INNOVATIONS – A FACTOR FOR SUSTAINABLE DEVELOPMENT

Ognyana Stoichkova, Georgi Georgiev, Biser Krastev, Virzhiniya Zhelyazkova, Yakim Kitanov, Nikolina Mareva

Abstract


The contemporary understanding for development is invariably intertwined with the need for it to be sustainable. The global financial crisis revealed a number of weaknesses of the functioning of the economic systems of the countries. The pressing need to seek sustainable economic development came to the forefront as opposed to the understanding for development at any cost. In this economic context, promoting innovation becomes instrumental in a natural way.

The aim of the current paper is to present and discuss on the link between innovations and sustainable development, and the authors support the opinion that in today’s dynamic globalizing world they are directly related.

The research methodology used in the paper is primarily qualitative analysis.

The main inferences from the research articulate that encouraging innovations is at the core of the transition to sustainable development both at micro and at macro level. This implies a structural change of the model according to which firms operate.


Keywords


innovations, sustainable development, complex management, reputation

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