Principles and mechanisms to stimulate the innovative development of regions

Abstract

Subject. This article analyzes the performance of the innovative development of Russia's regions. Objectives. The article aims to develop an original classification of principles and mechanisms to stimulate innovation development of the regions. Methods. For the study, we used statistical inquiry techniques, and the methods of classification, rating, and graphic visualization. The efficiency of innovation was assessed as the ratio of the volume of innovative products produced in the region to the amount of costs of technological innovation. Results. The article identifies regions, districts and industries that are leaders in terms of the volume of innovation products shipped, innovation and distribution of funding, as well as areas that require certain measures to support innovation development. Conclusions. To intensify innovation processes in industrial regions, comprehensive incentives at all levels of government are needed, taking into account the balance of interests of the stakeholders.