Innovative business development in the digital economy

Abstract

Ensuring innovative development of entrepreneurship requires comprehensive consideration of internal and external factors of the system under study, formation of strategies and programs of its innovative development for the purpose of increasing the innovative potential of its participants, active interaction between them, increasing the use of innovative technologies, generate ideas and transformations. In order to ensure stability, retailers are invited to adapt to changes in the macro- and micro-environment using in economic and financial activities innovative components that ensure competitiveness and anticipate crises. The purpose of the paper is the theoretical and methodological substantiation of scientific theses and the development of practical recommendations for the management of innovative business development in the digital economy. The theoretical and methodological basis of the study are the basic factors of economic theory, organizational theory, management theory, information theory, and scientific studies on the management of innovative business development in the digital economy. According to the conducted studies, there are significant setbacks of the market in the innovation area forcing the state to assume a number of organizational, financial and institutional functions to regulate the innovation cycle, in which there are more or less non-market phases. Today, there are a large number of indices and ratings in the world, with the help of which it is possible to assess the innovative development of the country in various areas of social life. According to the results of the conducted studies, the dynamics of indicators of innovation potential of Ukraine for 2014–2018 is quite slow, which confirms the need for additional incentives and support for organizations engaged in new developments, scientific and applied studies. The conducted analysis of the innovation activity of Ukraine shows its rather low efficiency, which together with political instability leads to a decrease in the investment attractiveness of business.