Middle-East Journal of Scientific Research 13 (Socio-Economic Sciences and Humanities): 167-172, 2013 ISSN 1990-9233 © IDOSI Publications, 2013 DOI: 10.5829/idosi.mejsr.2013.13.sesh.1430 Corresponding Author: Kuznetsov, ISMA-University of Applied Sciences, Lomonosov Str., build. 6, Riga, Latvia, LV-1019. 167 Specific Features of Management System Building for Modern Innovative Companies Nikolay Kuznetsov ISMA-University of Applied Sciences, Riga, Latvia Abstract: The article describes the trends of innovative enterprises development at current stage and peculiarities and specificity of their operation. Functioning of innovative enterprises requires the simultaneous combination of operational and project management (to manage current business and perspective developments respectively). Specificity of modern organization operation imposes new requirements for the organizational aspects of management, competency of innovation managers and dictates the need of transformational leadership. The noticeable trend of the last two years has been the creation of Research & Development (R&D) divisions within the companies with a simultaneous increase in the status of managers responsible for the innovation management. One of the challenges facing companies’ R&D is to evaluate the performance. Among the difficulties in evaluating R&D units there are significant duration of individual projects, a large spread of results between different projects and a significant number of failures. The main features of the modern innovative companies is the transition from the traditional "closed" model of R&D implementation to a new model of "open innovation”; the dynamism of development under uncertainty of environment leads to high risks of innovation. Specificity of innovative enterprise dictates the need for an effective risk management framework that will ensure the relevance of the project management of the corporate strategy risks and performance criteria on the basis of BSC. Key words: Innovative enterprises development R&D implementation Management framework. INTRODUCTION European business school INSEAD, in 2012, Russia Various research works indicate that the economic being inferior to such countries as Estonia (19th), Latvia development of any country and its national (30th), Lithuania (38th), Poland (44th), Saudi Arabia (48th) competitiveness largely depend on enterprise innovation and Moldova (50th). activities [1]. Modern companies are fighting for the lead One of the reasons of the low innovation activity of in innovation, creating new technologies, based on their many Russian companies is disadvantages of the formed own research projects, using external sources and mainly system of research and development management, using the approach based on personalization in including the following ones: knowledge management. The companies try to consider different ways of development of the product and the Management of innovation processes is carried out market, depending on the capabilities provided by the without taking into account changes in the external external environment and the company's ability to identify market environment and customer requirements, and take advantage of it [2]. Prediction of the trends in industrial technology is Despite the fact that in recent years the government not realized, benchmark methods in the field of is taking active measures to stimulate innovation, innovation and technology commercialization are not scientific and technological gap between Russia and the applied; world leaders remains and the amount of high technology Development of the forecast for the industrial products remains at the level of the middle echelon of the technology development and innovation developing countries. According to the report of the benchmarking are virtually non-existent; ranked only the 51th place in the innovation rating [3]