In the article, the tools for stimulating the innovation activity of small and medium-sized enterprises (SMEs) at the regional level are considered, with special attention paid to the Volgograd region. The authors proposed the introduction of an innovative voucher in order to stimulate the demand for innovation by SMEs, as well as their cooperation with research organizations. At the same time, innovative vouchers should be integrated into a broader innovation strategy in which firms using innovative vouchers could be directed to further stages of business innovation. It is appropriate to include in this strategy the instruments of cooperation between SMEs and research organizations (innovative networks and clusters, technology parks, various forms of cooperation between universities and SMEs, support for professional associations, etc.), as well as incentives for innovative activity (innovative tax credit, innovative leasing , financing of start-ups, mentoring institute). The authors consider the foreign experience of innovation activity stimulating and the possibility of its application in Russia. Some of the instruments considered are already used in one way or another in the Volgograd region, but most of them are not aimed at supporting exactly innovative SMEs. The authors concluded that it is necessary to stimulate cooperation between SMEs and research organizations of the Volgograd region as one of the priority directions of the state economic policy of regional authorities. On the basis of this cooperation in the future, such structures as innovative networks, clusters and technoparks can be created. One of the first steps in this direction could be the introduction of an innovative voucher in the Volgograd region.