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The Importance of the Life Cycle in Financing the Innovative Development of an Enterprise
Ivaniuta P. V., Petrenko M. I.

Ivaniuta, Pavlo V., and Petrenko, Mykola I. (2025) “The Importance of the Life Cycle in Financing the Innovative Development of an Enterprise.” Business Inform 4:179–191.
https://doi.org/10.32983/2222-4459-2025-4-179-191

Section: Innovative Processes

UDC 330.341.1:338.67

Abstract:
The aim of the article is to clearly reveal the sequence and phasing that occurs at the enterprise and its innovations, which reflects the life cycle, which means the corresponding time interval, during which operational processes occur, developments and inventions arise. Based on this, it was determined that such a sequence, reflected in periods, is due to the emergence of new types of goods, means, objects, that is, ordinary and continuous activity. Using research methods, the interdependence of the innovative development of the enterprise with the stages of the life cycle has been proven, which include: monographic disclosure – according to which the life cycle is considered as a clearly defined sequence of implementing innovative development by releasing new goods and rebuilding production lines; expert assessments – different points of view on personnel planning as an integral part of personnel management at the enterprise were considered; abstraction – according to which the bringing of new developments, inventions, and ultimately products to serial production is revealed in accordance with the stages of the life cycle; the methods confirmed by analytical studies – according to which a comparison of resource means was made in accordance with the contribution of funds during the established time interval. From this, the periodicity of financial contributions was clarified with a breakdown into time schedules, which characterizes the uniformity and proportionality of cash flows together with the effectiveness of innovative processes. It is further on determined that the implementation of the innovative development of the enterprise according to the relevant measures, initiatives, aspirations, and implemented developments and inventions depends on such a periodic sequence. Thus, the manifestation of the phasing of works, operations and processes from one phase to another is studied, which is generally reflected by a graphic curve, where the time interval of the implementation and materialization of the developed objects is demonstrated.

Keywords: innovative development, life cycle, financing, developments, inventions, products.

Fig.: 4. Tabl.: 7. Formulae: 6. Bibl.: 12.

Ivaniuta Pavlo V. – Doctor of Sciences (State Administration), Associate Professor, Professor, Department of Management, Marketing and Entrepreneurship, Vinnitsa Cooperative Institute (59 Frunze Str., Vinnytsia, 21009, Ukraine)
Email: [email protected]
Petrenko Mykola I. – Doctor of Sciences (Economics), Professor, Professor, Department of Humanities, Economics and Financial Accounting Disciplines, Vinnitsa Cooperative Institute (59 Frunze Str., Vinnytsia, 21009, Ukraine)

List of references in article

Hrynkevych, S. S., & Beno, Yu.-I. Yu. (2023). Innovatsii yak chynnyk zabezpechennya konkurentnykh perevah pidpryyemstva [Innovations as a factor in ensuring competitive advantages of the enterprise]. Problemy suchasnykh transformatsiy. Seriia "Ekonomika ta upravlinnia", 10. https://doi.org/10.54929/2786-5738-2023-10-04-05
Kazakova, L. O., & Shpontak, V. S. (2021). Innovatsii yak zasib ekonomichnoho rozvytku derzhavy ta yikhniy vplyv na formuvannya svitovoho hospodarstva [Innovations as a means of economic development of the state and their impact on the formation of the world economy]. Naukovyi visnyk Uzhhorodskoho natsionalnoho universytetu. Seriia "Mizhnarodni ekonomichni vidnosyny ta svitove hospodarstvo", 40, 42-47. https://doi.org/10.32782/2413-9971/2021-40-8
Kolodiazhna, I. V., & Borblik, K. E. (2017). Dzherela finansuvannya innovatsiynoyi diyalnosti pidpryyemstv Ukrayiny [Sources of financing innovative activities of Ukrainian enterprises]. Ekonomika i suspilstvo, 9, 448-453. https://economyandsociety.in.ua/journals/9_ukr/77.pdf
Lyubchych, A. M. (2019). Finansuvannya subiektiv innovatsiynoyi infrastruktury v natsionalnomu ta zarubizhnomu zakonodavstvi: porivnyalna kharakterystyka [Financing of innovative infrastructure subjects in national and foreign legislation: comparative characteristics]. Pravo ta innovatsii, 3, 7-13. https://doi.org/10.31359/2311-4894-2019-27-3-7
Matiushenko, O. I. (2010). Zhyttyevyi tsykl pidpryyemstva: sutnist, modeli, otsinka [Enterprise life cycle: essence, models, evaluation]. Problemy ekonomiky, 4, 82-91. https://www.problecon.com/export_pdf/problems-of-economy-2010-4_0-pages-82_91.pdf
PAT "Bershadskyi elektrotekhnichnyy zavod" [PJSC "Bershad Electrotechnical Plant"]. https://05769219.pat.ua/emitents/reports/special/15727/app_6
Peleshchyshyn, A., & Trach, O. (2015). Osnovni etapy zhyttyevoho tsyklu formuvannia studentskykh spilnot VNZ [Main stages of the life cycle of formation of student communities of higher educational institutions]. Visnyk Natsionalnoho universytetu "Lvivska politekhnika", 12, 76-84. https://science.lpnu.ua/sites/default/files/journal-paper/2019/jun/16846/12-76-84.pdf
Petrenko, M. I., Drabovskyi, A. H., & Ivaniuta, P. V. (2016). Biznes-planuvannia: osnova stratehichnoho rozvytku pidpryiemstv v rynkovykh umovakh: monohrafiia [Business planning: the basis of strategic development of enterprises in market conditions: monograph]. VKI.
Pozniak, S. V. (2015). Innovatsii yak faktor pidvyshchennia konkurentospromozhnosti pidpryiemstv [Innovations as a factor in increasing the competitiveness of enterprises]. Efektyvna ekonomika, 10. http://www.economy.nayka.com.ua/?op=1&z=4614
Smolii, O. P. (2018). Finansuvannia bankamy innovatsiiynoi ekonomiky: svitovyi dosvid ta vitchyzniana praktyka [Bank financing of innovative economy: world experience and domestic practice] [Master's thesis, Ternopil National Economic University]. http://dspace.wunu.edu.ua/bitstream/316497/40483/1/Смолій%20О..pdf
Tiurina, N. M., Nazarchuk, T. V., & Karvatska, N. S. (2020). Zhyttievyi tsykl orhanizatsii: sutnisni kharakterystyky, strukturyzatsiia ta metody otsiniuvannia [Organizational life cycle: essential characteristics, structuring and evaluation methods]. Visnyk Khmelnytskoho natsionalnoho universytetu, 2, 167-174. https://www.doi.org/10.31891/2307-5740-2020-280-2-31
Yurynets, Z. V. (2016). Formuvannia innovatsiinykh stratehiiy: teoriia, metodolohiia, praktyka: monohrafiia [Formation of innovative strategies: theory, methodology, practice: monograph]. SPOLOM.



