Successful Commercialization of Innovations as a Basis of Development of Modern Human Society

Abstract

The purpose of the research is to verify the working hypothesis, to substantiate the basic role of successful commercialization of innovations in development of modern human society, to determine the problems of each stage of the process of commercialization of innovations, and to develop practical recommendations for solving them. The methodology of the research is based on application of the methods of regression and correlation analysis, with the help of which the authors assess the strength and character of innovations’ influence on economic, social, and ecological development. The assessment objects are the innovational index according to the Cornell, INSEAD, and WIPO, GDP and GDP per capita according to the International Monetary Fund, and the ecological effectiveness index according to the Yale Center for Environmental Law and Policy. In order to achieve representativeness of data, the selection includes countries from various categories and geographical reasons. The data are actual as of 2017. For studying the process of commercialization of innovation and its influence on development of modern human society, the authors use the dialectical method, the method of problem analysis, the method of systematization, the method of analysis of causal connections, and the method of formalization. The authors substantiate that high innovational activity ensures sustainable development of modern human society in the integrity of the economic, social, and ecological components and determine the problems of commercialization of innovations through the prism of the stages of this process and offer perspective methods of solving them.