Abstract
The innovative power of Ukraine plays a vital role in driving its economic growth and competitiveness, primarily as the country aims to integrate with Europe and works towards attaining candidate status for EU membership. To accurately assess Ukraine's innovative status and identify areas for improvement, it is imperative to evaluate critical indicators and factors. Given the current economic realities, pursuing an effective innovation policy for our country is of utmost importance, considering its status as a candidate for European Union membership. The article aims to analyze the innovative power and status of the Ukrainian economy within the framework of European integration processes. It has been determined that the level of innovative activity in Ukrainian companies is currently below the international standard and needs to catch up to the average benchmark set by the European Union. Emphasis is placed on the fact that most innovations are primarily "new to the firm," often achieved through equipment acquisition, rather than "new to the world" innovations. The study revealed that Ukrainian companies encounter a challenging external environment in their pursuit of innovation. Consequently, critical positive and negative factors that significantly influence the potential innovative power of the Ukrainian economy have been identified. The article analyzes the international legal agreements that serve as the foundation for cooperation between Ukraine and the EU in research and innovation. Furthermore, it highlights that Ukraine is classified as a new innovator according to the European Innovation Scoreboard 2022. The article emphasizes the structural disparities between Ukraine and the European Union, which significantly impact the innovative status and strength of the Ukrainian economy. The research concluded that Ukraine has substantial potential for cultivating an innovation-driven economy, owing to its large talent pool and entrepreneurial aptitude. Nevertheless, the innovative potential of Ukraine has yet to be fully realized, and the military conflicts on Ukrainian territory have introduced a new existential risk to the country's innovation sphere. Overcoming this challenge necessitates the effective engagement of public-private partnerships, a substantial increase in scientific funding within Ukraine, and the utilization of new opportunities, including financial ones, presented by the candidate status for EU membership. Particularly, joining the European research area holds promise in this regard.
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