The purpose of this empirical study is to find the relationship between economic growth and foreign direct investment (FDI) in the Commonwealth of Independent States (CIS) and Central and Eastern European Countries (CEECs) using endogenous technological change model. First, we combine the CIS and CEECs into one group to test our hypothesis, and then we test each group separately to account for heterogeneity and draw a conclusion whether FDI is indeed a driving force of the economy. Panel data have been used from 2003 to 2014 and different panel estimation methods have been applied. Additionally, we use the Generalized Method of Moments (GMM) panel estimator to control for endogeneity problem. The present study finds that FDI is an important factor explaining economic growth in the pooled group and CEECs, although it is not significant in the case of CIS.

The paper deals with possibilities of innovation projects financing in the Small and Medium Size Enterprises (SMEs) in the Czech Republic. It discusses, in the emphasis on SMEs, possible approaches to innovative company financing in dependence on company life cycle. Well established and functional models of innovative companies financing as FFF, Business angels, Private equity and Venture capital funding and mezzanine financing are discussed. Inasmuch SMEs are considered the key driving force of the Czech economy and the stabilizing feature of the regional development, the government places emphasis on the development of financial instruments which would ensure an ongoing financial support of innovation projects. But managements of SMEs insufficiently use all opportunities to obtain investment resources for the growth, future competitiveness and prosperity of their companies. According to researches performed in EU it was proven that financing constraints hinder innovation among SMEs. Maintaining regional balance through sustainable performance of SMEs is the common aim of municipalities as well. It is necessary for SMEs to form long-term relationships with their municipalities in the region. Programmes which arrange financial support for institutions are provided through private investors, grants, the EU funds and national budget. The paper evaluates pros and cons of various types of financial subsidies with respect to payback periods, risk exposure and availability. The paper includes the outputs of empirical research in SMEs carried out 2014 focused on steering innovation projects in SMEs. The aim of the research was to find out if SMEs can manage, evaluate and develop innovation projects. Moreover the authors examined the effectiveness of relationships established between SMEs and municipalities and problems which the SMEs are confronted by upon the ensurance of project innovation investments. The sources procurement is a very sophisticated topic and it is beneficial for the SMEs to establish a close cooperation not only with municipalities but also with universities.

On May 17, 2018, the National Center for Research and Development announced the initiation of a new procedure within the Hydrogen Storage Program. The objective was to develop a Hydrogen Storage System for use with fuel cells and its demonstration in a Mobile Facility. This is to create an alternative to the use of fossil fuels and create a field for competition in creating solutions in the field of access to “clean” energy. The National Center for Research and Development is responsible for the development of assumptions, regulations and implementation.

The analysis presents the main assumptions of the program is correlated to the current legal situation related to the financing of Research and Development. An in-depth study concerns the ways of using innovative partnership and its placement in the system of European Union legal acts. The idea of the pre-commercial procurement procedure (Pre-Commercial Procurement), which was developed to support the implementation of prototypes of solutions – resulting from research and development – with a high potential for possible commercialization, was described in details. This procedure is characterized by ensuring the financing of a product or service at an early stage of development. Although this creates the risk of failure of the project, it stimulates technological development.