compete on the international market. |
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| To realize most of Ukraine’s innovation potential, it is enough to remove the existing barriers and let business do the rest. To attract direct foreign investments needed for fostering innovations, the state should create a competitive market and favorable entrepreneurship environment. Free market competiveness will urge enterprises to improve their performance by introducing new effective technologies and modes of operation. Although in short-term this may not help secure investments into very specific high-tech areas, but will definitely increase innovation potential in traditional industries on wide scale. Consequently, these changes will yield a tangible economic effect already in the near future. Considering the generally low profile of the Ukrainian economy, it is worth mentioning that most of the country’s innovation potential is seen in traditional industries, but this potential is greatly overlooked. |
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