Product Innovation Paradigm of Modern Entrepreneurship

Abstract

Purpose: The work is devoted to quantifying the main dependencies and contradictions between the introduction of innovation and corporate development of modern entrepreneurship forms. Methodology/Approach: In this study, the main analysis method is the use of fuzzy knowledge bases to select the best management practices. The research allows one to understand the impact of innovation on the effectiveness of business models and what ways in management can be used to increase resilience to the influence of external factors. Findings: The creation of new combinations of practices based on the knowledge base makes successful management of an enterprise’s innovative development. To form a base, the results of global surveys and ratings of enterprises-leaders of innovative development became the basis. Research Limitation/Implication: The study examines some aspects in the innovation management of enterprises in Canada. Canada’s own specificity of innovative activity management caused the interest of research. Namely, an innovative society is being formed there based on a high level of education and knowledge, allowing higher rates of the country’s development. Originality/Value of paper: The paper examines the current economic and financial condition of innovative enterprises in Canada and the need to change the financial and economic policy to form a strong competitive position, in times of crisis and further economic growth. The results of this study can be applied in modern entrepreneurship, regardless of the scale of business.