BUSINESS INFORM JOURNAL.

УКР

ENG

Search:

REGISTRATION CERTIFICATE

KV #19905-9705 PR dated 02.04.2013.

FOUNDERS

RESEARCH CENTRE FOR INDUSTRIAL DEVELOPMENT PROBLEMS of NAS (KHARKIV, UKRAINE)

According to the decision No. 802 of the National Council of Television and Radio Broadcasting of Ukraine dated 14.03.2024, is registered as a subject in the field of print media.
ID R30-03156

PUBLISHER

Liburkina L. M.

SITE SECTIONS

The Role and Prospects of Innovative Entrepreneurship in the Economic Progress of Developing Countries
Sosanidze M. O., Mshvidobadze T. I., Osadze L. T.

Sosanidze, Maka O., Mshvidobadze, Tinatin Ia., and Osadze, Lali T. (2024) “The Role and Prospects of Innovative Entrepreneurship in the Economic Progress of Developing Countries.” Business Inform 10:74–79.
https://doi.org/10.32983/2222-4459-2024-10-74-79

Section: Innovative Processes

Article is written in English
Downloads/views: 0

Download article (pdf) -

UDC 330.341

Abstract:
Nowadays, the role of innovation in the economy is rapidly growing. It is impossible to imagine the modern world without innovations that have already taken place and contribute to further evolution. Most scholars agree that innovation has become a major driver of economic and social development. In a rapidly changing global economy, technology has become a prominent factor in changing the world, both by improving connectivity and by shaping production, distribution and service. Innovation is widely recognized as a critical driver of economic growth, competitiveness and societal progress. The global economic landscape is evolving rapidly, and innovation is at its core. Innovative entrepreneurship, like innovation itself, is increasingly recognised as a key driver of economic development, especially in developing countries. This article explores the nature of innovation, the importance of entrepreneurship and its impact on economic growth. Through case studies, we highlight the challenges and opportunities faced by innovative entrepreneurs in developing countries. The results emphasise the need for supportive ecosystems that foster innovation, build skills and facilitate access to finance, thereby paving the way for sustainable economic development. Developing countries face significant challenges, including poverty, unemployment and limited access to resources. Understanding the role of innovation and innovative entrepreneurship in this context is critical to designing effective policies and strategies that promote sustainable development. The aim of this study is to provide information on how innovation and innovative entrepreneurial activity can stimulate economic growth, job creation and improved living standards in emerging regions. It is analysed how innovation contributes to competitive advantage and economic sustainability. Given the current global economic uncertainty, understanding the role of innovative entrepreneurship becomes crucial for policy makers, investors and entrepreneurs. The results are expected to provide information on the promotion of innovation-driven economic development, especially in regions where traditional business models are failing. The research methodology used in this study includes a comprehensive literature review of academic articles, reports and case studies related to innovative entrepreneurship. Data were collected from academic journals, reports from international organisations and interviews with local entrepreneurs and policy makers. The analysis focuses on identifying key themes, challenges and success factors related to innovative entrepreneurship.

Keywords: innovation, innovative entrepreneurship, economic diversification commercialisation.

Bibl.: 10.

Sosanidze Maka O. – Professor, Gori State Pedagogical University (53 Ilia Chavchavadze Ave., Gori, 1400, Georgia)
Email: [email protected]
Mshvidobadze Tinatin Ia. – Doctor of Sciences (Engineering), Professor, Gori State Pedagogical University (53 Ilia Chavchavadze Ave., Gori, 1400, Georgia)
Email: [email protected]
Osadze Lali T. – Doctor of Sciences (Economics), Professor, Gori State Pedagogical University (53 Ilia Chavchavadze Ave., Gori, 1400, Georgia)
Email: [email protected]

List of references in article

Bedianashvili, G. “Formation of Knowledge Economy and Innovative Entrepreneurial Policy: Institutional Aspects“. Journal Globalization and Business, no. 3 (2017): 10-16.
Bedianashvili, G. “Culture as a Factor of Knowledge Economics with Paradigmatic Changes in Systemic Institutional Context“. Journal Globalization and Business, no. 6 (2018): 58-66.
Maglakelidze, A. “Development of Small and Medium Entrepreneurship and Formation of a Middle Class in Georgia“. Journal «Globalization and Business», no. 7 (2019): 123-129.
Maglakelidze, A. “Challenges and Perspectives of Digital Entrepreneurship in Georgia“. Journal «Economics and Business», vol. XII, no. 3 (2020).
Erkomaishvili, G. “Digital Economy - An Innovative Tool for Economic Growth“Journal Economics and Business vol. XI, no. 2 (2019): 37-46.
Berger, E. S. C. et al. “Digital or not - The future of entrepreneurship and innovation“. Journal of Business Research. 2019. https://www.sciencedirect.com/science/article/abs/pii/S0148296319307866
“The role of entrepreneurship in the economy“. Kauffman Foundation. https://www.kauffman.org/
Audretsch, D. B., and Thurik, A. R. “Role of entrepreneurship in economic growth“. International Journal of Entrepreneurship Education, vol. 1 (1) (2021).
Kirzner, I. M. Competition and entrepreneurship. University of Chicago Press, 1973.
Zahra, S. A., and Nambisan, S. “Entrepreneurship in global innovation ecosystems“. Strategic Entrepreneurship Journal, no. 6(3) (2012): 175-188. DOI: https://doi.org/10.1002/sej.1156

FOR AUTHORS

License Contract

Conditions of Publication

Article Requirements

Regulations on Peer-Reviewing

Publication Contract

Current Issue

Frequently asked questions

INFORMATION

The Plan of Scientific Conferences

OUR PARTNERS

Journal «The Problems of Economy»

The site and its metadata are licensed under CC BY-SA.

Write to webmaster