Innovation Activity - a Factor for Increasing Competitiveness
Innovation Activity - a Factor for Increasing Competitiveness

Summary/Abstract: As globalisation processes evolve, there is increasing "pressure" and need for companies to enhance their innovation activity. The development and integration of an innovation strategy, taking into account all the chances and risks, in a new knowledge-based economic environment and dynamic market conditions, determines the scientific and practical interest in innovations capable of ensuring successful competitiveness Competitiveness stems from building capabilities necessary to sustain growth in a regional, national and international competitive environment. Such capabilities are created primarily through innovation and its deployment, allowing multiple potential pathways to success. Purpose: For the national economy of any country developing in the conditions of globalisation, one of the main problems is to ensure effective competitiveness, according to the dynamics of both national and global markets. Innovation is an important factor capable of ensuring successful economic and social development and strengthening economic potential, and its application depends on innovation activity at institutional, societal and business levels. The objective of this paper is the theoretical clarification of the nature of innovation activity and its relationship with competitiveness, as well as the analysis of innovation activity as a phenomenon with economic and socio-cultural dimensions, significantly affecting the sustainable development of countries. Design/methodology/approach: The methodological basis of the study is the dialectical principle of knowledge, systematic and interdisciplinary approaches to research. To process the collected information methods of analysis and synthesis were used, content analysis, intuitive and systematic approaches were applied. An array of theoretical and factual information contained in the works of Bulgarian and foreign researchers was used to demystify the indeterminacy of innovation and innovation activity. Findings: Innovation activity, which includes technological, scientific, financial, organisational and commercial steps leading to innovation, is a consequence of the state of the economic environment. But this activity can also change the economic environment, affecting competitiveness and bringing about dynamic changes in a short timeframe. It is crucial to overcome the 'contradictions' between research, in all its complexity and depth, and the requirements of the market for goods and services, in order to create a sustainable understanding of competitive policy with a long-term horizon. Research limitations/implications: The study is limited in terms of subject matter and purpose, which are defined in the context of the relationship between innovation activity and competitiveness. The paper provides synthesised information and analysis of innovation activity according to contemporary socio-economic and market attitudes, and the development of innovation strategies and development models goes beyond the stated objectives. Originality/value: The scientific novelty of the research results lies in deepening the understanding of the nature of innovation activity as an economic and social phenomenon. The significance of the research is manifested in the enrichment of knowledge with theoretical formulations of innovation activity, as well as in the possibility of their use in the process of professional training. At the same time, the results of the study highlight the need for business organisations to develop specific activities and managerial capacities conducive to the development and implementation of innovations, through which they can expand their innovation activity and gain a competitive advantage. It focuses on intellectual property, creative freedom and the rule of law as key elements of innovative growth and economic development.

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