Code of Breakthrough Innovations

Innovations make a significant contribution to economies, while at the same time 85% of innovations in the market are unsuccessful. This is a record high number of unsuccessful innovations, considering the high macro-level support of innovations and researches, devoted to innovations. The study analyzes in detail the technological essence of innovation process, its constituent components, the elements of commercially viable innovations and their interrelations with the aim to find the common thread of successful innovations in the market. The result is the conclusion that there is a specific algorithm that is repeated in the context of commercially successful innovations. The study offers t…

Improved innovative product strategy assessment model in market research context

In the innovation economy, companies more often face the need quickly and efficiently evaluate not only their existing product and service portfolios in the context of the industry’s potential, but also evaluate theoretical concepts of innovations. There are various systems for evaluating innovation concepts and already existing products and/or services for companies that are planning to expand their business in a new industry. The innovation economy is characterized by the convergence of innovations and the most demanded products on the market with continuous market upgrades. A company which wants to grow in a new industry faces an assessment challenge between already existing, demanded pr…

Four Conceptual Perspectives of Innovation Components

The study provides a detailed analysis of high impact to market innovations, without sorting whether these are innovations of low or high technological progress. The research base sample includes a detailed analysis of 58 consumer product innovations that reached a high market impact over the period 2014–2017, i.e. the consumers purchased them considerably more than other innovations. The study examines the components of these innovations in detail; they are also grouped into 4 basic groups. It is concluded in the study that the high impact to market innovations are made up of recurring 34 components. The study also concludes that the open innovation components only partly overlap with the …

Barriers to the Development of Regional Competitiveness in the Context of Regional Economies - EU, Latvia, Region Vidzeme Case Study

Innovation potential and the creation of new knowledge, which is considered to be one of the main drivers of economic development, is particularly emphasized in region development [1, 2, 3]. However, in effect regions face significant barriers to the development of innovation and smart specialization. Despite strong institutional support impulses, the current contribution of regions to national competitiveness is debatable. As an example, the study analyses one of the regions of the EU Member State Latvia (Vidzeme), its contribution to national productivity and the main obstacles to the development of the region’s innovations - smart specialization. The results obtained in the context of a …

Influence of integrated marketing communication tools upon consumers’ buying decisions in the context of sustainability

A topical business subject of nowadays is the influence of integrated marketing communications (IMC) for sustainability upon various consumer audiences and their buying decisions. From the standpoint of businesses the use of integrated marketing communications in product promotion contributes to the consumption of sustainable, ecological products and, consequently, a healthy lifestyle, yet the factors influencing buyer’s buying decisions still remain topical. In this research the authors surveyed buyers of Latvian food retail chains to find out the influence of promotion-related integrated marketing communication tools for sustainability upon buyers’ buying decisions. The research brings co…

Consumer behavior affecting factors leading to increased competitiveness during holiday season

New Innovation Identification Approach Development Matrix

Innovations have become one of the contemporary economics key driving forces behind competitive advantages and have become socioeconomic category of their own. Diffusion of innovations, which is an integral part of the scientific and technological base of national economies, promotes structural changes in economy. Companies have to pay close attention to market trends and have to be able to identify and create new innovations, thus increasing their competitiveness and meeting consumer demands and expectations. The objective of this research is to evaluate the concept of different innovations in organizations and propose a complex approach to identifying innovations in the form of a matrix t…

Factors and Barriers of Implementing Early Warning, Support and Second Chance Support Systems for SMEs in the Baltic States

COVID-19 creates insolvencies time bomb, even if economies are supported by the state. Following the liquidation or bankruptcy of a business, entrepreneurs in the EU mostly opt for a paid professional job rather than re-establishing their business [1]. Those entrepreneurs who re-establish their business after bankruptcy are experiencing faster growth than start-ups. The study points to significant current barriers and factors influencing the implementation of support, early warning and second chances in the Baltic States. There is a need to increase the competencies of both the businessmen and support providers on crisis management and the support already available in the broadest sense. By…