Abstract

In modern economic realities, the formation of regional/territorial innovation systems, or «innovation ecosystems», is one of the effective mechanisms for intensifying the creation and implementation of new technologies and innovation strategies. Within the framework of the modern regional innovation system of the European Union, the object of its functioning is the space of development, the goal is to expand through open access and support high innovation activity of participants, and the result is to enhance positive practices and effects. The aim is to study the role of the regional innovation system of the European Union in the development of the innovation market of member states. The research methodology involved extensive analysis, synthesis, comparison, and generalisation tools. It is proved that in the modern innovation market of the European Union, a kind of multilevel hierarchy with different institutional conditions has been formed. It is determined that today the degree of «network integration» of the regional innovation system of the European Union into the global innovation network, its place and market position in the global value chain is determined by the share of value-added created by the country/region in its export value. It is noted that European multinational companies are an essential subject of the European Union regional innovation system. The article analyses the concept of «smart specialisation», which is inscribed in the European Union innovation policy. It is concluded that the modern feature of the European Union regional innovation sustem is the active use of the technology platforms, whose major competitive advantage is the transformation of innovative tools of the technological process into market control tools. As a materialisation of holistic technologies based on fundamentally new scientific and technological results, technological platforms are an ideal communicative structure for improving the original idea through multilateral collaboration. Within the regional innovation system, the European Union’s multinational companies are now the owners of leading and highly efficient technology platforms, successfully forming key network nodes and structuring innovation-production and information-communication processes.

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