TRENDS IN BUSINESS INNOVATION MANAGEMENT IN THE 21ST CENTURY

Abstract

In the current context of globalization in the international economy, alongside changes in security concerns and consumer behaviors, innovation originating from centralized sources has held too minimal a share of the market. Simultaneously, investments that have lost their internal structural foundations have become disordered, serving only short-term objectives of investors. The solution to this scenario lies in stimulating flourishing innovation and investment, and the revival of permanent capital through new competitive foundations. The management of innovation amidst the globalization of the international economy and transformations in consumer behavior has revealed that, as innovation processes become commoditized, the proliferation of corporate marketing innovations often overlooks broader societal benefits. Impacts are redistributed between innovators, producers, and consumers alike. Therefore, entrepreneurs must recognize and prioritize the trends and principles of business innovation management crucial for thriving in the 21st century.