Analysis of the current level of innovation development of business entities

In the modern context under the influence of a tendency to globalization of the world economy and aspiration of the majority of business entities to carry out their activities not only in the domestic, but also the international market a problem of increasing the competitiveness of companies in terms of essential indicators in the industry is becoming more and more topical. At present, in the theory and practice of economic thought there are two approaches to achieve economic growth: extensive and intensive paths of development. Under extensive development one should understand the possibility of economic growth by increasing production volumes. However, in practice such an approach owing to limitation of production factors, as well as inability to expand boundaries of the occupied segment, becomes problematic for many companies in terms of implementation. Therefore, intensive development dominates by improving the activity of the economic entity in different areas. Current studies indicate that one of the key elements in the implementation of an intensive path of development is an ability and willingness of the company to realize both improved innovations and basic ones. The innovative development enables many economic entities not only to keep pace with competitors, but also significantly surpass them. The effectiveness of the program of innovative development in the past and therefore, the achieved level of innovative development at present largely affects the choice of further strategy of innovative development of the economic entity in the future. Thus, the issue of evaluating the current level of innovative development of the company is quite topical. The article is focused on existing approaches to assessment of the current innovative development of economic entities. It’s been found out that an indicator which shows improvement in financial conditions of a business entity should be taken as a reference value of sufficiency of the innovative development should take. The author suggests a methodological approach to the assessment of the current state of innovative development, which is based on an assumption about interconnection between integral evaluation of the economic performance of the company and sufficiency of the level of its innovative development.