Abstract
This article justifies the necessity and inevitability of the innovative development of the Russian economy in the transition to a new technological paradigm. The authors substantiate the determining influence of the innovation potential in Russia's GDP growth against the background of the insolvency of other factors – labor, capital – in giving a powerful impetus to economic growth and development. The paper presents the results of comparative analysis of labor productivity in Russia and in the most economically developed countries. The authors conclude that Russia has the greatest growth potential in the field of scientific research and development. Prognostic values of GDP growth are analyzed in three scenarios – basic, optimistic, and ambitious. The study reveals the key success factors and possible barriers to the creation and development of innovations, providing convincing evidence of their influence on the companies' efficiency. Moreover, the paper provides an expanded understanding of the modern innovation tools and stresses the critical importance of their correct choice in solving strategic tasks of the company's innovative development. The authors analyze the role of strategic target-setting in the scale and speed of innovative development of Russian industry. They stress the urgency of Russia's transition to a new technological paradigm, requiring innovative and technological renewal of the entire economic landscape, making the economy truly innovative.
Highlights
Radical changes in most industries happen under the influence of such global trends as the emergence of breakthrough technologies, digitalization, and acceleration of the product life cycle
The authors substantiate the determining influence of the innovation potential in Russia's GDP growth against the background of the insolvency of other factors – labor, capital – in giving a powerful impetus to economic growth and development
After the rapid growth in the early 2000s, the crisis of 2008, the subsequent slow growth and the current recovery from the 2014-2015 crisis, the issues of accelerating GDP growth come to the fore within the context of a decline in working-age population and a turbulent economic environment
Summary
Radical changes in most industries happen under the influence of such global trends as the emergence of breakthrough technologies, digitalization, and acceleration of the product life cycle. The purpose of this work was to conduct a scientific analysis of the state and prospects for the innovative development of Russian industry and to present a new vision of strategic goals to bring Russia to the list of most technologically developed countries. In this case, the assessment of the impact of the innovation potential in Russia's GDP growth and the choice of innovative tools to adapt companies to the new reality deserves special attention. Russia finds itself on the highway of movement towards an innovative economy. The relevance of this study is due to the search for ways out of this unique situation
Sign-in/Register to view highlights & summary Sign-in/Register to access full text options 
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a call
