The Creation of Fundamentally New Products as a Factor of Organizations’ Sustainable Economic Development

Alexander Chursin, Zhanna Chupina (), Anna Ostrovskaya and Andrew Boginsky
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Alexander Chursin: Higher School of Industrial Policy and Entrepreneurship, Peoples’ Friendship University of Russia (RUDN University), 6 Miklukho-Maklaya Street, Moscow 117198, Russia
Zhanna Chupina: Higher School of Industrial Policy and Entrepreneurship, Peoples’ Friendship University of Russia (RUDN University), 6 Miklukho-Maklaya Street, Moscow 117198, Russia
Anna Ostrovskaya: Higher School of Industrial Policy and Entrepreneurship, Peoples’ Friendship University of Russia (RUDN University), 6 Miklukho-Maklaya Street, Moscow 117198, Russia
Andrew Boginsky: Higher School of Industrial Policy and Entrepreneurship, Peoples’ Friendship University of Russia (RUDN University), 6 Miklukho-Maklaya Street, Moscow 117198, Russia

Sustainability, 2023, vol. 15, issue 12, 1-15

Abstract: This study analyzed the sustainable economic development of some organizations for the period of 2020–2022. The authors found that organizations’ sustainable development is influenced by technological superiority based on the creation and production of radical new products that can form new markets or be dominant in existing ones. This study examined effective management based on the application of digital technology and artificial intelligence for the creation and production of radically new products, which creates conditions for the advanced sustainable economic development of the organization. The main drivers of these processes are technological platforms, the formation of which requires significant amounts of different types of resources. To solve the issue of investment in the creation of radically new products in conditions of limited resources, the authors researched and developed tools for the effective use of investment in the creation of radically new products in order to ensure the formation of organizations of advanced, sustainable economic development. In the development of methodological tools for managing the creation and development of radically new products, a conceptual mathematical model for assessing the criteria of economic efficiency of projects is proposed. Thus, the proposed tools for managing the creation of radically new products and advanced sustainable economic development of organizations form the basis for technological superiority and sustainable economic development in modern economic conditions.

Keywords: sustainable development; technological superiority; technological platform; radical new products; risk; unique products; innovation development; investment project; risk management; uncertainty; economic efficiency (search for similar items in EconPapers)
JEL-codes: O13 Q Q0 Q2 Q3 Q5 Q56 (search for similar items in EconPapers)
Date: 2023
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:gam:jsusta:v:15:y:2023:i:12:p:9747-:d:1174117

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