Innovations in the Baltic Rim Region until 2025: Challenges and Prospects

This article examines the role of different actors (European Union [EU] structures, governmental institutions of the member-states, and regional companies with global outreach) in development of the innovation strategy in the Baltic Sea Rim. We identify three sub-regions, which are now in the stage of gradual convergence (“old” and “new” member-states of the EU as well as Russia), and focus on the main challenge to the region today, which is the ability of its countries to secure and strengthen the liberal nature of their socioeconomic systems. This research is based on the findings of the studies undertaken by authors as well as on our personal experience in the development of the Russian innovative ecosystem. It concludes that to avoid technological lagging behind other regions, governments of the Baltic Sea countries should complement the EU policies by implementing a set of proactive measures aimed at promotion of national innovations and intraregional cooperation.