Features of developing innovative business models of companies in modern conditions

The development and application of business models as an element of strategic management is widespread in modern corporate governance practice. The importance of business modeling, adequate to the new requirements of competition, increases significantly in the context of a sharp change in the methods of competition. Increasing the value of value propositions and transforming conceptual approaches to business management require the development of new business models. The article analyzes the factors and conditions for introducing innovations into traditional business models, as well as the development of innovative business modeling. The reasons for the application of innovations in traditional business models and the directions of their implementation are highlighted. The boundaries of the introduction of innovations in the business model as a whole, in individual business processes, as well as in the system of interrelated business processes have been determined. The influence of key factors on the creation and successful implementation of innovative business models is analyzed. It was revealed that innovative business models are universal in nature and can be applied at any stage of the company’s life cycle. Based on the results of the analysis, it was concluded that there is a need for a wider introduction of innovative business models in the modern practice of doing business in any industry and field of activity.