The evolution of the theory of innovation

The study aims to analyse the main stages in the evolution of the theory of innovation. The study identifies six main national trends in the development of innovations: the first stage (late 19th and early 20th centuries) the emergence of the theory of innovation. It was characterized by an emphasis on the role of certain entrepreneurs in the process of “creative violation”; the second stage (1940s and 1950s) systematization and formalization of the theory. This period saw the creation of departments of research and development (R&D) in large corporations; the third stage (1960s and 1970s functions) began to capture the focus of innovation diffusion or the process of dissemination of new ideas, products and technologies in society; the fourth stage (1980s and 1990s features) is studying the individual features of systems. The stage was characterized by the growing origin of the importance of networks, institutions of social and cultural factors; the fifth stage (1990s and 2000s parts) is an open innovation stage. During this period, researchers began to pay attention to the fast-growing flows of information and open processes of growth; the sixth stage (current stage) is a digital stage. This phase of the process is about the growing importance of digital technologies and how they are transforming the innovation process. The research includes methods of logical and historical association, scientific abstractions, analysis and synthesis, comparison and scientific generalizations. The study of innovation aims to understand the complex creation of processes and the dissemination of new ideas, products, and technologies. Studying the innovation phenomenon and evolution of the innovation theory is highly relevant due to the fact that innovations are a key factor of economic growth and social progress in the modern world. The results obtained were used in the development of a strategy for the innovative development of the regional economy.