Innovation Development of Industrial Business Organizations

Abstract

The study presents the mechanisms influencing the development of innovations in industrial business organizations in the Republic of Belarus, еmphasizing the stimulation of the innovative development of organizations from the real sector of the economy, research, and education sector. The innovation policy plays an important role in the development of country`s competitiveness, creating favourable conditions for the increase of financial potential, development of intellectual resources, modernization of scientific and innovation infrastructure. Some basic economic theories, such as the cluster theory, network theory, and integration theory describe the process of increasing the efficiency of an enterprise through collaborative partnership by combining functional advantages of each partner. These theories focus on achieving synergy in the form of developed and put into practice innovative product due to shared use of resource potential of the members of such associations.

Global transformations and formation of new social systems

“…That leads to the creation of new technology for making such decisions. Scientists, researchers, managers, and policymakers must make additional and focused efforts to create such technology and a set of related procedures (Terziev, Georgiev, Ivanov, 2022h;Terziev, 2022i;2022j;2023f;Terziev, Georgiev, 2023g;2023h;Terziev, 2023i).…”