INNOVATION AS A TOOL OF COMPETITIVE ADVANTAGE IN THE COMPANIES' DEVELOPMENT STRATEGIES

The article analyzes the role of innovation as a tool for strategic development of companies and ensuring their competitive advantage. The influence of innovative activity on the market positions of American corporations in the context of global competition is investigated. Approaches to innovation are being studied, including government support and strategic cooperation with small businesses. Special attention is paid to the risks and obstacles associated with innovation, as well as mechanisms to overcome them. The importance of flexibility and adaptability of companies for the successful use of innovations is emphasized. It is concluded that investments in innovation strengthen the position of companies in the global market and increase their resilience to change.