THE ROLE OF INNOVATIVE BUSINESS IN ECONOMIC DEVELOPMENT

Анотація

. . , . . ., , , '- . . , . . ., , , '- . . , . . ., . , '- In today's globalized world, innovation has become one of the key factors in increasing the production of goods and services in countries and enhancing their competitiveness. Innovative business, as a type of entrepreneurial activity aimed at creating, implementing, and commercializing new products, services, processes, or technologies, is expected to trigger the development of the modern economy. It drives the creation of new products and services that transform traditional models of production and consumption. Thus, this article aims to analyze the role of innovative business in economic development. Within the study, the authors emphasize that innovative business significantly differs from traditional business due to its focus not only on adapting to existing demand and the characteristics of emerging markets but also on creating higher value and addressing pressing socioeconomic issues. The study results indicate that innovative business plays a key role in economic development, particularly by increasing investment in research and development (R&D). This is evident in the increasing proportion of research and development expenditures relative to companies' revenues. Simultaneously, a related aspect of this process is the heightened uncertainty of business outcomes, as innovation often involves significant risks and unpredictable results. Furthermore, innovative business enhances flexibility and adaptability to changes in the market environment, enabling rapid responses to shifts in demand, technological breakthroughs, consumer behavior, the emergence of new competitors, or changes in regulatory conditions. An important factor is the development of creativity and the focus on knowledge as key resources, which enable businesses to

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