The influence of innovative business solutions on the formation of the strategic potential of food industry enterprises

Abstract

The study aims to analyze modern trends and determine the impact of innovative business solutions on the formation of the strategic potential of food industry enterprises. It is noted that the Ukrainian economy does not have a high potential for development due to the low innovative activity of enterprises, as evidenced by the results of the Global Innovation Index, where in 2018-2020, Ukraine worsened its position by several positions in the overall innovation rating, taking 45th place. It is proved that the development of innovative activity in this direction relates to the political and economic situation in the country. Due to the introduction of re-strictions related to Covid-19, the innovative activity of food industry enterprises decreased by 3.5 times during 2016-2020. Despite this, the total volume of sales of innovative products showed a growth of 6.5%, reaching 7071.9 million hryvnias for 2020. However, the share of such products in the total volume sold was only 2.7%. Of the total volume of innovative products sold, the share of new products for the market was only 13.7%; the other share was for new products only for the enterprise. Research has shown that spending on innovation for 2018-2020 has increased by 2.4 times, but most of it falls on franchising and licenses rather than on R&D per-formed in-house. As shown in the study, food industry enterprises try to use various financial tools, including debt, for innovative activities while giving preference to own funds. Since the level of strategic development of innovative activity is approved by the Verkhovna Rada for up to 10 years, enterprises also use a similar planning horizon. The policy of the Ukrainian government could be faster and more effective since the level of innovation support at enterprises is only 3-4% of local and state budget funds. Strategic priorities for the development of innovativeness of business solutions of food industry enterprises should be: energy-saving, energy-efficient, and renewable energy sources; the latest production technologies, use of materials, and updating of the product range; renewal and modernization of the existing production and technical base of enterprises; implementation of environmentally friendly technologies and positive impact on the surrounding natural environment; application of information and communication technologies and related processes of automation and robotization. Keywords: innovation, competitiveness, business solutions, strategic development, food industry enterprises.