Why Russian Businesses Use Technologies - 1506 Words

In the world of fierce business competition, technologies often become the principal source of competitive advantage for firms. Technological innovations have already become the basic measure of entrepreneurial growth and business success, but only firms that possess unique, inimitable technology resources can successfully outperform their competitors. State and policy support is crucial for the successful adoption of technologies by firms. The case of Russia is no exception. Russia possesses a sophisticated scientific and technology base, but the rates of adoption of technologies in Russian business remain formidably low. Only a broad government-based innovation policy can help Russian businesses to move forward and to become a part of†¦show more content†¦Businesses in Russia operate in the atmosphere of economic instability and elevated legal risks, which makes successful adoption of technologies virtually impossible. Although the rates of technology adoption in Russian b usiness are gradually increasing, the country is still an eternity away from creating a perfect and profitable business-technology synergy. Russia and Russian businesses are characterized by the growing levels of technology adoption. Russian businesses rapidly expand their innovative capabilities (Gurkov 299). The more optimistic Russian CEOs feel about their business future, the higher the rates of technology adoption become (Gurkov 300). Almost every third entrepreneur and CEO in Russia that enjoys a good or excellent position in business reports intensive changes in their technological structures and infrastructures (Gurkov 300). The fact that Russia possesses a sophisticated technology base facilitates the adoption of technological innovations in Russian firms (Watkins 2). The professionalism of scientific and IT personnel facilitates the rapid advancement of technologies in Russian business. Russia’s technology and innovation potential is much greater than that of other countries with similar