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.

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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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