Factors of innovative development of engineering companies: Management aspect

Abstract

The innovative nature of an engineering company has such indicators as the presence of innovative products on the market; developing/acquiring innovations costs; the number of patents applied for during the year. In addition to these external innovation properties, the existence of emergent quality of the company determines a whole range of internal and external factors. The relevance of this paper is to study them. Also, the main purpose is to identify the most common obstacles that arise in the way of innovative growth of national companies. The research methodology consisted in conducting a survey of representatives of the top management of engineering companies and analyzing the answers. It allowed to outline the general problem of innovation management in the national economy, as well as to identify the most significant factors that determine the innovation of companies to a greater or lesser extent. As a result, the article provides a meaningful interpretation of these factors and formulates hypotheses about their quantitative measurability. Practical testing of the proposals made on specific economic entities will allow to form a source data set for engineering of a standard management model of the company’s innovative growth. In turn, such model can be used as the basis for the appropriate corporate standard development.