Summary 

Current scientific-technological progress in the world and organizations that act in different fields have been directly focused on innovations, that is connected with the competitiveness of the Georgian products and services both on the  domestic and international markets. In order to meet current challenges of the modern economy for Georgian products - to increase the efficiency of management, it is necessary to implement a complex study of modern innovative regularities and continuous research into countries with innovative economies and successful companies, based on which for above mentioned field specific recommendations with practical values should be worked out. 

Overall, the research studies the importance and characteristics of the innovative management as a component of the economic and sustainable development in the country, as well as factors supporting and deterring introduction of the innovative management. Since it was not possible to cover all fields with the prospect of innovative management development in Georgia, the focus was made on several priority fields, and particularly detailed research was made in conceptual and fundamental issues of the innovative management in Georgia. The concluding part of the article offers the universal model of innovative management for the organizations existing in Georgia. This model should be introduced to numerous organizations and integrated into the financial and human resources in the organization to be beneficial, financially feasible, and maintain the organizations payability, financial sustainability, and business activity.