Management Problems of Innovative Business Projects and Ways of Its Improvement


Introduction. Global innovation challenges existing in the world at this current stage, activation of strategic innovation policy on gaining positions in the Global Innovation Index by the states, rapidly changing consumer demands, the struggle to maintain the advantages of leadership for competitiveness in the world market, the sudden appearance of the COVID-19 pandemic – faced the countries of the world before the complex challenges, which turned the production of innovative products and services, and the modernization of existing ones into an essential condition in a short period.

Aim and tasks. The research aims to work out ways of improving the problems arising in Georgia's innovative business project management. The following objectives should be carried out to achieve the research goal: studying the characteristics of innovative business project management from the origin of an innovative business idea to its realization based on research and statistical data analysis

Results. There have been reviewed problems in the management of innovative business projects-difficulties in adequately designing the business model to improve the business idea, which requires extra time, finances, and an experienced professional team. All of these hinder the startups' ability to go through the business process, turn the idea into a competitive product, carry out the correct marketing campaign, and build partnership relations at the local and international levels. Due to the urgency of the issue, the rating of Georgia has been studied regarding the innovation development of the Global Innovation Index. The positive attitude of the country towards the innovation policy has been determined, as reflected in the innovation policy carried out by the government. By analyzing the statistical data, grants and their effectiveness as issued to business projects by "Startup Georgia", "Produce in Georgia", and the European Union have been compared.

Conclusions. The conclusions have been developed by analyzing the results of the research to eliminate the mentioned problems, according to which the constantly changing environment of the market economy forces companies to quickly adapt to market challenges to gain competitiveness and eliminate the problems existing in project management in parallel with the production of innovative products with the participation of professional project managers.


innovative business projects, startups, project management, competitiveness.


Abuselidze, G., Chkhaidze I. & Makharadze, N. (2021). Empirical Analysis of Agricultural Development Financing and the Ways to Improve Agribusiness Management. Economic Science for Rural Development Conference Proceedings, 55, 261-271.
Amkoladze, G., Amkoladze, T., Giorgishvili, N., & Lomsanidze-Kuchava, M. (2009). Competitiveness. Quality and project management. Tbilisi. Technical University.
Bergmann, T., & Karwowski, W. (2019). Agile project management and project success: A literature review. In Advances in Intelligent Systems and Computing (pp. 405–414). Cham: Springer International Publishing.
Business Consulting. (2018). Reasons for startup failure.
Business Media Georgia. (2020). In which countries does the Georgian company WiFisher sell services?
Enterprise Georgia. (2022).
EU4BSINESS (2022). Business development services.
Forbes Georgia. (2021). Georgian start-up in the international market – starts its activities in Moldova and Romania.
Gabitashvili, K. (2013). Global Innovation Index 2013. Academinnovation.
Gates, B. (2020). Responding to Covid-19-A Once-in-a-Century Pandemic? New England Journal of Medicine, 382, 1677-1679.
Geoeconomics (2022).
Georgia's Innovation and Technology Agency. (2022).
Globalizang Silicon Valley. (2022). Startup accelerator Founder Institute is already in Georgia-what should we know about it?
Hamouche, S. (2020). COVID-19 and employees’ mental health: stressors, moderators and agenda for organizational actions. Emerald Open Research, 2(15), 111.
Hand4help. (2016).
IDFI. (2022). Innovation Freedom Development Institute.
Influence Georgia. (2017).
Kerzner, H. (2019). Using the project management maturity model: strategic planning for project management. John Wiley & Sons.
Keshelashvili, G., & Faresashvili, N. (2019). Project management. Tbilisi.
Koch, J., & Schermuly, C. C. (2021). Managing the crisis: How COVID‐19 demands interact with agile project management in predicting employee exhaustion. British Journal of Management, 32(4), 1265–1283.
Law of Georgia on Innovations. (2016). Legislative Herald of Georgia.
Machaidze, L. (2017). Project Manager – Love it or hate it, you need it! N1 Property Hub in Georgia.
Marketer. (2019).
Ministry of Economy and Sustainable Development of Georgia. (2022).
National Statistics Office of Georgia. (2022). Innovation Activity of Enterprises Retrieved from
Nicholas, J. M., & Steyn, H. (2017). Project management for engineering, business and technology. Taylor & Francis.
Nitsenko, V., Mardani, A., Ihor, K., & Lyudmila, S. (2018). Additional opportunities for the systematization of the marketing research for resource conservation practice. Management Theory and Studies for Rural Business and Infrastructure Development, 40(3), 361-368.
Open Society Georgia Foundation. (2017). In 2017, Georgia dropped 4 places in the ranking of the Global Innovation Index.
Plug and Pay. (2016).
Project Management Institute. (2020). The Impact of the COVID-19 Crisis on Project Business.
Schoper, Y.-G., Wald, A., Ingason, H. T., & Fridgeirsson, T. V. (2018). Projectification in Western economies: A comparative study of Germany, Norway and Iceland. International Journal of Project Management, 36(1), 71–82.
Soumitra, D., Lanvin, B. & Wunsch-Vincent, S. (Eds.). (2020). Global innovation index. Who Will Finance Innovation? Cornell University, INSEAD, and the World Intellectual Property Organization.
Stack. (2018).
Sutherland, V., & Cooper C. (2006). Stress and the changing nature of work. In Clements-Workplace, D. (Ed.), Creating the Productive Workplace. Second edition. Taylor & Francis.
How to Cite
Chkhaidze, I.; Makharadze, N.; Devadze, L. Management Problems of Innovative Business Projects and Ways of Its Improvement. Economics Ecology Socium 2023, 7, 71-83.