INNOVATIVE ATTRACTIVENESS OF BUSINESS ENTITIES: EVALUATION, USE AND RISKS IN CONDITIONS OF ECONOMIC INSTABILITY

Abstract

In modern business conditions, the main factors of business competitiveness are the ability to generate new ideas, gain access to scientific and technical knowledge and effectively transform them into modern innovative products and services. The high cost of creating new knowledge, the complexity of research processes and long investment cycles further exacerbate inequality in access to strategic resources, which leads to a deepening of the global differentiation of economies. According to the proposed conceptual framework, the effectiveness of state innovation policy should be assessed according to two key criteria: first, the completeness of access of innovation entities to the necessary resources (in particular, scientific knowledge, technological developments, financial and infrastructure resources); second, the degree of reduction of innovation risks and the creation of favorable conditions for the realization of innovation potential, taking into account the influence of the competitive environment. The main components of innovation attractiveness are: resource capacity, market opportunities and risks and intensity of competition. Resource innovation attractiveness of business entities. The resource component of the innovation attractiveness of a business entity can be determined by the volume of key resources used to implement innovation projects. Also, in modern conditions, it is necessary to include the level of access to dual-purpose military and civilian technologies; the degree of business digitalization; the level of international scientific and technical cooperation. The list of resources (indicators) is determined by the strategic goals of the business entity and can be established using the Balanced Scorecard (BSC). Assessing market opportunities and risks for businesses to gain competitive advantages. Particular attention should be paid to external economic factors, as the risks of energy security, currency instability, and limited demand in wartime have a critical impact. Probabilities and strengths of influence should take into account: the impact of sanctions/embargoes; changes in global supply chains; the state of international assistance and technology transfer. The use of this methodology can become a tool for forming targeted programs of state support for innovation projects, monitoring their development, and assessing the effectiveness of the implementation of national innovation policy as a whole.