Product Innovation Paradigm of Modern Entrepreneurship
Abstract
Purpose: The work is devoted to quantifying the main dependencies and contradictions between the introduction of innovation and corporate development of modern entrepreneurship forms.
Methodology/Approach: In this study, the main analysis method is the use of fuzzy knowledge bases to select the best management practices. The research allows one to understand the impact of innovation on the effectiveness of business models and what ways in management can be used to increase resilience to the influence of external factors.
Findings: The creation of new combinations of practices based on the knowledge base makes successful management of an enterprise’s innovative development. To form a base, the results of global surveys and ratings of enterprises-leaders of innovative development became the basis.
Research Limitation/Implication: The study examines some aspects in the innovation management of enterprises in Canada. Canada’s own specificity of innovative activity management caused the interest of research. Namely, an innovative society is being formed there based on a high level of education and knowledge, allowing higher rates of the country’s development.
Originality/Value of paper: The paper examines the current economic and financial condition of innovative enterprises in Canada and the need to change the financial and economic policy to form a strong competitive position, in times of crisis and further economic growth. The results of this study can be applied in modern entrepreneurship, regardless of the scale of business.
References
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Zhao, W. and Zeng, Y., 2011. Construction and Design of Evaluation Index System of Innovative Enterprises on Innovative Capacities. Science and Technology Management Research, 21(1), pp.14-17.
Zhu, A.M., Liu, Y.J. and Xu, Y.J., 2009. Study on the Evaluation System of Innovative Enterprises. Studies in Science of Science, 26, pp.578-582.
Bousmah, I., 2021. Entrepreneurship in Rural Canada: Necessity or Opportunity Driven? Ottawa, ON: Innovation, Science and Economic Development Canada.
Canadian Business, 2022. Startup List 2020. [online] Available at: < https://www.canadianbusiness.com/startup-list-2020/ > [Accessed 05 April 2022].
Colombelli, A., Grilli, L., Minola, T. and Mrkajic, B., 2020. To What Extent Do Young Innovative Companies Take Advantage of Policy Support to Enact Innovation Appropriation Mechanisms? Research Policy, [e-journal] 49(10), 103797. DOI: 10.1016/j.respol.2019.05.006.
Doroshenko, Y.A., Shutenko, A.I., Shutenko, E.N. and Ospishchev, P.I., 2016. The Conditions and the Mechanism of Students’ Self-Realization in Activity of Small Innovative Enterprises. International Review of Management and Marketing 6(4), pp.909-914.
Ferreira, J.J., Fernandes, C.I. and Ratten, V., 2017. Entrepreneurship, Innovation and Competitiveness: What Is the Connection? International Journal of Business and Globalisation, 18(1), pp.73-95. DOI: 10.1504/IJBG.2017.081030.
Galindo-Rueda, F., 2019. Oslo Manual 2018: Guidelines for Collecting, Reporting and Using Data on Innovation. In: National Bureau of Statistics of China, OECD-NBS International Training Workshop on Innovation Statistics. Xi’an, China, 16-18 July 2019. Available at: < http://www.stats.gov.cn/english/pdf/202010/P020201012342666850167.pdf > [Accessed 05 April 2022].
Ganushchak-Efimenko, L., Hnatenko, I., Kozhushko, R., Rębilas, R., Rubezhanska, V. and Krakhmalova, T., 2020. Optimisation Models of Investment Management in the Activities of Innovative Enterprises. Management Theory and Studies for Rural Business and Infrastructure Development, [e-journal] 42(3), pp.225-234. DOI: 10.15544/mts.2020.22.
Gernego, Y.O., Dyba, O.M. and Petrenko, L.A., 2019. Determinants of Innovative Activities Conserning Socio-Economic Growth. Financial and Credit Activity: Problems of Theory and Practice, [e-journal] 3(30), pp.445-453. DOI: 10.18371/fcaptp.v3i30.179825.
Gorączkowska, J., 2021. How Can Evolve Support System of Innovation? Changes in the Influence of Business Support Organizations on Innovation Cooperation Based on the Example of Polish Region. In: M.H. Bilgin, H. Danis and E. Demir, eds. 2021. Eurasian Business and Economics Perspectives. Cham: Springer. Pp.177-193.
Gromova, E., Timokhin, D. and Popova, G., 2020. The Role of Digitalisation in the Economy Development of Small Innovative Enterprises. Procedia Computer Science, [e-journal] 169, pp.461-467. DOI: 10.1016/j.procs.2020.02.224.
Hustič, I., 2009. New Model for Renewal of Business Processes in Innovative Enterprises. Our Economy, 55(5/6), pp.20-29.
Іhnatenko, M., Marmul, L., Petrenko, V., Karnaushenko, A. and Levaieva, L., 2020. Innovative Tools in the Methodology and Teaching of the Basic Principles of Enterprise Management. International Journal of Management, [e-journal] 11(6), pp.847-854. DOI: 10.34218/IJM.11.6.2020.073.
