FOR THE NATURE AND FEATURES OF INNOVATION

Abstract

The paper highlights important and leading conceptual definitions and inherent features of the concept of "innovation". Categorization takes into account the importance of using the concept in social and economic sciences. Innovation is a collective concept in terms of reflecting the peculiarities of production and technological change. Innovation is often interpreted either as an activity or only as a final result Peter Drucker assumes that innovation is an integral part of the entrepreneurial process.I n this sense, the entrepreneur has to do something new or it does not make sense to enter the market. Innovation is a new way to do something, or it is the process by which "resources are given new abilities to make wealth." The narrow interpretation of innovation views it as a process of turning the invention into a commercially realized product. The broad interpretation assumes that innovation can take various forms - improving and improving existing technologies; the deployment of new products based on new technologies; new methods, markets, structures, organization, management, etc. The development of innovation is linked to the definition of generations of innovation. Several models of generations of innovations are presented, covering a different number of stages in the development and assessment of innovation. Innovation is a major driver, a major source of competitiveness and competitive advantages, a detailed literature-based fact that has not only a positive impact on business performance but is also essential to their survival. In practice, the value of any innovation hiding on its economic value.