The latest trends of design industry development and perspectives in Latvia

Abstract

Purpose – the aim of this paper is to develop an extended view on the broad applications and perspectives of design as a significant element of innovations in creating a sustainable competitiveness of the businesses and generating wealth of the region.

Design /methodology/approach – the study is based on literature review and activity observation of design industry.

Findings – the main findings of the study show that concepts such as strategic design, design management and design thinking are notably entering business environment by having conceptually new applications. Innovation policies, support, and education systems, have not yet caught up with these developments and these are the problems for further research in this emerging area.

Research limitations/implications – the study limits partially closed statistical data of companies’ activity analysis.

Practical Implications – this work is useful for executives, who search for development of new innovative business models in highly competitive and fast changing business environment

Originality/Value – this work is the first attempt to highlight the latest trends in the development of design, conceptual changes and further perspectives of the industry in the development of Latvia economy

Paper type – Research paper.