Innovative Business Development: Essence, Features, and Criteria

Innovative Business Development: Essence, Features, and Criteria

Blog Article

The purpose of the article is to redken shades eq 07m driftwood improve the theoretical foundations of evaluation and management of innovative business development, first of all, to clarify the essence of this development, as well as to allocate its features and criteria.The article defines that innovative business development is a type of its economic development.The innovative development of business entities should be interpreted as an aggregate of changes in the volumes and consumer properties of economic resources used by these entities, as well as in the ability to manage these resources, which is reflected in the growth and implementation of the innovation potential of these entities and, ultimately, causes a steady increase in the financial and economic results of innovation activities.

It is found that the main features of innovative business development are the following: implementation of changes in the internal environment of business entities; growth of the innovation potential of entrepreneurial entities, i.e.increasing the ability of these entities to develop and (or) implement innovations; realization of the innovative potential of business entities; growth of financial and economic results from the implementation of innovative activities by business entities, which is caused by the realization of the innovative potential of these entities; sustainable nature of increasing financial and economic results of innovation activities.

The results of the conducted study also show that both the features of innovative business development and the criteria for this development form certain hierarchies.As for the criteria, the most generalizing of them is the difference between the gain in the market value of the entrepreneurial entity at the end of the reporting period compared to its beginning and the volume of investments that caused this gain.An empirical analysis conducted on a sample of industrial enterprises of Ukraine showed that for all the studied types of economic activity, the transition to more quadruple topical ointment for dogs generalized criteria for innovative business development leads to a decrease in the values of indicators corresponding to these criteria.

It follows that the results of the evaluation of innovative business development are largely determined by the selected criteria for such development.The results of the study can be used in the practice of business entities when evaluating their innovative development and developing its strategies.