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Innovation is a useful application of new inventions or discoveries, technologies, products, services, or a new way of doing something. Improvement of technology by the use of new knowledge is one of the main drivers of growth. The universal process of wealth creation is driven by technological change or the innovation which cannot exist without entrepreneurship.

Under the increasingly globalised economy, financial markets and competition the innovation policies are getting even more important being the essential factors for sustainable economic growth.

The project “Enhance Innovation Strategies, Policies and Regulation in Ukraine” is one of the four projects in the innovation sector currently funded by the European Union in Ukraine (see Other Inno Projects on this website). It brings the best EU practice to Ukraine to help with creation of a more favourable regulatory and legislative environment in Ukraine for research and innovation. These measures are the potential instruments to realise the enormous innovation potential of Ukraine, and thus beneficial for the Ukraine’s economy.