Leading approaches to managing innovations in the 21st century

摘要

This paper focuses on the leading approaches to managing innovations using the methods of modern management that became widespread and popular in the 21st century. The paper focuses on the new challenges business endeavours are facing in the new era as well as on the novel leading approaches to innovation management. In particular, we focus on the business stages development in small and medium companies and contemplate their need and approach to innovations. Our results confirm that innovations and innovation management are becoming ubiquitous in the 21st century and there is hardly any business entity, small or large alike, that might survive on the market without them long enough. Moreover, we stress the importance of innovative activity in the company and advocate for the proper use of targeted management practices that might help to develop and foster innovations.