Improvement of terminological approaches to innovation notion definition

The article traces evolution of the innovation notion, generalises different approaches to its definition as a basic notion in the innovation sphere and conducts their critical study and analysis. It reveals specific features of the national content of the innovation term, which is formed at the turn of two different scientific trends, which define innovations both as a process and result respectively, considers and analyses in detail specific features of the national innovation legislation using example of the main innovation regulatory-legal act - the Law of Ukraine "On Innovation Activity" - identifies main shortcomings of the legislative terminology and outlines determining directions of their overcoming. The article considers international practice and stable standards of formation of innovation terminology. It also offers the innovation term definition from the point of view of its content, risk factor and transformations, which innovation undergoes on the way to practical introduction.