journal article·2025-03-26Open access

Comparative Analysis of Machine Learning Models for Predicting Innovation Outcomes: An Applied AI Approach

Marko Martinović, Kristian Dokic, Dalibor Pudić

Applied Sciences· Volume 15· Issue 7

Abstract

Predicting innovation outcomes at the firm level continues to be an important but challenging goal for researchers and practitioners alike. In this study, multiple machine learning models, encompassing both ensemble-based and single-model approaches, were applied to data from the Community Innovation Survey. Methods included random forests, gradient boosting frameworks, support vector machines, neural networks, and logistic regression, each with hyperparameters optimized through Bayesian search routines and evaluated using corrected cross-validation techniques. The results showed that tree-based boosting algorithms consistently outperformed other models in accuracy, precision, F1-score, and ROC-AUC, while the kernel-based approach excelled in recall. Logistic regression proved to be the most computationally efficient model despite its weaker predictive power. The statistical analyses made it clear that the choice of an appropriate cross-validation protocol and accounting for overlapping data splits are crucial to reduce bias and ensure reliable comparisons. Overall, the results indicate that ensemble methods generally provide robust classification performance for innovation prediction tasks. However, individual models may still prove advantageous under certain metric-specific conditions or computational constraints. These observations emphasize the need to match model selection with data structure, performance objectives, and practical resource constraints when predicting and improving innovation outcomes at the firm level.
Source: crossref · Quality: baseline

Research context

OpenAlex topics: Forecasting Techniques and Applications

SciVX discovery tags are terminology-based. OpenAlex topics are source-provided classifications.

Affiliations

Technical Department, University of Slavonski Brod, Trg Ivane Brlić Mažuranić 2, 35000 Slavonski Brod, Croatia

Department of Information and Communication Sciences, Faculty of Tourism and Rural Development, University of Osijek, Vukovarska 17, 34000 Požega, Croatia

Department of Business Economics, University North, Ulica Jurja Križanića 31b, 42000 Varaždin, Croatia

References (50)

