Abstract
The article deals with the main features and approaches to the concept of innovation in the modern economythe role of innovation has increased significantly. Without the use of innovations, it is almost impossible to createcompetitive products with a high degree of knowledge and novelty. The article also presents the author’s viewsof the followers of the” process» interpretation of innovation. Innovation as an economic category reflects themost common features, attributes, connections and relations of production and realization of innovations. Thearticle examines five main approaches to the formulation of innovations in both foreign and domestic literature,considering the authors from different points of view.