Abstract
The present article provides an overview of modern sources of scientific literature
 on the evaluation of the effectiveness of innovative projects. Currently, there is no
 generally accepted methodology for evaluating innovation efficiency. Since
 innovation and investment activities are closely related, many authors use the
 UNIDO methodology (based on accounting cash flow) to evaluate the efficiency
 of innovation activities. In Methodological Recommendations of the Ministry
 of Economy of the Russian Federation of 1999, in addition to reviewing the
 financial efficiency of investment projects, it is proposed to evaluate the social
 and budgetary efficiency. However, the evaluation system in these
 recommendations refer only to the part of business (financial) efficiency. Since
 the Russian Federation is on its way of formation of an innovative economy, there
 is a need to develop an adequate methodology for evaluating innovation efficiency,
 taking into account the most significant of effects: financial, socio-economic,
 budgetary, environmental, scientific and technical. The author of the article
 reviews and analyzes the main achievements made in this area, discloses the
 essential characteristics of the efficiency types. Also the author analyzes the most
 rational approaches of Russian scientists in trying to develop a methodology for
 evaluating innovation efficiency.
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