INNOVATION – DETERMINING FACTOR OF BUSINESS COMPETITIVENESS

In the last decades innovative processes and their impact on business gained researchers' big attention. Innovations are considered as a powerful force for overcoming economic challenges and crises. In modern fast-changing and competitive environment innovativeness is necessary for survival of an enterprise. Innovative products and services are important factors for raising effectiveness of enterprise, employment, investments, product quality and exports as well as they reduce labor and material costs. All this in turn ensures raised competitiveness of enterprises in internal and external markets.