DOI: 10.46340/eujem.2024.10.5.1
Inna Vishtak, PhD in Engineering
Vinnytsia National Technical University, Vinnytsia, Ukraine
Nataliia Priamukhina, Doctor of Economics
Vasyl Stus’ Donetsk National University, Vinnytsia, Ukraine
How to cite: Vishtak, I., Priamukhina, N. (2024). Theoretical Basis for Determining the Essence and Content of Innovations and Innovation Process. European Journal of Economics and Management, 10, 5, 5-18. https://doi.org/10.46340/eujem.2024.10.5.1
Abstract
The article explores the theoretical foundations of the essence of innovations, the innovation process and the innovation sector as key aspects of enterprise competitiveness. The article systematizes and summarizes various scientific views on the economic nature of innovations. It analyzes scientific approaches to defining the concepts of “innovation,” “novelty,” and the “innovation process,” while substantiating the dialectical relationships between these concepts. The stages of the innovation life cycle are discussed. The article also presents the main criteria for classifying innovations and outlines the essence of the innovation process. It has been established that understanding the essence of innovations and the mechanism of innovation activity in modern conditions enables enterprises to carry out their activities more effectively, improve the efficiency of functioning and increase competitiveness in the market. The characteristics of a scientifically based innovation process are examined. It has been found that the development of the innovation process is not accompanied by the emergence of market innovations, but continues to develop, spread and expand. It was found that innovation is the result of innovation activity, which is reflected in the creation of a new or improved product successfully launched on the market, or in an improved technological process already used in the practical activities of the enterprise. A generalized definition of the innovation process is developed. General features of the innovation process are analyzed and examined from the perspective of system analysis. Issues of qualitative analysis of the innovation process from the perspective of a systems approach have been considered. This allowed us to consider the main characteristics of the innovation process as an integral system in order to most accurately reflect its essence and place in the innovative development of the enterprise.
Keywords: innovation, novelty, innovation process, innovation life cycle, innovation sector.
JEL: O31, O32, O33, C53; D2; L51; Р47
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