INNOVATIVE STRATEGIES FOR ENTERPRISES’ DEVELOPMENT IN THE CONDITIONS OF MODERN CHALLENGES

Abstract

The article deals with the peculiarities of formation and implementation of the enter­prise development innovation strategy. The research substantiates the demand for adapting inno­vation processes to modern challenges, including the use of digital platforms and the transition to a corporate or open innovation model. The fundamental principles of an effective enterprise devel­opment strategy based on a new management paradigm are highlighted. A new understanding re­garding the essence of the category “innovation strategy” is proposed. The conditions for successful implementation of the enterprise innovation strategy are determined: defining the mission, goals and objectives of the enterprise innovation activity; breaking the process into stages and determin­ing the expected results; applying flexible models of the innovation process; developing indicators for objective evaluation of the innovation activity results; improving the innovation culture; identi­fying and developing creative talents; introducing and implementing innovative initiatives; main­taining customer feedback; inter-organizational cooperation. An algorithm for building inter-organ­izational cooperation in the innovation activities of enterprises is designed. The experience of devel­oping and applying innovative strategies is highlighted on the example of well-known innovative companies. It is proved that the success of their implementation depends on the concentration of financial, material, informational and intellectual resources in the context of innovation develop­ment priorities. It is emphasized that in the process of forming an innovative strategy for the devel­opment of enterprises, it is necessary to take into account a number of factors, such as the enter­prise’s market position, its technical and technological potential, management system, ethics and business culture, as well as research capabilities. A properly chosen and justified innovation strate­gy has shown itself to be the key to the successful development of an enterprise in the future. The authors’ research findings and practical recommendations contribute to the effective use of the enterprise’s innovation strategy for the sustainable development of business organizations and their network associations.