Development Prospects of Innovative Economy

Abstract

The essence of the agenda of economic development with modern trends is to harness the potential of innovative technologies. The innovative economy should aim at improving the business and employment-friendly environment, access to opportunities arising from innovative technological changes, and adapting to new challenges. The structural crisis can be overcome by the introduction of new technologies that open up new production possibilities, providing a breakthrough in improving economic efficiency. Raising awareness about the benefits of digitization, building a digital culture in SMEs is the first step towards digitization of SMEs.

For the accelerated growth of the economy, it is necessary to implement the commercialization of innovations and knowledge. The experience of developed countries has shown us that small and medium-sized businesses play an important role in the innovative development of the country. Therefore, it is necessary for the state to promote the innovative development of small and medium-sized businesses. An innovative economy creates a competitive advantage that is vital for the economic development of the country.