Finance as a critical component of successful implementation of creative innovations in the modern economic system

Abstract

The article examines theoretical approaches to the interpretation of certain concepts of the innovation economy in the context of modern transformations, as well as the effectiveness of financing creative innovations. The authors highlighted the problems of innovation transfer and intellectual property management. The paper analyzed the main innovation activity indicators in selected world countries for 2010-2022. It reveals the correlation between innovation financing and economic performance at the macro level. In addition, the authors summarized the essence of the "creative innovations" and "transfer of innovations" categories. They proposed criteria for assessing the effectiveness of innovation potential and defined their nature. The evaluation testing confirmed the possibility of using the proposed criteria. In particular, the key aspects of the formation of adequate financing of creative innovations include financial analysis of investments and risk assessment, marketing strategy and transfer of innovations, as well as monitoring and evaluation of the results of innovation implementation. The authors developed practical approaches to increase the effect of innovation implementation. These approaches allow economic systems to ensure a high level of transfer organization and implementation.