Show source-provided references
1. Machine learning: Trends, perspectives, and prospects10.1126/science.aaa8415 ↗
3. Chen, T., and Guestrin, C. (2016, January 13–17). XGBoost: A Scalable Tree Boosting System. Proceedings of the 22nd ACM SIGKDD International Conference on Knowledge Discovery and Data Mining (KDD’16), San Francisco, CA, USA.10.1145/2939672.2939785 ↗
4. Greedy Function Approximation: A Gradient Boosting Machine10.1214/aos/1013203451 ↗
5. Ke, G., Meng, Q., Finley, T., Wang, T., Chen, W., Ma, W., Ye, Q., and Liu, T.-Y. (2017, January 4–9). LightGBM: A Highly Efficient Gradient Boosting Decision Tree. Proceedings of the Advances in Neural Information Processing Systems, Long Beach, CA, USA.
6. Deep Learning10.1038/nature14539 ↗
7. Prokhorenkova, L., Gusev, G., Vorobev, A., Dorogush, A.V., and Gulin, A. (2018, January 3–8). CatBoost: Unbiased Boosting with Categorical Features. Proceedings of the Advances in Neural Information Processing Systems (NeurIPS), Montreal, QC, Canada.
8. Vaswani, A., Shazeer, N., Parmar, N., Uszkoreit, J., Jones, L., Gomez, A.N., Kaiser, L., and Polosukhin, I. (2017, January 4–9). Attention Is All You Need. Proceedings of the Advances in Neural Information Processing Systems, Long Beach, CA, USA.
9. Hosmer, D.W., and Lemeshow, S. (2000). Applied Logistic Regression, Wiley-Interscience.10.1002/0471722146 ↗
10. Support-Vector Networks10.1007/BF00994018 ↗
11. Multilayer feedforward networks are universal approximators10.1016/0893-6080(89)90020-8 ↗
12. Chollet, F. (2018). Deep Learning with Python, Manning Publications.
13. Goodfellow, I., Bengio, Y., and Courville, A. (2016). Deep Learning, MIT Press.
14. Dropout: A Simple Way to Prevent Neural Networks from Overfitting
15. Eurostat (2024, December 01). Community Innovation Survey (CIS) Microdata. Available online: https://ec.europa.eu/eurostat/web/microdata/community-innovation-survey.
16. Eurostat (2024, December 01). Community Innovation Survey (CIS-2014) Metadata. Available online: https://ec.europa.eu/eurostat/cache/metadata/en/inn_cis9_esms.htm.
17. James, G., Witten, D., Hastie, T., and Tibshirani, R. (2013). An Introduction to Statistical Learning, Springer.10.1007/978-1-4614-7138-7 ↗
18. Approximate Statistical Tests for Comparing Supervised Classification Learning Algorithms10.1162/089976698300017197 ↗
19. No Unbiased Estimator of the Variance of K-Fold Cross-Validation
20. Inference for the Generalization Error10.1023/A:1024068626366 ↗
21. Bouckaert, R.R., and Frank, E. (2004). Evaluating the Replicability of Significance Tests for Comparing Learning Algorithms. Advances in Knowledge Discovery and Data Mining, Springer.10.1007/978-3-540-24775-3_3 ↗
22. Statistical Comparisons of Classifiers over Multiple Data Sets
23. Cost Curves: An Improved Method for Visualizing Classifier Performance10.1007/s10994-006-8199-5 ↗
24. Statistical Comparison of Classifiers through Bayesian Hierarchical Modelling10.1007/s10994-017-5641-9 ↗
25. Citation Frequency and the Value of Patented Inventions10.1162/003465399558265 ↗
26. Oecd, and Eurostat (2018). Oslo Manual 2018: Guidelines for Collecting, Reporting and Using Data on Innovation, OECD Publishing/Eurostat. [4th ed.].
27. Hastie, T., Tibshirani, R., and Friedman, J.H. (2009). The Elements of Statistical Learning: Data Mining, Inference, and Prediction, Springer.10.1007/978-0-387-84858-7 ↗
28. Kohavi, R. (1995, January 20–25). A Study of Cross-Validation and Bootstrap for Accuracy Estimation and Model Selection. Proceedings of the 14th International Joint Conference on Artificial Intelligence, Montreal, QC, Canada.
29. Varma, S., and Simon, R. (2006). Bias in Error Estimation When Using Cross-Validation for Model Selection. BMC Bioinform., 7.10.1186/1471-2105-7-91 ↗
30. Bergstra, J., Bardenet, R., Bengio, Y., and Kégl, B. (2011, January 3–6). Algorithms for Hyper-Parameter Optimization. Proceedings of the Advances in Neural Information Processing Systems, Lake Tahoe, NV, USA.
31. Bergstra, J., Yamins, D., and Cox, D.D. (2013, January 24–29). Hyperopt: A Python Library for Optimizing the Hyperparameters of Machine Learning Algorithms. Proceedings of the 12th Python in Science Conference, Austin, TX, USA.10.25080/Majora-8b375195-003 ↗
32. Naidu, G., Zuva, T., and Sibanda, E.M. (2023, January 3–5). A Review of Evaluation Metrics in Machine Learning Algorithms. Proceedings of the Computer Science On-line Conference, Online.10.1007/978-3-031-35314-7_2 ↗
33. A Systematic Analysis of Performance Measures for Classification Tasks10.1016/j.ipm.2009.03.002 ↗
34. An Introduction to ROC Analysis10.1016/j.patrec.2005.10.010 ↗
35. Henderson, T. (2024, December 01). Correctipy. Available online: https://github.com/hendersontrent/correctipy.
36. (2024, December 01). Scikit-Learn Documentation. Available online: https://scikit-learn.org/stable/.
37. (2024, December 01). XGBoost Python Package Introduction. Available online: https://xgboost.readthedocs.io/en/stable/python/python_intro.html.
38. (2024, December 01). LightGBM Python Package Introduction. Available online: https://lightgbm.readthedocs.io/en/latest/Python-Intro.html.
39. (2024, December 01). CatBoost Documentation. Available online: https://catboost.ai/docs/en/.
40. (2024, December 01). Hyperopt Documentation. Available online: https://hyperopt.github.io/hyperopt/.
41. (2024, December 01). Statsmodels Documentation: Power and Sample Size Calculations. Available online: https://www.statsmodels.org/stable/stats.html#power-and-sample-size-calculations.
42. (2024, December 01). MLxtend Documentation. Available online: https://rasbt.github.io/mlxtend/.
43. (2024, December 01). SciPy Documentation: Friedman Chi-Square Test. Available online: https://docs.scipy.org/doc/scipy-1.15.0/reference/generated/scipy.stats.friedmanchisquare.html.
44. Niculescu-Mizil, A., and Caruana, R. (2005, January 7–11). Predicting Good Probabilities with Supervised Learning. Proceedings of the 22nd International Conference on Machine Learning (ICML), Bonn, Germany.10.1145/1102351.1102430 ↗
45. Combined 5×2 cv F test for comparing supervised classification learning algorithms10.1162/089976699300016007 ↗
46. Bayesian estimation supersedes the t-test10.1037/a0029146 ↗
47. Lecoutre, B., and Poitevineau, J. (2014). The Significance Test Controversy Revisited: The Fiducial Bayesian Alternative, Springer.10.1007/978-3-662-44046-9 ↗
48. A practical solution to the pervasive problems of p-values10.3758/BF03194105 ↗
49. Kruschke, J.K. (2015). Doing Bayesian Data Analysis: A Tutorial with R, JAGS, and Stan, Academic Press.10.1016/B978-0-12-405888-0.00008-8 ↗
50. A Bayesian approach for comparing cross-validated algorithms on multiple data sets10.1007/s10994-015-5486-z ↗