The secret of Taiwan’s innovative development breakthrough comparing with the Ukraine, Belarus and Georgia

In the modern world, where high technologies are developing rapidly from year to year, a prosperous future is open only to those countries, which are setting their priority in favor of the economy innovative development. The transformation of a raw-material and industrial model of the economy into post-industrial and science-based economy means,  rst of all, the investments into creation of high technologies. One of the examples economic miracles in the modern history is Taiwan, a county, which in a fairly short period of time has shown an exceptional example of economic transformation, giving itself the right to be considered as a modern innovative model of economy with an impressive development potential and the ability to manage effectively the potential for innovation. Let us try to use the example of Taiwan to reveal the cause-and-effect relationship between economic growth and innovation development, comparing it with the achievements of some Eastern European countries over a certain period of time. With the development of cyclical economic processes, we got entrenched trends as for continuous economic growth, they led to the ever-growing need to improve all parts of the economy. The term “innovation” comes from the Latin word “inovatis” (in – in, novus – new) and means “update, novelty, change”. In economics, the concept of “innovation” has become accustomed relatively recently. Innovation in the modern sense is a new idea, creative thoughts, a new imagination in the form of a device or method. Innovation is often also seen as the application of better solutions that meet new or existing market needs. This innovation is due to the emergence of more ef cient products, processes, services, technologies or business models that are given to markets, governments and society. The innovation process is a set of