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Analysis and role of innovation in the economic development of enterprises
Oleksandr Redko
Abstract
This work explores the concept of competitiveness in the context of innovative products, highlighting the role of innovation in shaping the economic success of businesses in today's rapidly changing global marketplace. Through a comparative analysis of classical and modern theories of innovation, the study identifies key characteristics of competitiveness and examines the impact of innovation on business development. The study also explores the significance of open innovation and external collaboration for accelerating technological advancements. A case study of example demonstrates how both classical and modern approaches to innovation can improve financial performance and competitiveness, emphasizing the need for businesses to integrate traditional management methods with contemporary technologies for sustained growth. The findings provide practical recommendations for companies, particularly SMEs, striving to enhance their competitiveness in an increasingly dynamic market environment.
Keywords:
Competitiveness; Innovation; Classical Theories; Modern Innovation; Open Innovation; Disruptive Innovation; Creative Destruction; Digital Transformation;Details
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