FINANCING INNOVATIONS - THE INTERDEPENDENCE BETWEEN MICRO- AND MACRO-UNDERSTANDING

Financing innovation is a firm level mechanism aimed at achievement of business goals. On the macro level the interaction of the economy with the global financial sector affects the financing of innovative activities in an enteprise, by increasing or decreasing the available financial funds. The first aim of the paper relates to the research of micro and macro level determinants, enabling the understanding of innovation financing, whereas the second aim relates to the analysis of the ubiquity of the concept of innovation and its conditionality in terms of macro- and microlevel of economic analysis. The change of technological nature with an emphasis on increasing individual consumption is a result of growing presence of ICT and biotechnology, thus reducing the importance of technology as a part of investment activity at the macro level. This finding requires knowledge for decision-makers in the field of innovation policy, especially the mechanisms of emergence and the effects that activities associated with knowledge and technology have on the environment in which they operate, which facilitate an appropriate level of financing.