Transparency as competitive advantage of innovation driven companies

Abstract

Innovation is considered as one of features the companiesʼ success, it is regarded as the basic element to reach customer satisfaction and realize their desires. To compete and win in today’s global economy, innovation driven companies should go outside their own production cycle and become much more open. As a result, transparency became the main competitive advantage. This study aimed to identify the impact of transparency on the competitive advantage of innovation driven companies. Firstly, the article deals with the theoretical and methodological interpretation of the economic essence of the categories of “competition” and “competitiveness”. The basic aspects of the categories under investigation are illustrated. Secondly, approaches to the definition of transparency and its main characteristics are analyzed in the study. Thirdly, the study investigates the features of communication policy and procedure of information disclosure by innovation driven companies.