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

Mikhail Yakovlevich Veselovsky (), Marina Alexeevna Izmailova (), Elena Nikolaevna Lobacheva (), Pavel Pavlovich Pilipenko () and Galina Alekseevna Rybina ()
Additional contact information
Mikhail Yakovlevich Veselovsky: University of Technology, Russian Federation
Marina Alexeevna Izmailova: Financial University under the Government of the Russian Federation, Russian Federation
Elena Nikolaevna Lobacheva: Bauman Moscow State Technical University, Russian Federation
Pavel Pavlovich Pilipenko: University of Technology, Russian Federation
Galina Alekseevna Rybina: Bauman Moscow State Technical University, Russian Federation

Entrepreneurship and Sustainability Issues, 2019, vol. 7, issue 2, 1296-1307

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 (search for similar items in EconPapers)
JEL-codes: O31 O38 (search for similar items in EconPapers)
Date: 2019
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
https://jssidoi.org/jesi/uploads/articles/26/Vesel ... _economic_policy.pdf (application/pdf)
https://jssidoi.org/jesi/article/437 (text/html)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:ssi:jouesi:v:7:y:2019:i:2:p:1296-1307

DOI: 10.9770/jesi.2019.7.2(34)

Access Statistics for this article

Entrepreneurship and Sustainability Issues is currently edited by Manuela Tvaronaviciene

More articles in Entrepreneurship and Sustainability Issues from VsI Entrepreneurship and Sustainability Center
Bibliographic data for series maintained by Manuela Tvaronaviciene ().