Knowledge Economy and Investment Decision aided by Regional Innovation development: A Framework

TL;DR: In this paper , the authors conceptualized the regional innovation framework with measurement parameters from other studies as a review and proposed a framework in terms of Innovation Capital, Businesses under industries aggregated, capabilities such as internal skill development, business orientation, collaborative perspective, and knowledge management to compete within Industries, with their performance measures and innovation success.

Abstract: In today’s competitive era, the growth in regional business competencies stimulates the regional economy. Business development necessitates readiness in the availability of appropriate resources. It is an integration of industrial competencies within the region and so as a practice. This study attempts to conceptualize the regional innovation framework with measurement parameters from other studies as a review. Furthermore, regional efficiencies are vital as we move towards the knowledge-led economy. The proposed framework is in terms of Innovation Capital, Businesses under industries aggregated, capabilities such as internal skill development, business orientation, collaborative perspective, and knowledge management to compete within Industries, with their performance measures and Innovation success.Moreover, this study also compares the present Indian Innovation Index (2020) for the deficiencies as there are macroeconomic measures. These do not allow for alignment thus lack strong measures for development within regions. This study focuses on the Innovation Index performance as a primary objective derived from a substantial solid foundation of parameters of enablers making a "Regional Portfolio" using the studies from eminent innovation indices using micro economic. The study contributes to framework development for achieving regions’ readiness levels. The implications that this study sets out are long-term plans for enhancing efficiencies for Knowledge-based economies, required efforts, investment decisions.