Received: 2019-03-15  |  Accepted: 2019-10-10  |  Published: 2019-12-15

Title

Strategic management of innovation development: insights into a role of economic policy


Abstract

This article justifies the necessity and inevitability of the innovative development of the Russian economy in the transition to a new technological paradigm. The authors substantiate the determining influence of the innovation potential in Russia's GDP growth against the background of the insolvency of other factors – labor, capital – in giving a powerful impetus to economic growth and development. The paper presents the results of comparative analysis of labor productivity in Russia and in the most economically developed countries. The authors conclude that Russia has the greatest growth potential in the field of scientific research and development. Prognostic values of GDP growth are analyzed in three scenarios – basic, optimistic, and ambitious. The study reveals the key success factors and possible barriers to the creation and development of innovations, providing convincing evidence of their influence on the companies' efficiency. Moreover, the paper provides an expanded understanding of the modern innovation tools and stresses the critical importance of their correct choice in solving strategic tasks of the company's innovative development. The authors analyze the role of strategic target-setting in the scale and speed of innovative development of Russian industry. They stress the urgency of Russia's transition to a new technological paradigm, requiring innovative and technological renewal of the entire economic landscape, making the economy truly innovative.


Keywords

innovations, innovative development, industry, business, modernization of the economy, GDP, development scenarios, industrial policy, technological paradigm, Russia


JEL classifications

O31 , O38


URI

http://jssidoi.org/jesi/article/437


DOI


Pages

1296-1307


Funding


This is an open access issue and all published articles are licensed under a
Creative Commons Attribution 4.0 International License

Authors

Veselovsky, Mikhail Yakovlevich
University of Technology, Korolyov, Moscow Oblast, Russian Federation http://unitech-mo.ru
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Izmailova, Marina Alexeevna
Financial University under the Government of the Russian Federation, Moscow, Russian Federation http://www.fa.ru
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Lobacheva, Elena Nikolaevna
Bauman Moscow State Technical University, Moscow, Russian Federation http://www.bmstu.ru
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Pilipenko, Pavel Pavlovich
University of Technology, Korolyov, Moscow Oblast, Russian Federation http://unitech-mo.ru
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Rybina, Galina Alekseevna
Bauman Moscow State Technical University, Moscow, Russian Federation http://www.bmstu.ru
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Journal title

Entrepreneurship and Sustainability Issues

Volume

7


Number

2


Issue date

December 2019


Issue DOI


ISSN

ISSN 2345-0282 (online)


Publisher

VšĮ Entrepreneurship and Sustainability Center, Vilnius, Lithuania

Cited

Google Scholar

Article views & downloads

HTML views: 1305  |  PDF downloads: 722

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