Learning for Employment – Analysis of the Components Forming the Successful Product Innovation in Entrepreneurship

Abstract

Learning for product innovation in sustainable business within bioeconomy rapidly growing context has become one of the most important components of management educational models. Significant public support in EU countries goes to innovation training for companies. At the same time, many failed product innovations are entering the markets. Consumer market measurements indicate that 86% to 94% (Salkovska et al., 2018) of all innovations are commercially unsuccessful. Creating innovation is a resource intensive process. A high innovation failure rate is a significant loss not only to companies, but to the EU economy as a whole and its competitiveness. The high share of commercially unsuccessful innovations in markets points to areas for improvement in existing innovation education models. A better understanding of the components of successful product innovation will help to lead to improved business training models and therefore more productive bioeconomy and sustainability. The research analyses the components of commercially successful innovations. The most important components that determine the success of innovation are related to the consumption of innovation, the ideological values of innovation and the starting positions of innovation. The aim of the study is to identify the key components that make up commercially successful innovations so that they can be given in-depth attention in training models, thus enhancing the proportion of commercially successful innovations among organizations. The study uses the assessment of 63 innovation experts. Quantitative and qualitative methods of secondary and primary data processing have been used.