Important aspects of forming and realization of region’s innovation strategies

Abstract

This article analyzes the most important aspects of the formation and implementation of innovative strategies of the region in the current conditions of development of the domestic economy. Problems of research, study and application of effective methods and mechanisms of transition to an innovative way of development is of concern not only to the leadership, but also to the scientific sector. The demand to form an innovatively oriented economy based on the latest knowledge and technologies predetermined the importance of developing methodological approaches to the formation of a mechanism for implementing the region's innovative strategies. Today, all regions of the Russian Federation are focused on the introduction of innovations in all spheres of management, the result of which will contribute to the socio-economic development of regional and national economic systems. However, there are certain legal and regulatory problems affecting the mechanism for implementing innovations. Innovative development strategies of the region can be presented as a goal-oriented process of forming and implementing decisions of strategic management decisions related to the generation of product, technological, process, and marketing innovations. The innovative strategy as an innovation management tool is a functional strategy aimed at transforming the region's economic opportunities into an investment climate favourable for innovation, with the aim of developing innovative entrepreneurship.