Prospects for the Development of Innovative Economy in the Region Under the Circumstances of Global Economic and Business Challenges

In light of increasing globalization, new opportunities and challenges are emerging, establishing a strong foundation for developing an innovative economy in the region. Because of its scale, the innovative economy is a key catalyst for global economic growth. The shift to an innovation economy is irreversible, and it is up to each country to determine how effectively they will use this opportunity. The innovative economy depends on radical innovations and thus necessitates implementing various management methods, including organizational, institutional, social, political, and others. These practices are not widely adopted in Georgia today, and their introduction is associated with a number of difficulties. This is why examining the impact of developing an innovative economy and the factors that influence it is strategically vital for the socio-economic security and economic development of the country today. This monographic study will provide the reader with updated information on the primary challenges and opportunities involved in establishing an innovative economy in the region. The aim of the work is the scientific study of the trends, perspectives and challenges associated with the development of the innovative economy in the region. The significance of the theoretical and practical recommendations derived from the research is defined by their broad applicability across various levels. Specifically, the findings of this work can be valuable to the country’s executive and legislative bodies in addressing current challenges related to the development and improvement of the innovative economy. In addition, the research results can be used at various levels of university teaching and research. The book is intended for specialists, scientists-researchers, professors and students working in the field of innovative economy. The findings presented in the research paper can be beneficial for both scientific and practical professionals in these and related fields, as well as for readers interested in the discussed topics.