Aleksandras Vytautas Rutkauskas,

Vilnius Gediminas Technical University,

Vilnius, Lithuania,

E-mail: aleksandras.rutkauskas@vgtu.lt

Integral Knowledge, Innovation and Technology Cluster Formation Nurturing the Universal Development Sustainability in the Context of Globalization

Jurgita Raudeliūnienė,

Vilnius Gediminas Technical University,

Vilnius, Lithuania,

E-mail: jurgita.raudeliuniene@vgtu.lt

Irena Račinskaja,

Vilnius Gediminas Technical University,

Vilnius, Lithuania,

E-mail: irena.racinskaja@vgtu.lt

ABSTRACT. Purpose – the main objective of this paper is to reveal the positive interaction of regional economy, the universal sustainable development and integral cluster of knowledge, innovation and technologies in the context of globalization processes, when the management of uncertainty and risk becomes the extremely important component for the successful realization of the country‘s development strategic decisions.

Design/methodology/approach – this paper examines a particular strategy of universally sustainable development of small country, when the main search instrument and implementation technology of universally sustainable development is the integral cluster of knowledge, innovation and technologies.

Findings and Originality – this paper presents the original concept of integral cluster of knowledge, innovation and technologies and formulates the concept and principles of optimization of integral cluster valued structure. Experimental approaches of investment strategy formation for universal sustainability of country development is made for the Republic of Lithuania.

Received: September, 2014

1st Revision: October, 2014

Accepted: December, 2014

DOI:10.14254/2071-789X.2014/7-4/3

JEL Classification: M2, L1, F6, D8

Keywords: globalization; innovation and technologies; intelligent investment; integral cluster; knowledge uncertainty and risk; universal development sustainability.