Knowledge transfer and innovation incubators: the context of the European Union

Abstract

Since Lithuania became a member of the European Union in 2004, the main course of the country's economic development has changed. Lithuanian government was forced to search for new ways to ensure the wealth and prosperity of local society. One of the chosen methods for supporting economic growth was related to knowledge transfer and the incubation of innovations in Lithuania. The article aims to formulate theoretical and practical assumptions for knowledge transfer and incubation of innovations. Based on data from the State Data Agency and the European Statistics Bureau Eurostat research results, the situation in Lithuania is evaluated in the context of the European Union. Finally, juxtaposing theoretical background and research results helps establish main guidelines for further innovation development.