Specific Aspects of Economic Development of Innovation-Active Industrial Enterprises

The presented study examines transformation processes in the economic development of industrial enterprises in the context of the new economy.

Aim. The study aims to develop a theoretical and methodological framework for efficient economic development of innovation-active industrial enterprises.

Tasks.

• To examine the specific aspects of economic development of modern industrial enterprises with allowance for the innovative component.

• To determine the prerequisites for the progressive growth of innovation activity of industrial enterprises.

• To create a model showing the correlation between the factors and results of economic development of innovation-active industrial enterprises.

• To provide a definition of “economic development of a modern industrial enterprise.”

• To develop a graphical value model for innovation-active industrial enterprises.

Methods. This study uses general scientific methods of cognition, concepts of the neoclassical and institutional economic theory, and management theory as applied to the issues of efficient development of economic systems to examine the problem of economic development of innovation-active industrial enterprises in various aspects.

Results. In the context of the development of information technology and functioning of the open innovation model, the progressively increasing level of innovation activity of industrial enterprises is determined by such factors as: the emerging opportunity for small enterprises with limited resources to take part in the innovation process; stimulation of the innovation activity of large monopolistic structures by weakening their monopoly as a result of innovation development; short-term nature of the innovation rent due to the accelerated diffusion of innovations in the open model, which forces enterprises to develop and implement new solutions more rapidly.

Conclusions. Modern economic conditions and the state of innovation systems are complemented by the possibility of economic development based on the innovative component, which provides a foundation for the creation of enterprise value through innovation rent-seeking. At the same time, the short-term nature of the innovation rent due to the accelerated diffusion of innovations leads to the formation of local maximums of enterprise value, beyond which it can only growth through further implementation of innovations. As a result, economic development based on the innovative component has virtually no restrictions, and the growth in enterprise value often translates into an increase in the value of its intellectual capital.

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