FINANCIAL AND LEGAL SUPPORT OF INNOVATIVE ACTIVITY

Abstract

Introduction. The article analyses financial and legal support of the process of introduction of innovations associated with the transition of the economy to innovative socially-oriented development model. It is shown that the profitability of investment in innovation in Russia is much higher than any alternative investment since the specificity of the Russian society consists not only in the quality of human potential but also in a cognitive advantage over competitors in terms of the ability to generate continuously new ideas at a competitive price. It is proposed as a novel systemic review of innovation process based on the ‘innovation chain’ in which each link may be considered as an equal component in the financial and legal areas of today’s Russia. The process of innovations’ (ideas) transition into a new product (innovation) requires different resources, including financial investment, as well as the creation of the established rules for business and social relations. The latter requires an adequate regulatory and legal coverage of all links in the chain. The purpose and tasks . Monitoring of a number of normative legal acts accompanying innovative activity and formation of a system of a number of these acts, complementary to the ‘innovation chain’. The main tasks of the study include the search for gaps in the legislative provision and the formulation of proposals for their improvement. Methodology. The authors used a systematic method of study, by gradual decomposition of the ‘innovation chain’ into the individual phases of the process. Separately we focused our attention on the components of the innovation chain that require financial or legal support attributing them to specific areas of law. Results. We suggest systematization of normative acts regulating the financial and legal relations arising in the implementation of innovative activities. It differs from the draft Federal law “On innovation activity in Russian Federation” dated 26.03.2013, which is still not approved in the prescribed manner. Conclusions . We propose a system of regulatory legal acts, providing innovative activity.