Strategic Management of Innovative Development of the Region to Ensure its Sustainable Development

Abstract

The study is devoted to determining the theoretical and methodological foundations of strategic management of innovative development of enterprises in the region in conditions of instability. It is substantiated that the permanence of innovations and continuous strategic management are key factors in the formation of stability and long-term competitive advantages of enterprises. The role of innovation strategy as a component of corporate, business and functional strategies is revealed, and its differences from R&D strategy are outlined. Modern models of the innovation process are systematised – from linear to network and knowledge-based models – and their evolution and influence on the choice of innovation strategies are shown. A map for choosing an innovation strategy depending on the state of the enterprise according to the criteria of economic added value and risk resistance is proposed. It is shown that investment strategy is a tool for the practical implementation of innovative solutions, and diversification strategies contribute to reducing the risks of innovative activity. The feasibility of creating an integrated innovation complex as a mechanism for managing the innovative transformation of the region, combining higher education institutions, technology parks, venture funds, enterprises and state institutions, is substantiated. Based on an analysis of the innovative potential of the Kyiv region, the existence of prerequisites for the transition to an innovative development model has been proven, provided that network approaches are implemented, institutional interaction is strengthened, and nonlinear models of the innovation process are used. The work uses elements of portfolio analysis, strategic and institutional approaches, which ensured a comprehensive assessment of the sustainability of enterprises and the regional innovation system and identified key constraints to its development. The results of the study can be used to develop regional innovation policy, improve the system of strategic enterprise management, form programmes for the innovative transformation of industrial regions, and modernise interaction between business, science, and government on the basis of sustainable and inclusive growth.

Keywords: strategic innovation management, innovative enterprise strategy, economic risk resistance of enterprises, network models of innovative development, integrated innovation complex