Kalu, K. and Okafor, O.N., 2020. Programming for Immigrant Women in Canada: Is Entrepreneurship Neglected? International Migration, [e-journal] 59(1), pp.105-125. DOI: 10.1111/imig.12724.
Knubley, J., 2021. Building Superclusters for Canada. Toronto, ON: The Brookfield Institute for Innovation + Entrepreneurship.
Kuratko, D.F., 2017. Corporate Entrepreneurship & Innovation. In: G. Ahmetoglu, T. Chamorro-Premuzic, B. Klinger and T. Karcisky, eds. 2017. The Wiley Handbook of Entrepreneurship. Hoboken, NJ: John Wiley & Sons. Pp.293-311. DOI: 10.1002/9781118970812.ch14.
Lüdeke‐Freund, F., 2020. Sustainable Entrepreneurship, Innovation, and Business Models: Integrative Framework and Propositions for Future Research. Business Strategy and the Environment, [e-journal] 29(2), pp.665-681. DOI: 10.1002/bse.2396.
Maiti, M., Krakovich, V., Shams, S.R. and Vukovic, D.B., 2020. Resource-Based Model for Small Innovative Enterprises. Management Decision, [e-journal] 58(8), pp.1525-1541. DOI: 10.1108/MD-06-2019-0725.
Mazzucato, M. and Tancioni, M., 2008. Innovation and Idiosyncratic Risk: An Industry and Firm Level Analysis. Industrial and Corporate Change, [e-journal] 17(4), pp.779-811. DOI: 10.1093/icc/dtn024.
Nimer, A.M., 2016. The Extent of the Contribution of the Educational Environment of Najran University in Developing Creative and Innovative Enterprises among the University Students. Journal of Educational Issues, 2(1), pp.305-330.
OECD iLibrary, 2005. Oslo Manual. Guidelines for collecting and interpreting innovation data. 3rd ed. Paris: Organisation for Economic Co-operation and Development. Statistical Office of the European Communities.
Petrenko, V. and Karnaushenko, A., 2020. Assessment Competitiveness of Innovative Enterprises with Foreign Investments. In: M. Bezpartochnyi, ed. 2020. New Trends in the Economic Systems Management in the Context of Modern Global Challenges, Sofia: VUZF University of Finance, Business and Entrepreneurship. Pp.149-158.
Reznik, G.A. and Kourdova, M.A., 2013. Creation of the Small Innovative Enterprises in Higher Education Institution: Problems and Prospects. University Management: Practice and Analysis, 2(84), pp.9-26.
Salopek, M.M. and Mlikota, G., 2020. Venture Capital Industry in the Republic of Croatia. Interdisciplinary Management Research, 16(1), pp.108-124.
Seidler-de Alwis, R. and Hartmann, E., 2008. The Use of Tacit Knowledge within Innovative Companies: Knowledge Management in Innovative Enterprises. Journal of Knowledge Management, [e-journal] 12(1), pp.133-147. DOI: 10.1108/13673270810852449.
Stepanova, Y.N., Sibiryatkina, I.V. and Sukhova, V.E., 2015. Risk Aspects of Creation of Investment E-Platform as a Tool of Support for Small Innovative Enterprises. Asian Social Science, [e-journal] 11(20), pp.127-133. DOI: 10.5539/ass.v11n20p127.
Testa, G., Szkuta, K. and Cunningham, P.N., 2019. Improving Access to Finance for Young Innovative Enterprises with Growth Potential: Evidence of Impact of R&D Grant Schemes on Firms’ Outputs. Research Evaluation, [e-journal] 28(4), pp.355-369. DOI: 10.1093/reseval/rvz016.
Wipo, 2022. Intellectual Property Statistics. [online] Available at: < https://www.wipo.int/ipstats/ > [Accessed 05 April 2022].
Zarzewska-Bielawska, A., 2012. The Strategic Dilemmas of Innovative Enterprises: Proposals for High-Technology Sectors. R&D Management, [e-journal] 42(4), pp.303-314. DOI: 10.1111/j.1467-9310.2012.00685.x.
Zhao, W. and Zeng, Y., 2011. Construction and Design of Evaluation Index System of Innovative Enterprises on Innovative Capacities. Science and Technology Management Research, 21(1), pp.14-17.
Zhu, A.M., Liu, Y.J. and Xu, Y.J., 2009. Study on the Evaluation System of Innovative Enterprises. Studies in Science of Science, 26, pp.578-582.
Authors
Ressin, M. (2022). Product Innovation Paradigm of Modern Entrepreneurship. Quality Innovation Prosperity, 26(3), 190–209. https://doi.org/10.12776/qip.v26i3.1752
This work is licensed under a Creative Commons Attribution 4.0 International License.