MODELING INNOVATIVE DEVELOPMENT OF INTEGRATED BUSINESS STRUCTURES THROUGH OPEN INNOVATIONS

Abstract

This paper seeks to explore the process of innovative development modeling for integrated business structures using an open innovation platform, both at the microlevel (the investment attractiveness of small and medium-sized businesses is viewed from the perspective of a systemic approach), and at the mesolevel (the investment attractiveness of small and medium-sized businesses relies upon a comprehensive assessment of infrastructure development based on the unity and interaction of criteria for business investment attractiveness across the region). It is argued that despite certain crisis phenomena encountered in the financial and economic performance of integrated business structures, a vast body of scientific knowledge and applied experience in searching for new effective innovative management tools is being accumulated. To survive in modern competitive environment, small and medium-sized enterprises while integrating should invest their owner’s funds or borrowed capital to update, expand and diversify their business, as well as focus their policy towards open innovation. Thus, in the context of the whole range of risks and challenges associated with the role of open innovations within the performance of integrated business structures, maintaining a process of modeling innovative development seems critically important. From this perspective, effective information support to generate and consolidate information data in all areas of financial and economic performance is paramount. Apart from the above, it will also contribute to boosting the efficiency of modern integrated business structures. The study findings demonstrate that socioeconomic growth rates in Ukraine are greatly affected by its investment policy focus aimed at facilitating innovative structural transformation in priority industries, modernization and technical renewal, the implementation of energy- and resource-saving and eco-friendly technologies. It is concluded that the declared investment imperative support in Ukraine within the framework of the government innovation policy will enhance further innovative development of integrated business structures and encourage the overall economic growth.