Innovation As A Determinant Of Enterprise Value Increase

Abstract :

Building the enterprise value in a turbulent environment forces companies to introduce innovations that secure the effective creation, provision and communication of the value to the customer. The changeability of customers’ attitudes and behaviour not only results in the need to identify factors determining an increase in the enterprise value, but it also necessitates evaluating their significance in terms of their influence on future capital supply.
The key goal of the article was to identify the intangible factors that secure the enterprise value growth, with a particular focus on the sphere of innovation, and to indicate barriers and ways of creating innovativeness in the future.
Literature studies enabled the authors to present the already identified factors and barriers in the innovation process. Empirical research has demonstrated that although these factors are relatively permanent, their significance with regard to increased enterprise value is dependent on changes in the environment, including in particular changes in customers’ attitudes and behaviour.
Requirements and expectations of the contemporary customer force entrepreneurs to socialize the innovation process. It involves the necessity to develop lasting relations with customers, based on: cooperation, partnership, trust and commitment. It is possible only if both sides expect to win. The main barrier to the socialization of the innovation process is the apparent rooting in the mentality of managers of the necessity to pursue the customer's interest. The results of theoretical and empirical investigations conducted by statistical analysis methods, including the Anova test, have allowed for updating the information on the innovation process barriers.