COVID-19 impact on the company’s development: a case of UNIT.City

Abstract

This article addresses problems and directions of innovative activity of real national economy amidst the COVID-19 pandemic. The authors evaluated the pandemic impact on the business state in the studied industry. The problem of the economic efficiency restoration after removing quarantine restrictions relates to the search for effective tools to overcome the COVID-19 crises consequences and boost innovative economic development. The research purpose is to substantiate the development potential of innovative entrepreneurship and identify ways of UNIT.City performance improvement against quarantine. The research object is the Ukrainian innovation park UNIT.City. The subject of the study is the organizational and economic, social relationships in UNIT.City activity. The methodological basis of the study is a systematic approach and the fundamental principles of general economic theory and management theory. For practical implementation, the study involved the research methods as follows: abstract-logical and system-structural analysis to identify problems that decrease the economic performance of Ukrainian enterprises and, especially, UNIT.City; methods of statistical and expert assessments to determine the prospects and possibilities for developing companies in the innovation sector and UNIT.City. The research covers 2019-2020. The study involved the analysis of the main macroeconomic indicators of Ukraine during and after quarantine restrictions. The organizational and economic mechanism of UNIT.City innovation park functioning against the quarantine restrictions is investigated. The authors identified the prospects and problems of the investment activity in the Ukrainian IT sector and the government’s role in promoting the technology sector. The findings identified the main ways for improving the management mechanisms and developing the innovation park UNIT.City during and after quarantine restrictions. Besides, the study suggested the tools for effective management and the prospects for further development in UNIT.City innovation parks during quarantine. The authors supposed that changes in the IT sector may aggravate the crisis or contribute to the national economic recovery due to its digitalization. Further research could address the analysis of the COVID-19 pandemic impact on the innovation enterprises and UNIT.City activities, in particular.