ORGANIZATIONAL AND ECONOMIC ASPECTS OF BUILDING INTEGRATED INNOVATIVE ENTREPRENEURSHIP IN MODERN REALIA

Abstract

The article provides insights to the research results in the context of building integrated innovative enterpreneurship in modern realia. Based on the research findings, the following major challenges in the organizational and economic framework for facilitating the process of building integrated innovative enterpreneurship have been identified, in particular, the lack of reasoning in selecting promising areas for innovation, the lack of temporal and financial balance in the current and strategic innovation policy. The study seeks to explore the factors of external and internal environment that affect organizational and economic aspects of integrated innovative entrepreneurship. The external factors include business environment, the dynamics of financial market, the dynamics of competitive industries development, scientific and technical progress, the legislation evolution dynamics, international economic relations, etc. Whereas internal factors are associated with a range of different activities, such as sales, marketing, manufacturing, foreign trade, innovation and investment, socio-psychological climate within an organization along with others. A set of specific factors translates into the overall effect on the process of building integrated innovative entrepreneurship model. To enhance the organizational efficiency in building integrated innovation entrepreneurship, the information needs of its participants and their relationships have been explored which contributes to harmonization of their functions and activities, as well as helps to assign responsibility and to ensure the consistency of actions. A thorough investigation of the sources composition of the effect from building integrated innovative entrepreneurship allows for the conclusion that it has a direct impact on time and cost saving as well as boosts business competitiveness.