Innovation Theory: A Study of the Conceptual Apparatus
The aim of the article is to analyze the main definitions of the innovation theory and to determine the time period during which the innovation can be regarded as such. A comparative analysis of the conceptual apparatus of the innovation theory was conducted; distinctive features of interpretation of definitions by different authors were defined, definitions of key categories were given and a chain of logical dependencies between them was built. Attention is paid to the differences between innovation and the innovation process. The author has proved that when comparing the definitions of \"innovation\" and the stages of the innovation cycle some inconsistency can be traced. In the definitions of innovation, presented in the current literature, its time limitation and the degree of diffusion are not considered, which is why there are contradictions associated with the perception of a new for implementation in an enterprise. Thus, the author restricts the use of the definition of \"innovation\" only at the stage of its implementation, and proves that after that the first stage of the product life cycle begins. Thus, the author divides the economic cycle of a product into innovation and life cycle. The initial stage of the innovation cycle is to generate ideas, and the final stage – the introduction of innovations. All subsequent steps are the stages of the life cycle of product innovation. Thanks to this innovation cycle is an integral part of the economic cycle of the product, representing the stage of its creation.