The  purpose of the research is to propose new determination of the innovation based on common definition that already exist. It shows differences of this determination and characteristics of innovation activity. 

The methodology of the research is based on such methods as scientific abstraction, systematic analysis, logical explanation.

The practical importance of the research is for the big local as well as international companies.

The result of the research is analysis of the ways of innovations, identification of main characteristics of innovation.

The originality and scientific novelty of the reseach - is based on fundamental research of innovation and as a result its importance of state financing. 

   Keywords: innovation, innovative activity, fundamental research, utility, attributes of innovation, classification of innovation activity