The relevance of the topic is determined by the importance of innovative development for business entities under conditions of turbulent changes in the environment. The purpose of the article is to identify the preconditions and content of transforming the paradigm of entrepreneurial activity innovative development due to the spread of COVID-19. The historical evolution of innovative theories and concepts was analyzed, which allowed systematizing the achievements. It was determined that modern methodological bases of the problem are formed on the basis of educational concepts and the general theory of innovation. The characteristic of the “innovation” definition was supplemented by a fifth advantage, which is the ability to identify commercially successful innovations, as well as identify shortcomings of each of the definitions. The set of applications and tools of enterprises’ innovation groups has been improved by partial specification and supplement. The contribution of other authors to the theory of innovation and transforming the paradigm of entrepreneurial activity innovative development was determined and systematized. Materials of the article may be relevant for use by managers of enterprises, government officials, researchers, graduate students and doctoral students.