RISK MANAGEMENT IN THE INNOVATION PROCESS OF A FAST-GROWING STARTUP
Svilen Simeonov
Pages: 81-89
ABSTRACT: This paper explores a highly relevant contemporary issue: the tensions and challenges associated with the application of artificial intelligence. The study focuses on the role of artificial intelligence in the innovation process, with the objective of examining the potential effects of its application across the key stages of the innovation process within rapidly developing technology startup companies. The study examines the application of artificial intelligence and its effects across the main stages of the innovation process. For each stage under investigation, the opportunities arising from the use of artificial intelligence are identified and analyzed. Furthermore, the limitations associated with the application of artificial intelligence are also outlined for all stages considered in the innovation process. Each of the identified effects may lead to deviations from the initially defined objectives, which may be either positive or negative with respect to the goals guiding the startup’s development. In line with established risk management standards, such deviations are interpreted as risks. Consequently, this study proposes a framework for assessing the risks associated with the application of artificial intelligence in the innovation process. The proposed framework is further elaborated and illustrated graphically.
Keywords: artificial intelligence, innovation, innovation processes, risk, risk management
