A Comprehensive Definition of the Concept of Innovation in Russian and International Science

Viktoriya Valeryevna Manuylenko, Andrey Aleksandrovich Mishchenko, Olga Borisovna Bigday, Yekaterina Leonidovna Putrenok and Anna Valeryevna Savtsova
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Viktoriya Valeryevna Manuylenko: Department of Banking and Finance, The Institute of Management and Economics, North-Caucasus Federal University, Stavropol, Russia, Department of Economics and Finance, The Institute of Management and Economics, Stavropol University, Russia
Andrey Aleksandrovich Mishchenko: Department of Economics and Finance, The Institute of Management and Economics, Stavropol University, Russia
Olga Borisovna Bigday: Department of Management, The Institute of Management and Economics, Stavropol University, Russia,
Yekaterina Leonidovna Putrenok: Department of Economics and Finance, Stavropol University, Russia, The Institute of Management and Economics,
Anna Valeryevna Savtsova: Department of Banking and Finance, The Institute of Management and Economics, North-Caucasus Federal University, Stavropol, Russia.

International Journal of Economics and Financial Issues, 2015, vol. 5, issue 4, 1029-1037

Abstract: Theoretical and methodological studies of innovation content and essence show that methodological assessment approaches fail to represent an explicit conceptual and categorical framework for the category under consideration, which carries ambiguous connotations both in Russian and foreign theory of innovation. This paper explores the essential theoretical conceptual properties of innovation, which is considered a system enabling to argue that a system-wide definition of the innovation concept is the most preferable in terms of comprehensiveness. From a theoretical perspective, we have provided insight into the innovative process by stages within the innovation system, and presented a set of innovation functions, including intensive development and reputation functions; we have traced the logical interrelation between such concepts as idea, novelty, invention, innovation, innovative product, innovative service, innovative product line. It is assumed that a methodological innovation assessment should be based on a comprehensive synergy-oriented approach. The methodological principles for the innovation system construction have been formed.

Keywords: Innovations; Innovative Process; Innovation Functions (search for similar items in EconPapers)
JEL-codes: B4 D2 L1 (search for similar items in EconPapers)
Date: 2015
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Citations: View citations in EconPapers (3)

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