The main definitions of "innovation", "innovation development" and "innovation strategy" are defined in the article. It is proved that innovations at the enterprise are necessary to be introduced, since maintenance of the proper level of competitiveness under modern conditions is impossible without investments mainly given for innovations. The definition of "innovation strategy" is substantiated and substantively filled. It is defined that implementation of innovation strategy will surely bring an economic effect to the enterprise in the form of: development of the enterprise infrastructure, profit increase, costs reduction per unit of production, resource-saving technologies use, share of technological processes increase, production volumes increase and as a result - full utilization of production facilities, improvement of working conditions, increase of enterprise competitiveness, improvement of the range of products or its growth at the expense of new products, increase of personal income, support from the state and research institutes, increase of the level of environmental literacy and as a result - reduction of harmful emissions into the atmosphere, introduction of energy-saving and waste-free technologies, etc. It is also expected socio-ecological effect from innovations introduction into company’s activities. Although it is noted that the implementation of innovation development strategies is associated with significant risks for the company and is often caused by insufficient experience in innovations implementation. In addition, the impact of uncertainty on the external environment causes problems with the lack of guarantees for the possibility of implementing a technological idea into the final product.

Keywords: innovation, innovative development, innovative strategy, socio-ecological and economic effect.