NATURE BASED INNOVATIONS IN THE DEVELOPMENT OF BIOECONOMY

Abstract

The main purpose of the article was to present the benefits and challenges related to the bioeconomy as a subsector of the economy, as well as the impact of the biological revolution on the bioeconomy. The market readiness of various nature-based innovations in agriculture was also assessed. The bioeconomy was found to be a right path to sustainable development, addressing social and environmental challenges while supporting economic growth. Thus, it determines a more resilient and resource-efficient development. Nature-based innovations harness the power of natures resilience, efficiency and adaptability to meet societal challenges in a sustainable way. These innovations offer promising economic solutions while increasing the protection of biodiversity and the health of ecosystems. Based on feedback from key stakeholders, the Garther Hype Cycle model was developed. The productivity phase is reached by those technologies and products that have managed to break out of their niche and gain widespread acceptance. In the analysis, this level was achieved by biological control and the use of beneficial microorganisms. Biological control in particular has been identified as a nature-based technology that dominates todays agriculture and will increase in importance in the future.