CITISE
ISSN 2409-7616
2024;1(39)
Economic sciences
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Kovalenko N.V., Timoshenko A.G.

INSTITUTIONAL FACTORS OF REGIONAL INNOVATION GROWTH

UDC 332.1

DOI: http://doi.org/10.15350/2409-7616.2024.1.38

Kovalenko N.V.1 (Alchevsk, Russian Federation) – sonatak96@gmail.com; Timoshenko A.G.1 (Alchevsk, Russian Federation) – timoshenko.anechka@yandex.ru

1Donbass State Technical University

Abstract. In the conditions of rapid scientific and technological progress, the significance of innovative growth in a region becomes particularly relevant. To ensure effective innovation activity at the regional level, the following conditions are necessary: stimulating the development of human capital (providing an appropriate level of education, professional training, retraining of personnel), creating an innovative infrastructure (establishing business incubators, technology transfer centers, accelerators), providing information support (creating databases, information systems), and financial support (providing tax incentives, grants) for innovative entrepreneurship. Supporting initiatives to develop innovative thinking among the population and business community is also important, which includes the development and implementation of programs aimed at developing the knowledge economy of the region. These programs contribute to the achievement of state priorities in promoting innovation activity and developing the scientific and technological potential of territories. This article examines the main social institutions influencing regional innovation development: socio-political, socio-cultural, and socio-economic. The main elements of these social institutions are identified: government bodies, regional authorities, educational and research institutions, business communities, intellectual property protection agencies, and financial organizations. Based on an institutional approach, the factors influencing regional innovation growth are defined and classified. The importance of cooperation between key social institutions (government bodies, scientific community, and business) is justified, as they ensure the innovative growth of the region. The results of studying the issues of ensuring regional innovation development can be used to identify risks, directions, and prospects for innovation activity, create a favorable institutional environment for innovation implementation, assess the effectiveness of implemented innovation projects (programs), and facilitate decision-making on the financing of innovation projects.

Keywords: innovations, social institutions, investments, innovative development of the region, economic growth, efficiency, innovative activity, innovation, competitiveness, human capital, support for initiatives.

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For citation: Kovalenko N.V.,Timoshenko A.G. Institutional factors of regional innovation growth. CITISE, 2024, no. 1, pp. 444-455. DOI: http://doi.org/10.15350/2409-7616.2024.1.38

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