The role of innovation infrastructure in sustainable regional development

Roman I. Kudryakov
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Roman I. Kudryakov: Russian Presidential Academy of National Economy and Public Administration

Economic Consultant, 2024, issue 4, 49-59

Abstract: Introduction. The relevance of this study stems from the fact that in the context of global competition and rapid technological changes, regions need to develop innovative ecosystems to attract investments, create new jobs, and improve the living standards. The study is aimed at determining the role of innovative processes in transitioning towards sustainable development of regional economic systems. Materials and methods. The study included the following materials: scientific publications and articles on regional innovation development, the role of innovation infrastructure, and sustainable development, published in peer-reviewed journals. The study employed the following methods: theoretical analysis and modeling. Results. The elements of innovation infrastructure were identified and then structured into a hierarchy based on their degree of influence and significance for implementing innovative activities in regional economic systems. Innovation infrastructure is aimed at improving the current state of innovation processes; it particularly influences the production of new high value-added products. Conclusion. The presence of steadily developing innovation infrastructure is a fundamental factor that accelerates the transition to sustainable development concepts when implementing innovative activities. It is crucial to develop more precise and universal methodologies for assessing the impact of innovation infrastructure on sustainable regional development, encompassing economic, social, and environmental aspects. Further research is needed to examine how innovation infrastructure fosters the development of startups, small and medium-sized enterprises, as well as large corporations across various economic sectors.

Keywords: innovation; innovative development; regional economic system (search for similar items in EconPapers)
JEL-codes: R58 (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:ris:statec:021467

DOI: 10.46224/ecoc.2024.4.4

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