Promotion of Innovative Entrepreneurship Under Sustainable Development

¹ ISMA University, Riga, Latvia; PhD student at the D. A. Tsenov Academy of Economics, Svishtov, Bulgaria
² D. A. Tsenov Academy of Economics, Svishtov, Bulgaria
³ St. Cyril and St. Methodius University of Veliko Tarnovo, Bulgaria

^* Corresponding author: m.petrova@uni-vt.bg

Abstract

The subject matter of this article is incentives for innovations in entrepreneurship. There are two models of entrepreneurship which exist in developed market economies – traditional and innovative. Innovations have never been so important as they are now, which holds particularly true for small and medium-sized businesses. As Peter F.Drucker formulated it, “Innovation is the specific tool of entrepreneurs, the means by which they exploit change as an opportunity for a different business or a different service.” The methods by which innovations are encouraged change from country to country. The choice of such methods depends on economic, political and other conditions for a country&s development. By encouraging innovative activities, governments enhance the effectiveness of innovative systems and create favorable conditions for enterprises to engage in science and technology. For the EU, which falls behind the USA and Japan in so far as innovation technologies are concerned, it is a highpriority task to implement the innovation development strategy and to transform its economy in accordance with the up-to-date model by 2020. The aim of such strategy is to achieve industrial leadership as well as to support business, including small and medium-sized businesses.