Innovation development in Lithuania business area

Abstract

The article presents different definitions of innovation, innovations classification possibilities. The aim of the research is to evaluate the expression and typology of innovation in Lithuania. In this article will be analyzed the literature on the innovation classification, innovation typology and an analysis of the concept of comparative innovation. The main methods were comparative analysis of innovation definitions and comparative analysis, which determines the development of Lithuanian innovation. The literature emphasizes the importance of innovation in deciding on investment projects or investment in production. Innovations can be useful in saving time, costs, and more efficiently allowing available resources. Today, innovation is one of the key determinants of economic development. Innovation has a positive impact on investment activity. Innovation is the key to the development and productivity of any economic activity. Our conclusions have allowed us to identify possible ways of classifying innovation, to identify the generic features of the concept of innovation and to describe the importance of innovation in Lithuanian enterprises.