Transformation of Scientific Approaches of Public Administration of Innovative Economic Development

Abstract

Economic development acquires a qualitatively new character due to the active implementation of innovations in working processes. Innovation process is a factor of economic growth, which contributes to the transition of a market economy to an innovation-oriented type of economic development. The innovative type of economic development is characterized by expanded reproduction, which contributes to the modernization of economic systems. The transformation of scientific approaches to innovation management goes through successive stages of its development. The implementation of scientific concepts in management processes contributes to the formation of a unified model of innovation management. Today, public administration of innovative development in the economy is rather important. One of the priority areas of state regulation is import substitution in high-tech industries. The main aim of state bodies is to provide comprehensive support to enterprises operating in high-tech industries. Digital transformation is one of the priority areas for improving the state innovation policy. Innovative management methods based on digital solutions contribute to technological development and improve the financial results of companies. The innovation process is implemented through the results of scientific research, which are the basis for the production and sale of products with a high content of technological innovations. During the process of developing innovative strategy for the domestic economy, it is significant to reflect some problems that are related to the import dependence of exporters of innovative products under the sanctions regime. Innovative development is the main factor in the success of companies in an unstable economic environment. Strategic decisions of companies should develop innovative potential, which includes innovation both in production and marketing terms. In the conditions of an unstable external economic situation, ensuring the economic security of the country and the competitiveness of domestic companies is achieved through the implementation of scientific approaches of public administration of innovative economic development.