USE OF OPEN INNOVATION PRACTICES BY BUSINESS IN THE CONDITIONS OF THE DEVELOPMENT OF THE KNOWLEDGE ECONOMY

Keywords: knowledge economy, human capital,, innovative activity, closed innovations, open innovations

Abstract

The article investigates the problem of development and use of open innovations, which have been actively used by business in the 21st century. The rapid development of information technology, which is the basis for the comprehensive digitalization of both production, technological and social areas of development of society, has had a significant impact on the nature of business functioning. The conditions for survival and successful functioning in the modern world are inextricably linked with the intensification of innovation activity, the ability of business to quickly respond to changing market conditions by producing, implementing and promoting innovations that are most fully adapted to the needs of stakeholders. One of the effective mechanisms for implementing the innovativeness of production activities is the practice of open innovation, with the help of which a business can quickly accumulate and then commercialize the maximum number of innovations and minimize their costs. Therefore, we consider the topic under study to be extremely relevant. The purpose of this study is to substantiate the expediency of implementing an open innovation strategy by business as an effective mechanism for systematizing, selecting, developing and commercializing new ideas in the business environment. This study was carried out using scientific methods: abstraction, analysis, scientific hypothesis. The article analyzes the essence of the current stage of the development of society, characterized as the process of the formation of the knowledge economy, it is indicated that in these conditions the role of human capital in ensuring the reproduction process increases both at the level of an individual company and at the level of society as a whole. In addition, the observed changes are reflected in the transformation of competitive processes in the business environment. The article analyzes various interpretations of the concept of "open innovation", presented by both foreign and domestic scientists. The basic principles of knowledge and information flow within the concept of open innovations are presented. The practical value of the obtained results is based on the possibility of their application by domestic business in order to intensify innovation activity, which is of the greatest relevance for the revival of the Ukrainian economy in the post-war period.

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Published
2023-01-31
How to Cite
Kuznetsova, M. (2023). USE OF OPEN INNOVATION PRACTICES BY BUSINESS IN THE CONDITIONS OF THE DEVELOPMENT OF THE KNOWLEDGE ECONOMY. Economy and Society, (47). https://doi.org/10.32782/2524-0072/2023-47-15
Section
ECONOMICS