Baltic Journal of Economic Studies (Jan 2020)
RISKS OF INNOVATIVE ACTIVITY: ECONOMIC AND LEGAL ANALYSIS
Abstract
As experience in the development of the economy of different countries shows, risk is an integral factor in a market economy. The rapid development of science and technology, the emergence of new technologies, their implementation into production, the increase in the number of innovative projects give rise to new types of risks, which, in turn, complicate social relations. The lack of a unified approach to the scientifically justified definition of risk, its features, classification criteria, as well as the lack of a conceptual and categorical component necessitates the further study of risk in law, which is reflected in the qualitative legal regulation of the relations of participants. The subjects of the research are the economic and legal aspects of innovative activity risks. Accordingly, the purpose of the article is a study of the nature of risk, the main classification features, defining the role and place of legal risks, identifying the main approaches to risk management of innovative projects. To achieve this goal, we have used the following research methods: analysis and generalization of theoretical sources and scientific literature; abstractlogical method in the process of theoretical generalizations and formation of conclusions; general scientific methods of analysis and synthesis. In the result of the research conducted it is determined that the risk of an innovative project is a set of risks that combine the elements associated with a particular innovative project, that is, for each specific project and the entity that develops, implements and manages the project will be its own set of risks. A prerequisite for business decision-making is the skills and ability to manage risk, which is to determine its acceptable limits, taking into account the potential negative consequences, which, among other things, will minimize the impact of the risk factor on the planned economic outcome of the introduction of innovation. A crucial factor in ensuring the success of the innovative risk management process is interaction at all stages, in particular during the identification, analysis, evaluation, control, monitoring of risks. Engaging and understanding the risk management process and its need for all project participants ensures the effectiveness of structural and organizational risk management measures. Effective risk management requires commitment, as well as the conscious behavior of each person. The motivation and interaction of the parties involved in the project ultimately determine the quality of the work and therefore the success of the project.
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