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Innovative Business Development: Essence, Features, and Criteria
Yemelyanov O. Y., Oliinyk S. H., Hasymov R. A., Sadovyi V. V.

Yemelyanov, Oleksandr Yu. et al. (2024) “Innovative Business Development: Essence, Features, and Criteria.” Business Inform 10:95–101.
https://doi.org/10.32983/2222-4459-2024-10-95-101

Section: Innovative Processes

UDC 330.341.1

Abstract:
The purpose of the article is to 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 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.

Keywords: innovative development, business development, enterprise strategy, investment activity, feature of business development, criterion of business development.

Fig.: 1. Tabl.: 1. Bibl.: 10.

Yemelyanov Oleksandr Yu. – Doctor of Sciences (Economics), Professor, Professor, Department of Business Economy and Investment, Lviv Polytechnic National University (12 Stepana Bandery Str., Lvіv, 79013, Ukraine)
Email: [email protected]
Oliinyk Serhii H. – Postgraduate Student, Department of Enterprise and Investment Economics, Lviv Polytechnic National University (12 Stepana Bandery Str., Lvіv, 79013, Ukraine)
Email: [email protected]
Hasymov Ruslan A. – Postgraduate Student, Department of Enterprise and Investment Economics, Lviv Polytechnic National University (12 Stepana Bandery Str., Lvіv, 79013, Ukraine)
Email: [email protected]
Sadovyi Viktor V. – Postgraduate Student, Department of Economics of Enterprise and Investments, Lviv Polytechnic National University (12 Stepana Bandery Str., Lvіv, 79013, Ukraine)
Email: [email protected]

List of references in article

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Husiev, V. O. “Paradyhma staloho innovatsiinoho rozvytku“ [The Paradigm of Sustainable Innovative Development]. Ekonomika ta derzhava, no. 9 (2011): 115-118.
Yepifanova, I. Yu. “Formuvannia innovatsiinykh stratehii promyslovykh pidpryiemstv u suchasnykh umovakh“ [Formation of Innovative Strategies of Industrial Enterprises in Modern Conditions]. Pidpryiemnytstvo ta innovatsii, no. 13 (2020): 33-39.
Kovtun, O. I. “Innovatsiini stratehii pidpryiemstv: teoretyko-metodolohichni zasady“ [Innovative Strategies of Enterprises: Theoretical and Methodological Foundations]. Ekonomika Ukrainy, no. 4 (2013): 44-56.
Lesinskyi, V. et al. “Substantiation of projects that account for risk in the resource-saving technological changes at enterprises“. East. Eur. J. Enterp. Technol., vol. 6 (1) (2018): 6-16. DOI: https://doi.org/10.15587/1729-4061.2018.149942
Lesinskyi, V. et al. “Devising a Toolset for Assessing the Potential of Loan Financing of Projects Aimed at Implementing Energy-Saving Technologies“. East. Eur. J. Enterp. Technol., vol. 4 (13) (2021): 15-33. DOI: https://doi.org/10.15587/1729-4061.2021.238795
Melnyk, Yu. M. “Innovatsiina stratehiia pidpryiemstva yak dzherelo yoho konkurentnykh perevah“ [Innovative Strategy of the Enterprise as a Source of Its Competitive Advantages]. Ekonomika kharchovoi promyslovosti, vol. 7, no. 4 (2015): 67-72.
Orlova, V. M. “Stratehiia innovatsiinoho rozvytku pidpryiemstva“ [Strategy of Innovative Development of the Enterprise]. Ekonomichnyi nobelivskyi visnyk, no. 1 (2015): 79-85.
Skrynkovskyi, R. M., and Kliuvak, O. V. “Diahnostyka rivnia hotovnosti pidpryiemstva do zdiisnennia innovatsiinoi stratehii“ [The Diagnostics of the Level of Enterprise's Readiness to Implement Innovation Strategy]. Biznes Inform, no. 7 (2016): 96-101.
Shavshyn, O. S. “Stratehiia innovatsiinoho rozvytku pidpryiemstva“ [Strategy of Innovative Development of the Enterprise]. «Internauka». Ser. : Ekonomichni nauky, no. 3(25) (2017): 167-171.

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