Innovation Capital: Its Essence and Formation at Enterprises in Modern Conditions
DOI:
https://doi.org/10.17308/econ.2025.4/13807Keywords:
innovative production, stages of innovation capital formation, innovative products, innovation quasi-rentAbstract
Subject. A new stage of innovation-driven development of the Russian economy makes the study of the formation of innovation capital at enterprises, which is necessary to ensure technological renewal, increasingly relevant. The subject of this article is the innovation capital of an enterprise and its formation in modern conditions.
Purpose. To conceptualize the notion of "innovation capital of an enterprise," to identify the stages of its formation and their content, and to build a conceptual model of innovation capital formation.
Methodology. For the study, we used methods from the following scientific approaches: process approach, systems and dialectical approach, methods of analysis and synthesis, and the method of conceptual modeling. The study is based on an analysis of current scientific and periodical economic literature, as well as empirical observation through the collection and analysis of relevant information.
Results. We characterized the essence of innovation capital, clarified its concept, and identified its main functions taking into account the innovative development of firms under current conditions. We also analyzed the dynamics of formation, identified the stages of innovation capital movement, and disclosed their content.
Conclusions. The formation of innovation capital is an objective need of enterprises in the context of modern dynamic changes. Innovation capital represents a combination of elements that form a systemic whole necessary for carrying out innovative production and creating innovative products. The process of innovation capital formation has three stages, during which its accumulation and the integration of its elements take place.
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