Modern life is characterized by dynamism, high competition. In such conditions, there is always a need for improvement in all areas of human activity. From here innovative projects are born, which are a complex, risky, expensive and lengthy process.
Innovative projects go through several stages in their development and at all of them projects have a high degree of uncertainty. A very important point is the introduction of innovations in production, the adoption by the market of these innovations. Many innovative projects already show results at the initial stage of development that give hope for success, but then they are closed under certain technical and technological conditions. Innovative development is determined by a variety of tasks and goals. Innovative projects are distinguished by the level of their solution, the substantive-content structure, the nature of goals and the implementation period, as well as the type of innovation.
In the implementation of innovation , several participants are involved: customers and investors, designers and suppliers, contractors and scientific and technical experts, managers and the project team.
The management cycle is represented by two stages: the development of an innovative project and the management of the implementation of an innovative project. A special role in the chain of all types of work is played by the management of innovative projects. Under management, a process is considered during which managerial decisions related to defining a goal, organizational structure, planning and monitoring the implementation of innovative activities in the light of the implementation of an innovative idea are made and implemented.
The goal of innovative projects is to make a profit. But the development and the entire cycle of work, up to the final implementation of projects in production, require investments, for the attraction of which a carefully worked out business plan is needed. An investor risks his own funds; for him, the prospects of an idea are important.
In order to remove investor’s concerns, the business plan of the innovation project includes basic information about the project, in the form of a business idea, a description of the enterprise, investment object and management system, a description of the business environment, organizational, financial and legal plans, in the form of a feasibility study rationales, descriptions of risks and insurance.
Business ideas can be built on the basis of our own research and development, customer requests and needs, competitors' products, opinions of employees, various publications. A business plan must necessarily reflect the scope of the new product, it has a place for a list of functional features and attractiveness factors. This refers to values, product acquisition opportunities, price for it, functional, environmental quality, product brand, its reliability and service life. The novelty of the product is subject to a special requirement from the standpoint of the availability of analogues in the market, the competitive advantages of the product, its market novelty, a new scope.