Konoval Yu. Economic essence of the concept "innovation"

Abstract

The purpose of this article is to conduct analysis of the existing renderings of the concept "innovation" and to make up own definition. The analysis showed that most definitions do not clearly reveal the economic essence; there are no specific criteria to define innovation by its economic performance. Since the concept "innovation" is constantly changing as time goes by, and its meaning is broadening, commercial importance of the concept for mankind development as a whole increases. Importance of innovation grew from the problem of certain enterprises survival to the level of state and global politics. Like a mirror, innovation reflects the level of development and specific features of the society, and over time more and more it becomes an indicator of the society civility, welfare and sustainability. Such concepts as "novation" and "novelty" usually equated by the scientists with innovation were also considered. Certain classification of innovation was covered. Accomplished studies allowed revealing differences in interpretations of the concept and performing detailed systematization of innovation activities concept. Innovation remains the most powerful tool for solving all challenges, regardless of their extent. Based on the results of the study the appropriate conclusions were made