More than half of the Bulgarian firms fail to invest in innovations because they lack sufficient funds to do so, according to a survey of the Bulgarian Chamber of Commerce and Industry (BCCI).

About 53% of the surveyed Bulgarian companies, which include firms from industry, services, and trade, have indicated that they do not use innovations in any way, and have listed a number of reasons for this situation.

Based on its survey, the BCCI also claims that Bulgarian enterprises have serious difficulties taking advantage of EU funding under Operational Program "Competitiveness", which funds industrial and technological modernization, because of bureaucratic obstacles.

About 27% of the respondents have indicated that they use innovations, including products of their own research and development activities.

The major reasons listed include administrative burden, lack of own funds for co-funding or bank guarantees, and the instability of the economic environment.

Only 5% of the surveyed companies have indicated willingness to invest more than 50% of their profits in innovations.