The role of innovative entrepreneurship in ensuring economic development

Анотація

The article provides a comprehensive theoretical analysis of the role of innovative entrepreneurship in ensuring economic development under conditions of contemporary global transformations, digitalization, and increasing competitive pressure. It is substantiated that innovative entrepreneurship should be considered not merely as a source of economic growth aimed at quantitative expansion of production and consumption, but primarily as a systemic mechanism of qualitative structural change within the economy. It is demonstrated that innovative entrepreneurship facilitates the renewal of production combinations, the formation of new markets, the transformation of sectoral structures, and the enhancement of the adaptive capacity of economic systems to internal and external challenges. The theoretical framework of the study is based on the Schumpeterian concept of economic development, according to which the entrepreneur-innovator acts as the key agent of «creative destruction», as well as on contemporary approaches to the analysis of innovative entrepreneurship, entrepreneurial ecosystems, and the knowledge-based economy. The research employs methods of theoretical generalization, comparative analysis, and logical interpretation, which made it possible to clarify the conceptual distinction between «economic growth» and «economic development» and to reveal their fundamentally different nature. It is determined that economic development has a discontinuous character associated with the introduction of innovations, whereas economic growth reflects the reproduction of established production processes. The article proves that the effectiveness of innovative entrepreneurship largely depends on the quality of the institutional environment, the level of entrepreneurial culture, access to financial, human, and intellectual resources, as well as the efficiency of mechanisms for knowledge commercialization and technology transfer. Particular attention is paid to the role of innovative entrepreneurship in economies of a transformational type, where it may serve as a key driver of modernization, recovery, and long-term economic development. The study concludes by substantiating the necessity of forming a comprehensive policy framework for supporting innovative entrepreneurship, aimed at developing entrepreneurial education, innovation infrastructure, and effective interaction between science, business, and the state.

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