Mechanisms for the Creation of Innovation in Contemporary Business and Economy

Abstract

Innovation differentiates the company from the competition, attracts new customers and generates revenue. The struggle for customers requires constant innovation, the result of which must be the creation of new value for customers. Innovation which provides new value for customers manifests itself in the form of new products, technologies, ideas and systems, reflected in satisfaction and customer loyalty. Innovation is considered a basis of business development, competition and growth. As a result of innovation, significant changes take place in the scope and manner of commissioning and using resources, leading to changes in the strategic position of the enterprise. The purpose of this article is to show the economic mechanisms for creating innovation in the field of the economy and business.