AMCHAM BLOG

Blog: The innovation imperative

The time for a radical change is now! Peter Kolesár, Partner, Civitta Slovakia, maps out the necessary steps on the path to an innovative economy, Slovakia's chance to remain competitive and mitigate a looming structural crisis.

Illustrative stock photoIllustrative stock photo (Source: SME)

AmCham has been instrumental in Slovakia’s economic transformation in the last decades and plays a role in addressing many of the current challenges. It is actively shaping the solutions by having founded the Slovak AI platform, advocating for stronger R&D spending and collaboration, and a series of its human capital pillar activities. Given the magnitude of structural challenges ahead of the Slovak economy, the Chamber’s role is perhaps more important than ever before.

Digital transformation has become a popular narrative for corporates and governments alike - for a good reason. The average lifespan of companies listed on S&P index has decreased dramatically over the last decades and, statistically, it’s likely that a large corporate will not outlive an average high school graduate if it does not adapt to the digital age. As for governments, those that invest into R&D and innovation tend to be economically more successful in the long run. Research of 28 countries over a 10-year period shows that for every 1% of GDP invested into R&D the real GDP growth rate increases by 2.2% (Mladenovic, 2016).

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