Importance The article analyzes the concept of innovation; studies the methodological issues of innovation management. The article attempts to answer the question of what exactly innovation is in terms of modern legislation and existing practices. Objectives The paper aims to define approaches to the interpretation of the terms of innovation and identify methodological inconsistencies between the existing definitions. Methods In our work, we adhere to the principles of the logical and historical unity, scientific abstraction, analysis and synthesis, analogy and generalization. Results We state certain differences that allow one to distinguish between the terms relating to the notion of innovation,like novelty, introduction, improvement, and the innovation proper. We identified various scientific schools that interpret innovation from different perspectives: process, outcome, process and result, change, modification, activities, system. We show the strengths and weaknesses of different approaches and note methodological inconsistencies in the existing interpretations of the term. We mark the main milestones in the evolution of the theory of innovation identified by scientists and substantiate the necessity for the quantitative and qualitative identification of innovation. Conclusions and Relevance The competitiveness of any economy in the near term will depend on the involvement of public and private sectors in the development of the national innovation system, and the choice of those basic industries that will ensure a dynamic growth of the world economy and will become a driving force for the productivity growth in all types of human activities. The State must take care of all the economy sectors because, in our opinion, an excessive emphasis on the industries that make up the core of the sixth technological mode, will not bring the expected results without the efforts aimed at the convergence of innovative ideas in all spheres of human activities.
Keywords: innovation, innovative development, innovative sustainability, evolution, theory of innovation
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