Purpose of the article: This work analyzes the basic theories of innovation that influenced the behaviour of firms in today's modern age. That provides a comprehensive analysis of the issue and explains the situation in a way that is useful for both managers and scholars. The work at the same time forms the foundations, on which are the newest innovations approaches formed. Without sufficient understanding of the development of the innovative, the understanding of the current and future innovative theories is considerably limited and can lead to misleading conclusions. The author considers so called open innovation & disruptive innovation as the current innovative approaches which have received the attention recently.
Methodology/methods: The basic methodology of this work is based on the analysis of the individual innovative theories using comparative analysis. Each theory is also supported in the text by case studies.
Scientific aim The connection of theory and use case studies creates the unusual comprehensive overview. This comprehension and inclusion of all important innovation theories of modern time is in its entirety a unique view of the topic and opens the door for further analysis of innovation and enterprises interaction.
Findings: This area nowadays deserves an attention, because the environment, which are companies moving is changing more rapidly. Oncoming of globalization businesses were made to pay much more attention to their business strategies. All strategies are intended to differentiate companies from competitors and establish them on the market – companies have to constantly innovate.
Conclusions: (limits, implications etc) The work found out that the development of innovative theories intensifies over the time. Existing theories become far more comprehensive and even new ones are evolving. The conclusion is that further development of theories of innovation can be built on the analysis and application of the present state and that the change of environment brings also new approaches.
