Abstract
Basing on the strategic approaches, the article investigates the role of innovative entrepreneurship in forming the knowledge economy. The importance of intensifying the development of the knowledge economy in the context of global changes and modern challenges has been substantiated. The need for the formation and development of the country’s knowledge economy, taking into account the deepening development of innovative entrepreneurship, is considered. The expediency of accelerating the commercialization of the results and discoveries of scientific research works is noted. Strategic directions of mutual activities of universities, research institutions, investment funds, industrial enterprises and other subjects of innovative entrepreneurship are given. The necessity of ensuring the effective and efficient application of the results, developments and innovations is substantiated. The progressive world experience in ensuring the development of the national innovation system and the formation of an innovationoriented economy of the country is considered. An objective approach is considered the creation and commissioning of modern technological parks, industrial parks and high-tech parks for an intensive transition to innovative development of the economy and deepening the basic principles of the knowledge economy. The essence and effectiveness of innovative entrepreneurship is revealed, which covers intellectual resources, more productive inventions and discoveries. The importance of developing the market for research services and thereby ensuring the dynamism of the market for science, technology and innovation was noted. The processes and approaches to the development of important elements of the knowledge economy and to strengthening the role of innovative entrepreneurship in this direction are analyzed. The multiplicative effect of targeted measures and the use of state support mechanisms for deepening the development of innovative entrepreneurship in Azerbaijan were assessed. The need to improve and develop organizational and economic factors, the institutional framework for accelerating the creation of an innovation system and multifunctional innovation zones in the country is considered. The role of digitalization and the use of elements of information and communication technologies for strengthening the processes of creating a knowledge economy is shown. Recommendations and proposals were prepared on the strategic role of innovative entrepreneurship in the formation of the knowledge economy in Azerbaijan.
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