Subject The article considers the essence, content and mechanism of innovation implementation. Objectives The purpose of the study is to systematize the conceptual framework used in domestic and foreign literature in the study of phenomena and processes in the field of innovation. Methods The study applies comparison and analogy methods to discuss existing approaches to the definition of the innovation category that are offered by different researchers. Results We reveal major regularities in the formation of innovation theory in various directions of economic thought. Today's innovation is of systems nature. It is a result of not only scientific and technological activities, but also of consulting, institutional and investment work. In other words, innovation is a result of complex activities. Creation of technological parks is also indicative of system nature of innovation process. Conclusions and Relevance The role of innovationis increasingly important for the national economy. The competitiveness of the latter depends on the efficiency of domestic innovative enterprises and the ability to successfully integrate borrowed results of scientific and technological activities.
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