Abstract
Based on analysis of the modern economy, the article discovers key external challenges that make innovative development of the Russian economy the key element for modernization of the country. It defines systemic institutional factors that safeguard the innovative economic growth and specifically form a model to innovatively manage the growth of modernization subjects' competitiveness. The author formulates the notion of innovative/ entrepreneurial management and key values for an innovative organization, such as: strategy guaranteeing a temporary monopolistic rent; strategic control; organizational capital and the integrated structure of its components, sustainable financing sources.
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