Challenges and Perspectives of the Startup Ecosystem for the Development of Innovative Economy in Georgia

Abstract

The processes of introduction of technology and innovation ecosystem in the economic development of the country have attracted special attention in the global world in the conditions of pandemic and post-pandemic. Accordingly, the research focuses on the formation and development models of modern start-up ecosystems, processes and determinants that ensure their transformation into innovations and the transfer of resources for economic development in the regions. The aim of the paper is to determine the main directions that will contribute to the development of startup ecosystems, taking into account global trends and state-specific practices; The research is based on the methods of grouping, comparison, analogy, analysis, generalization and systemic-structural approaches. As a result of the research, startup ecosystems were defined as an institutional mechanism that is open to the expansion of intersectoral networks and changes the competitive market environment in favor of the architecture of a stable innovative economy. The examples of Estonia, Spain, and Britain show the potential of developing a national startup ecosystem model that prioritizes long-term development, state technical self-sufficiency, and the ability to expand to new markets.

Keywords: innovative economy, ecosystems, technoparks, startups, innovations, R&D, economic development