Transformations  in
Business & Economics

DYNAMICS OF THE UNDERSTANDING OF INNOVATION IN THE CONTEXT OF THE DEVELOPMENT OF TRADITIONAL AND CREATIVE INDUSTRIES
Rolandas Strazdas, Jurate Cerneviciute, Zilvinas Jancoras

ABSTRACT.This paper analyzes the dynamics of the understanding of innovation starting from the traditional industry to the modern understanding of innovation in the context of the development of creative industries. It highlights how important it is to understand the understanding of innovation for the innovation development. The boundaries of a narrower and broader understanding of the understanding of innovation are defined here, all the while analyzing the link between the understanding of the dynamics of innovation and the country's economic development. The phases of innovation understanding development are identified, characteristics of the innovation at the different stages of innovation understanding development established. The paper furthermore determines and assesses the importance of innovation understanding inertia.

KEYWORDS: innovation understanding, innovation definition, creative industries, innovation dynamics.

JEL classification: O31, O10, N01.