The article describes the characteristics of the innovation process, reflects the essence of innovation. The points of view of the founders of the theory of economic dynamics on the innovation process are presented. The conditions influencing the development of scientific and technological progress and sustainable economic growth of the economy are revealed. A feature of the rapid development of information technology, science, digital transformation in a crisis situation caused by the COVID–19 pandemic has been identified. The authors noted the dependence on the different degrees of allocation by researchers of the material or intellectual result of the innovation process, the interpretation of the definition of innovative products. Examples of the implementation of innovative activities in some areas and industries are presented. The possibility of solving economic, social, environmental problems through the emergence of new production processes and new ways of doing business is emphasized. The authors summarize the importance of reorganizing and re–evaluating the existing resources of companies, finding effective approaches to improving the value chain for organizations and the impact of innovation on the creation of new jobs, investment growth and the development of a competitive economy.

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