Academic journal article Business: Theory and Practice

Collaboration of Business and Science: A Starting Position for Lithuania's Move to Radical Economic Change/ Verslo Ir Mokslo Bendradarbiavimas Lietuvai Zengiant Radikaliu Ekonominiu Permainu Link

Academic journal article Business: Theory and Practice

Collaboration of Business and Science: A Starting Position for Lithuania's Move to Radical Economic Change/ Verslo Ir Mokslo Bendradarbiavimas Lietuvai Zengiant Radikaliu Ekonominiu Permainu Link

Article excerpt

1. Introduction

Processes of business and science collaboration via creation of knowledge economy are analyzed in many scientific works and could be defined as a system of interaction between different institutions (Goeransson, Soederberg 2005; Huseman, Godman 1999; Lahti 2007; Melnikas et al. 2000; Melnikas 2008a, b; Melnikas, Samulevicius 2010; Samulevicius, Samonis 2005, 2006; Samulevicius 2006a, b, c, 2007, 2008, 2009).

New methods of strategic management and competitiveness-boosting networking based on knowledge management are presented in the article. The main strategy is the strengthening of Lithuania's knowledge economy via collaboration of knowledge intensive business and science.

The aim of the article. The paper aims at emphasizing the importance of bridging science and business together having a target to show Lithuania's move to knowledge institutions such as integrated business centers, transport hubs, and also to present the vision and the challenges of these projects and institutions.

Research objective and methods. The researcher attempted to approach the subject using statistical and institutional research couched in the analysis terms as well as using a modified Harvard-style Lithuania's case study. The researcher also attempted to study actual empirical/practical processes, as they have been experienced in transition economies such as Lithuania thus bringing important evidence and empirical insights into the subject of the analysis. Research results. The bridging science and business together via creating a network of knowledge institutions and projects is a wave of future, which represents new science and business opportunities and sponsors to realize "latecomer's advantage" by leapfrogging to the technologies and models of doing business in Post Communist and other emerging market countries, which are new for Western countries as well.

2. What do we know about new nature of business, competitiveness and tendencies of knowledge economies development?

Knowledge is a power. In today's era of knowledge-based economies, constantly changing business environments, severe competition and globalization, gaining the knowledge edge will greatly empower organizations to stay on the cutting edge. Technological developments in the 21st century have transformed the majority of wealth-creating work from physically-based to knowledge-based. Technology and knowledge are now the key factors of production. With increased mobility of information and the global workforce, knowledge and expertise can be transported instantaneously around the world, and any advantage gained by one company can be eliminated by competitive improvements overnight. The only comparative advantage a company will enjoy will be its process of innovation-combining market and technology know-how with the creative talents of knowledge workers to solve a constant stream of competitive problems and what is important that we have ability to derive value from information. We live now in information society where a knowledge economy and knowledge management is essential (Enterweb 2012). This paper aims at emphasizing knowledge-based economy and knowledge management in the new information society.

Knowledge-based economy is constantly renewed by competitive economy of new knowledge, the core of which is to apply new knowledge in economic processes.

The success of knowledge economy depends on the interaction between national knowledge basis and innovation systems. Development tendencies of knowledge-based economy in different countries and regions are variable. The authors of scientific research maintain that the USA is a cradle of knowledge economy and forecast that the same development trends will continue till 2020. According to an expert, Japan is one of the leading countries in knowledge-based economy. But the following question arises: at what level is the EU? (The global trends 2015). …

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