Mechanism of strategic management of innovative activity in industry

In countries striving for high industrial development, scientific and economic growth should be carried out mutually. Enterprises and organizations achieve better results by applying high-quality, newer, and more efficient technologies and equipment in production. In modern times, the innovation system is developing at a rapid pace. Innovation refers to the correct and efficient application of technological and scientific advancements in the economy. Another significant factor contributing to the relevance of this issue is the importance of effective innovation management in creating competitive advantages, economic growth, employment opportunities, and increasing sustainability. In the context of rapidly changing economic conditions, increasing globalization, and the merging of economic and political interests, innovation is crucial for the survival of enterprises. Every enterprise faces the necessity to modernize its production system to some extent, search for new opportunities to improve its products, implement innovations, engage in competitive struggle, and work out a development strategy. Thus, the issues of strategic management of innovative activities are highly relevant for modern enterprises. Strategic management is undoubtedly one of the key components of the innovation management system as it is aimed at solving problems related to the planning and implementation of long-term innovation projects. These innovative projects, by their nature, are focused on significant, qualitative changes in the production and commercial activities of an enterprise. Unlike operational management, which ensures the survival of an enterprise in the short term, the strategic management of innovative activity is aimed at gaining leadership positions in business in the long term. Keywords: innovation; competition; strategy; efficiency; innovation projects; scientific-technical potential.