INNOVATIVE SUSTAINABLE BUSINESS DEVELOPMENT STRATEGIES: IMPLEMENTATION MODEL
Abstract
Constant fluctuations in financial markets, geopolitical turbulence, and rapid changes in the technological landscape require companies to be flexible and innovative in their strategic management, on the one hand, and to take into account environmental consequences and social issues, on the other. In the globalization conditions and fierce competition, innovation and sustainable development are key factors in the success and competitiveness of companies. The purpose of the article is to analyze and systematize approaches to combining innovative strategies with the sustainable development principles in the entrepreneurial activity context and to develop a multi-level model for implementing the strategy of innovative sustainable business development, which takes into account modern trends in the digital technological field and management, as well as the specifics of the Ukrainian business environment. The article considers key approaches and components of business development aimed at combining innovative strategies with the sustainable development principles. Analyzing innovative trends in the sustainable development field and the environment for the development of business innovations in Ukraine, a multi-level model for implementing the strategy of innovative sustainable development is proposed. The basis of the developed conceptual model for the implementation of the innovative sustainable business development strategy is the principles of open innovation, cooperation between business, science and the state, as well as a focus on solving global challenges. The proposed model takes into account the relationship between technological trends and strategic decisions, providing practical recommendations for the successful implementation of innovative sustainable development strategies in the modern business environment. It was concluded that innovation and orientation towards sustainable development allow companies to gain strategic competitive advantages, ensure long-term economic growth, and also solve urgent social and environmental problems.
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