THE ROLE OF R&D SECTOR ON FOSTERING ECONOMIC GROWTH. INSIGHTS FROM ROMANIA

Abstract

The start-up sector in Romania, particularly in the North-West Development Region (NW), is experiencing rapid growth and driving innovation and economic development. Understanding this sector and its connection to Research and Development (R&D) is vital for regional progress. The NW Region has become a prominent hub for start-up activity in Romania. Examining the start-up sector in these regions is essential as it contributes significantly to economic growth. Start-ups introduce disruptive technologies, create new market opportunities, and promote regional diversification. The impact of the R&D sector on economic growth cannot be underestimated. R&D activities drive innovation, laying the groundwork for the emergence and success of start-ups. Investing in R&D fosters knowledge creation, technological advancements, and intellectual property, which are crucial for entrepreneurial ventures. By understanding the interplay between start-ups and the R&D sector, stakeholders can develop targeted strategies for fostering innovation-driven economic growth. This article aims to provide valuable insights into the start-up sector in Romania's NW Region, its relationship with R&D, and the connection between total expenditure on R&D and economic growth in both Romania and the NW Region.