Risk management concept in innovative activities of modern enterprises

Abstract

Innovative activity is associated with risk, since there is practically no full guarantee of a positive result. As a result, innovative projects are more dependent on the uncertainties that are the cause of the risks. Innovation risk is the probability of losses arising in the event an entrepreneurial firm invests in the production of new goods (services) that may not find the expected demand in the market. The main goal of risk management is their qualitative and quantitative assessment and application of methods to minimize, avoid or prevent it. To minimize risks, it is necessary to have sufficient information about all the possible risks that, with one or another probability, may arise during the implementation of an innovative project. When implementing an innovative project, there is always a high probability that a new product will not be accepted by the market, and the funds will be wasted.