Obstacles to innovation and policy implications: exploring the case of Romanian firms

This paper analyses the weaknesses that characterize innovation in Romanian firms and the main obstacles encountered in innovation. Using CIS7 data referring to innovative firms operating in the manufacturing and services, our results reveals that the main obstacles faced by them are conditioned by the composition of the innovation expenditures and are located essentially within the sphere of lack of knowledge and technological opportunities and also the lack of internal resources for funding and low capacity to attract funding from the financial market. These measures can be the basis for the measures that can be adopted through government policies.