ADVANCING ECONOMIC PROSPERITY THROUGH INNOVATION: THE AZERBAIJANI MODEL OF INNOVATION-DRIVEN ECONOMIC GROWTH

Abstract

This study proposes a novel economic development model for Azerbaijan, leveraging the “Quintuple Helix” framework to drive innovation-based growth and ensure long-term sustainability. As Azerbaijan transitions from a resource-dependent economy to one driven by innovation, competitiveness, and diversification, this research provides an analysis of both domestic innovation activities and international best practices to formulate a comprehensive model.
The proposed model emphasizes the integrated collaboration of five key stakeholders: government, private sector, research and educational institutions, civil society, and ecological sustainability. Such collaboration is essential for the successful implementation of innovation-led economic transformation. Strategic priorities identified within the model include renewable energy, development of the startup ecosystem, growth of small and medium-sized enterprises (SMEs), and expansion of the digital economy.
This research underscores the critical role of coordinated policy measures and regulatory reforms in fostering a robust innovation ecosystem. The findings provide valuable insights for policymakers, business leaders, and academic institutions, offering a structured approach to enhancing Azerbaijan’s competitiveness and sustainability in a rapidly evolving global economy.
The study also calls for future research that incorporates empirical case studies and quantitative evaluations to assess the practical impact of the proposed model.