National and foreign experience in investment support of the innovation process

Abstract

The proposed article examines the domestic and foreign experience of supporting the innovation process in attracting private, public and foreign investments. The historical experience of the USSR in the implementation of strategic innovative projects has been studied, which has shown that special conditions for budget financing of implementing organizations, as well as strong ties between enterprises, contribute to achieving the goals, although they lead to resources’ overspending. Administrative and policy-making approaches have also been used in the practice of South-East Asian countries in order to concentrate financial resources to achieve strategic goals. Attention is paid to the US experience in bridging the gap between basic research and the practical application of their results through the mechanism of venture financing of innovative companies. Universities play a special role in the innovation process in the United States, which are the basis for the formation of innovation clusters. At the same time, the experience of creating techno-parks in modern Russia has shown that it has not yet been possible to significantly influence the innovative activity of private business. The experiences of China and the countries of Eastern Europe show that foreign investments have a positive impact on innovative development in the conditions of high investment attractiveness and the political will of the state to defend its sovereignty. At the moment, Russia cannot count on foreign capital to build a national strategy for innovative development. The domestic and foreign experience of interaction between the defense civil sectors of the economy is considered. Based on our analysis, we have prepared recommendations for improving approaches to supporting the innovation process in Russia, taking into account the current state of the external environment.