Innovation policy as a basis for sustainable development of industrial regions

Abstract

The purpose of the study is to develop approaches to the development of regional innovation policy, which will allow to create a more effective trajectory for the implementation of the innovation paradigm of industrial regions of the Russian Federation, taking into account the specificity of their scientific, engineering, manufacturing and innovative potentials. The article defines the role of innovation policy, which serves as the foundation for sustainable development of the industrial region. The article presents the analysis of innovation activity in the region. Paper develops the models of static and dynamic reproduction of intellectual capital. Authors used them to design a mechanism for incorporating the results of intellectual activity into an economic turnover. Authors examined the efficiency of the regional economy, its economic growth, as well as sustainable development of the industrial region. Its economic activity is determined by the development of the innovation policy of the region, which identifies the investment priorities in preference of intangible assets over tangible ones.