Innovative consultancy as technology for managing development of a business entity

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Innovative consultancy as technology for managing development of a business entity

Journal Title: Економічна теорія та право - Year 2018, Vol 4, Issue 35

Abstract

Contemporary transformations of conditions of innovative development actualize demand for services of innovative business consultancy. Recent research and publication analysis. Issues of innovative consultancy (IC) have not been thoroughly examined in literature. There is a need to take notice of scientific papers on innovative management (S. Illiashenko, M. Denysenko et al.), management of startup development (S. Blank, G. Kawasaki), and websites of consulting firms. Paper objective. The objective is to indicate the essence of IC as technology of managing development of contemporary business entities. Paper main body. IC aims at enhancing competitiveness and efficiency of economic activity of customers’ entities through putting cutting-edge methods, experience, technologies of innovative projecting, and management of innovative activity into practice of the business. IC services are divided into the following types: strategic; developing and supporting an innovative project; fundraising; innovation commercialization consulting. It is expedient to indicate IC of functioning business entities and startups. Sustainable development of companies depends on the ability to create and use that innovative business model, technology of development or implementation of which draw considerably attention of consulting firms (guidelines of Delоіtte Consulting). Startup – a temporary entity oriented towards searching and implementing a scaled business model. Its features are as follows: an original idea; ambiguity of a target market at an initial stage of a product; rapid scaling. IC services are critically important for startup’s success because they ensure: the formation of price supply, selecting and training staff; customer development and testing hypothesis for a business idea, development and validating a minimum viable product; evaluating a market; selecting and testing a business model; developing a startup’s plan; involving investments at various stages. Potential of development of business entities contemplates the application of IC technologies of open innovations, which consists of the following stages: companies use external ideas and technologies in a business and enable other firms to use own ideas, which have not been brought into practice; combining internal and external developments. Directions of the interaction comprise: from the outside to the inside (obtaining new knowledge from external sources; forms of implementation: license agreements, acquisition of startups, corporate venture funds, crowd-sourcing, information platforms and networks); from the inside to the outside (deploying assets or projects outside a company; forms of implementation: selling licenses, spin-off companies); mixed (a corporation with partners through the creation of alliances). The implementation requires a professional approach to protection of intellectual property of participators. Conclusions. IC as a type of consultancy on issues of innovative management is effective technology of managing development of business entities. Consulting services on development and implementation of an innovative business model conduce to the creation of pre-conditions for sustainable development of companies. IC increases the chances of going through a “death valley” and achieving desired goals. The application of a conception of open innovations for projecting consulting technologies of innovation commercialization is prospective. Short abstract for an article Abstract. The author has examined potential of innovative consultancy (IC) as technology for managing development of business entities. The author has specified the essence of IC and classified the main types of services. The article discloses the influence of IC on development of business entities, using examples of services of developing a business model for a functioning company and startup consultancy. The author has substantiated potential of applying the conception of open innovations in consulting technologies.

Authors and Affiliations

Олена Миколаївна Левковець

Keywords

innovative consultancy; development; innovative process; startup; innovative business model; conception of open innovations.

EP ID EP468801
DOI 10.31359/2411-5584-2018-35-4-81
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