The impact of cultural factors on the management of business innovations

Abstract

Global market expansion results in the free flow of money, labor, and technology as well as cooperative 
problem-solving for innovation. Innovator nations now rely on open inventions for their economic and 
technical advancement. Transnational corporations today are distinguished by their high degree of 
coordination and cooperation in the field of innovations. They also focus on open (international) 
innovations, which are a significant source of both technological advancement and profit growth.  
Since the context of innovations is seldom taken into account, institutions, finances, management, 
personnel, technology, and the national and corporate cultures are seen to be the most significant topics of 
the innovation process in Georgia. This is driven by the fact that inventions' technical components are 
valued more highly than their humanitarian aspects. The research and analysis of multicultural aspects of 
innovations are becoming more crucial in the context of markets, fields, and globalization of inventions.