Investment and innovation activities of enterprises: essence and management features in the context of current conditions

Анотація

Introduction. Contemporary global challenges − including the COVID-19 pandemic, armed conflicts, energy instability, and technological revolutions − are fundamentally reshaping approaches to managing investment and innovation activities within enterprises. Increasingly, innovation is viewed not merely as a driver of economic growth, but as a vital instrument for survival, adaptation, and strategic reorientation of businesses under conditions of turbulence. This issue is particularly relevant for Ukraine, which, since 2022, has been operating under the conditions of a full-scale Russian-Ukrainian war. Despite extraordinary risks, infrastructure destruction, and the loss of human capital, Ukrainian enterprises demonstrate a unique capacity to adapt innovation systems to extreme conditions of uncertainty. This has led to a rethinking of the role of investment − from traditional capital allocation to a strategic tool for supporting defence capabilities, digital transformation, and resilience. Under such circumstances, investment and innovation activities acquire new substantive characteristics: they integrate flexibility, rapid response (time-to-market), technological mobility, and the ability to embed into global value chains. The significance of venture capital, crowdfunding, public-private partnerships, and institutional support from international organizations is steadily increasing. In this context, there emerges a pressing need for scholarly reflection on the essence of investment and innovation activities of enterprises, their structural components, governance mechanisms, and implementation features in the face of contemporary challenges. Purpose. The study aims to define the essence of investment and innovation activities of enterprises under current conditions, to analyse the specific features of their management in the context of geopolitical challenges, and to develop recommendations for enhancing the effectiveness of innovation processes based. Method (methodology). The research is based on a comprehensive approach that incorporates systems analysis of theoretical concepts and comparative analysis of international rankings and statistical data. Results. An original definition of investment-innovation activity is proposed, conceptualized as an adaptive ecosystem-based activity of economic agents aimed at the dynamic mobilization and intellectual transformation of heterogeneous resources (financial, technological, human, and network-based) into innovative solutions. This transformation occurs through mechanisms of venture investment, digital cooperation, and strategic partnership, and is carried out under conditions of permanent adaptation to extreme uncertainty. The ultimate goal is to generate sustainable competitive advantages and create multiplicative economic, social, and defence value. Contemporary management approaches are systematized, including digitalization, Agile methodologies, and the integration of ESG principles. A set of recommendations has been developed for Ukraine to foster the development of investment-innovation activity.

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