Abstract
The article examines the importance of the influence of external and internal environmental factors on the implementation of innovative processes in various industries in the context of increasing production efficiency and increasing the degree of competitiveness of a business entity. The ambiguous effects of various factors are analyzed, the key interrelations of the necessary conditions for economic growth and the tools used in the processes of developing innovative solutions are highlighted. The actualization of an in-depth study of the problems of the multidimensional influence of factor impact on the efficiency of the functioning of business entities in the innovative development sector is justified.
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