INNOVATION MANAGEMENT AS A FACTOR FOR THE DEVELOPMENT OF INNOVATIVE ENTREPRENEURSHIP

Abstract

The modern economy is characterized by rapid technological development, globalization of markets, and increasing competition, which necessitate the continuous implementation of innovations by enterprises. Innovative entrepreneurship, as a form of economic activity focused on creating and commercializing new products, services, and technologies, has become a crucial tool for ensuring competitiveness and sustainable development of companies. In this context, innovation management plays a key role in determining the effectiveness of the innovation development process within enterprises. Innovation management encompasses strategic planning, organization, motivation, and control of innovation processes, allowing companies to systematically approach the generation, evaluation, and implementation of new ideas. Effective innovation management helps minimize risks associated with innovations, optimize resource utilization, and accelerate the commercialization of technological and product innovations. The application of modern innovation management methods, such as agile management, open innovation, and innovation ecosystems, ensures flexibility and adaptability of enterprises to changes in the external environment. This report examines the main aspects of innovation management in the context of developing innovative entrepreneurship, including strategic innovation planning, the formation of an organizational culture conducive to innovation, and the use of financial and non-financial mechanisms to stimulate innovation activity. Particular attention is given to the analysis of the relationship between the effectiveness of innovation management and the success of innovative enterprises, illustrated by contemporary startups and technology companies. Thus, innovation management is not only an organizational tool but also a strategic factor in the development of innovative entrepreneurship. It provides long-term competitive advantage, enhances productivity, and contributes to the sustainable growth of enterprises in today’s dynamic economic environment. The study highlights that companies capable of effectively managing innovations are better positioned to respond to market challenges, exploit emerging opportunities, and achieve long-term success in the competitive global economy.