4.0 as Innovation Environment of Opportunities for Small Business

Abstract

The current social and economic development is typical of the shift to the 6th technological structure, which envisages the use of highly- intellectual, smart innovation and tools of digital technology. Their use in the complicated pandemic period allowed us to continue efficient work and at the same time to find new, promising opportunities to extend business-partnership, promote goods, improve quality of service, raise competitiveness and productivity, cut costs and shape innovation business-models. In general they drastically impact fundamental changes in tactics and strategy of work in all spheres. Today it is impossible to picture any sector of economy without digital technologies. Their efficiency was appreciated by customers, businesspeople and state. Small business is also responsive to innovation and interested in digital technologies, as they can speed up and automate the process. However, in spite of numerous benefits of digital technologies, small entrepreneurship faces different problems. Studying foreign and home experience in small business functioning gave an opportunity to reveal factors hindering the use of digital technologies in practice. Based on the research the author put forward academic and methodological and practical proposals and recommendations fostering efficient use of digital technologies.

Keywords

• artificial intellect, big data, internet of things, small business and private entrepreneurship, innovation, innovation strategy