Evaluation of Triple Helix Model in The Regions of Latvia

In the time of globalisation, information society and knowledge-based economy, the innovation system is an important ingredient of the country's success. Introduced by H.Etzkowitz and L.Leydesdorff in the mid 1990s, the Triple Helix (TH) model of innovations - interaction between university, industry and government - has well explained the questions of economic development in many countries and may be implemented in Latvia as well in order to boost its innovative development. The implementation of the model depends on reliable and relevant tools of the assessment of its economic effects considering the levels of development in different countries and regions. The problem is the lack of methods of evaluation proven the best option specifically for Latvia and its regions, as the comprehensive evaluation of TH model is not applied in Latvia yet. The aim of the paper is to define the optimal methods of evaluation of economic effects of TH model in the regions of Latvia. The authors have defined the main sources of appropriate data, reviewed seven methods of evaluation of TH model aspects, and explained the reasons why not all of them are quite applicable in Latvia. Among the main reasons, there is the shortage of available information and feedback. The recommendations for the data collection and processing for the development of innovation system and evaluation of Triple Helix model in Latvian regions were made in the research.