ANALYSIS OF THE INNOVATION SYSTEM IN SERBIA FROM A PUBLIC POLICY PERSPECTIVE

The capacity to generate innovation is considered paramount for long term sustainability of economic development. Given that the nature of innovation creation is collective and dependent on multiple actors and their interaction, the concept of national innovation system (NIS) is a modern approach to public policy that is based on the transformational character of innovation. Innovation policy is particularly significant in emerging and developing economies that lack the necessary market capacity to generate adequate innovation incentives automatically. This paper is focused on the assessment of the key dimensions of the innovation system in Serbia through analysis of the main innovation policy activities. Based on comprehensive data on the activities of the Innovation Fund of Serbia, we conduct an elaborate analysis of the main dimensions and facets of the innovation policy activities in Serbia. Based on this analysis, prominent trends and structural characteristics of the Serbian innovation ecosystem are outlined and interpreted. Finally, we offer several proposals in the area of innovation policy which may address the present weaknesses identified by our analysis.