Hrynkevych, S. S., & Beno, Yu.-I. Yu. (2023). Innovatsii yak chynnyk zabezpechennya konkurentnykh perevah pidpryyemstva [Innovations as a factor in ensuring competitive advantages of the enterprise]. Problemy suchasnykh transformatsiy. Seriia "Ekonomika ta upravlinnia", 10. https://doi.org/10.54929/2786-5738-2023-10-04-05

Kazakova, L. O., & Shpontak, V. S. (2021). Innovatsii yak zasib ekonomichnoho rozvytku derzhavy ta yikhniy vplyv na formuvannya svitovoho hospodarstva [Innovations as a means of economic development of the state and their impact on the formation of the world economy]. Naukovyi visnyk Uzhhorodskoho natsionalnoho universytetu. Seriia "Mizhnarodni ekonomichni vidnosyny ta svitove hospodarstvo", 40, 42-47. https://doi.org/10.32782/2413-9971/2021-40-8

Kolodiazhna, I. V., & Borblik, K. E. (2017). Dzherela finansuvannya innovatsiynoyi diyalnosti pidpryyemstv Ukrayiny [Sources of financing innovative activities of Ukrainian enterprises]. Ekonomika i suspilstvo, 9, 448-453. https://economyandsociety.in.ua/journals/9_ukr/77.pdf

Lyubchych, A. M. (2019). Finansuvannya subiektiv innovatsiynoyi infrastruktury v natsionalnomu ta zarubizhnomu zakonodavstvi: porivnyalna kharakterystyka [Financing of innovative infrastructure subjects in national and foreign legislation: comparative characteristics]. Pravo ta innovatsii, 3, 7-13. https://doi.org/10.31359/2311-4894-2019-27-3-7

Matiushenko, O. I. (2010). Zhyttyevyi tsykl pidpryyemstva: sutnist, modeli, otsinka [Enterprise life cycle: essence, models, evaluation]. Problemy ekonomiky, 4, 82-91. https://www.problecon.com/export_pdf/problems-of-economy-2010-4_0-pages-82_91.pdf

PAT "Bershadskyi elektrotekhnichnyy zavod" [PJSC "Bershad Electrotechnical Plant"]. https://05769219.pat.ua/emitents/reports/special/15727/app_6

Peleshchyshyn, A., & Trach, O. (2015). Osnovni etapy zhyttyevoho tsyklu formuvannia studentskykh spilnot VNZ [Main stages of the life cycle of formation of student communities of higher educational institutions]. Visnyk Natsionalnoho universytetu "Lvivska politekhnika", 12, 76-84. https://science.lpnu.ua/sites/default/files/journal-paper/2019/jun/16846/12-76-84.pdf

Petrenko, M. I., Drabovskyi, A. H., & Ivaniuta, P. V. (2016). Biznes-planuvannia: osnova stratehichnoho rozvytku pidpryiemstv v rynkovykh umovakh: monohrafiia [Business planning: the basis of strategic development of enterprises in market conditions: monograph]. VKI.

Pozniak, S. V. (2015). Innovatsii yak faktor pidvyshchennia konkurentospromozhnosti pidpryiemstv [Innovations as a factor in increasing the competitiveness of enterprises]. Efektyvna ekonomika, 10. http://www.economy.nayka.com.ua/?op=1&z=4614

Smolii, O. P. (2018). Finansuvannia bankamy innovatsiiynoi ekonomiky: svitovyi dosvid ta vitchyzniana praktyka [Bank financing of innovative economy: world experience and domestic practice] [Master's thesis, Ternopil National Economic University]. http://dspace.wunu.edu.ua/bitstream/316497/40483/1/Смолій%20О..pdf

Tiurina, N. M., Nazarchuk, T. V., & Karvatska, N. S. (2020). Zhyttievyi tsykl orhanizatsii: sutnisni kharakterystyky, strukturyzatsiia ta metody otsiniuvannia [Organizational life cycle: essential characteristics, structuring and evaluation methods]. Visnyk Khmelnytskoho natsionalnoho universytetu, 2, 167-174. https://www.doi.org/10.31891/2307-5740-2020-280-2-31

Yurynets, Z. V. (2016). Formuvannia innovatsiinykh stratehiiy: teoriia, metodolohiia, praktyka: monohrafiia [Formation of innovative strategies: theory, methodology, practice: monograph]. SPOLOM.

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