The general state of development of the state inevitably depends on the state of development of its regions. The article highlights the most significant external and internal factors affecting the level of regional development. The conclusion is made about the importance of innovative development in creating competitive advantages both within individual enterprises and for the region as a whole. The importance of interregional cooperation, which gives a synergetic effect for each region separately, is considered separately. The article analyzes the concept of innovation by different authors. Based on the conducted research, an author's clarification of this concept is proposed, which is based on the generation of a new idea and its implementation on the market. The article discusses the features of the introduction of technological and product technological innovations, their definitions are given. Information is provided on their implementation in Russia and in the Samara Region from 2011 to 2021. Attention is focused on the fact that the success of technological innovations largely depends on the introduction of the best available technologies. The importance of eco-innovation is considered. Sustainable development is currently a very relevant topic in view of the current climate change. The article characterizes sustainable development. To achieve this state, it is necessary to ensure the sustainable development of each company, maintaining a constant balance between regional needs and the interests of the company, paying equal attention to them. In ensuring economic growth, in creating competitive advantages for both individual companies and national economies, it is difficult to overestimate the importance of innovation. Based on the conducted research, the article concludes that technological innovations in industrial production are the center of innovative activity of the company. They should be integrated into the process of ensuring sustainable development. The leaders of integrated innovation implementation will gain a competitive advantage that will serve them well in the future, since sustainability will always be an integral part of development.
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