FOSTERING INNOVATION ECOSYSTEMS: THE ROLE OF KNOWLEDGE ECONOMY IN REGIONAL DEVELOPMENT

Abstract

This study investigates the impact of the knowledge economy on regional economic development, focusing on the role of human capital, innovation, and collaborative networks in fostering growth. Employing a desk research on literature related to the topic, the research highlights the importance of education and skill development in enhancing economic performance. Key findings reveal that knowledge-based strategies, supported by academia-industry-government collaborations, significantly contribute to creating vibrant innovation ecosystems. The research acknowledges limitations, such as the scope of regions studied, and suggests future directions, including exploring the impact of digital technologies and policy interventions on regional disparities. The study's originality lies in its comprehensive approach to integrating the knowledge economy's principles into regional development strategies, offering insights for policy formulation and strategic planning to leverage intellectual assets and innovation for sustainable growth.