The Impact of Entrepreneurship on the Formation of Innovation Policy and the Development of Economic Theory: A Theoretical and Analytical Approach Considering International Experience

This article examines the pivotal role of information, knowledge, and intellectual capital as the primary resources shaping the modern economy, leading to the emergence of a new economic paradigm known as the knowledge-based or information economy. The study highlights the growing significance of high-tech sectors—such as biotechnology, information technology, and telecommunications—which substantially influence the structure of national GDP and investment patterns. The research identifies a clear trend towards the virtualization of the economy, driven by the rapid expansion of financial and derivative markets that exceed traditional goods turnover, thereby shifting the focus toward the exchange of knowledge and intellectual assets as independent economic values. The article also explores the rise of “knowledge companies”, which operate primarily based on intellectual capital without owning significant physical assets, yet play a leading role in driving innovation and economic growth, particularly in countries with advanced educational and scientific infrastructures. Furthermore, the study underscores the increasing prioritization of intellectual labor over physical labor, emphasizing the role of “knowledge workers” in generating new ideas, innovations, and solutions that contribute to competitive advantage. Central to the discussion is the concept of human capital, encompassing education, creativity, entrepreneurial skills, and continuous professional development, which are identified as critical assets for sustainable long-term economic growth. The article argues that investments in education, science, and workforce retraining are essential for enhancing the quality and productivity of human capital. Moreover, entrepreneurial abilities are highlighted as a key component of intellectual capital, enabling the effective application of knowledge toward the creation of innovative products and services. The assessment of human capital, therefore, must include metrics reflecting entrepreneurial activity as a vital indicator of innovation potential and economic dynamism. The findings presented provide valuable insights for policymakers and business leaders aiming to foster competitive and innovative economies. They emphasize the necessity of adapting economic strategies and development policies to the realities of the information age, where intangible assets and intellectual resources become the primary drivers of growth and prosperity.