Key Success Factors of Innovations in the Software Industry
Katerina Yordanova Kozludzhova

Dr. Katerina Kozludzhova, Chief Assistant Professor, Department of Economics and Social Sciences, International Economic Relations, Plovdiv University Paisii Hilendarski, 24 Tzar Asen Str, Plovdiv, Bulgaria.
Manuscript received on 07 March 2019 | Revised Manuscript received on 20 March 2019 | Manuscript published on 30 March 2019 | PP: 425-431 | Volume-8 Issue-5, March 2019 | Retrieval Number: E3046038519/19©BEIESP
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Abstract: Innovation is a driver of a long-term economic growth and structural change for economic progress. Innovation must increase value for both the company and the consumer. For consumers, innovation means higher quality and better value goods, more efficient services, and a higher standard of living. For the innovative company, innovation is a competitive advantage, adaptation, a meaning of existence and growth. The software industry has a leading role in that process because it possesses the technology and the knowledge, which are key elements in every innovation process. The software is becoming a widespread phenomenon in modern economies, which plays a significant role in the growing number of new products and processes. Creating innovations isconsidered to be the only skill that software companies should possess in order to stay competitive on the market and provide benefits to society.The productivity of the manufacturing processes in different sectors of the economy depends on the extent to which software innovations are developed. The research paper focuses on the innovations created by software companies and aims to underline the key success factors that determine the development of successful innovations. These key factors ensure that both the innovative companies and the customers receive value from the innovations. The presented key factors are based on literature reviews and a broader survey on the commercialization of innovations in the software industry in Bulgaria. The empirical research is conducted in December 2017, among 33 software companies, which have innovation activities in the period under review. The surveyed period ranges from 2015 to 2017. The defined key success factors of innovations could be used by software companies worldwide in their efforts and desire to create innovations of a value.
Keyword: Innovation, Key Factors, Product Innovation, Software Industry.
Scope of the Article: Software Design Patterns