Unfavorable business environment can significantly increase the costs of developing innovative products and make them less innovative. All that undermines the incentives of companies to innovate. In some cases, this may induce novice and existing innovative companies to focus their activities on other industries, which can lead to a "diversion of innovations". In this article, the author examines the external factors that affect the innovative activities of companies, such as economic institutions, economic openness, dependence on natural resources and skilled labor shortage.
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