N. N. Semenova, V. I. Chugunov, R. A. Kolomasova. Improvement of the Mechanism for Funding Innovation Activities in a Region in the Context of Sustainable Development

UDК 332.122

DOI: 10.15507/2413-1407.113.028.202004.666-694

Introduction. In order to ensure sustainable development of modern society, a transition to an innovative model of economic development is necessary. This requires an annual increase in investment in the sphere of innovation, as well as significant expenditures on fundamental and applied research and development of new technologies. This necessitates the creation of an effective mechanism of financial support for innovative activities based on public and private funding. The aim of this study is to analyze the existing mechanism for funding innovation activities in the Republic of Mordovia and to put forward suggestions on how to improve it.

Materials and Methods. The authors analyzed statistical data from the Ministry of Industry, Science and New Technologies of the Republic of Mordovia and from the territorial office of the Federal State Statistics Service in the Republic of Mordovia that characterize the dynamics and intensity of innovation processes in the region and the system of funding them. The correlation and regression analysis, as well as the trend method were used to construct an econometric model making it possible to determine the impact of the level of innovation costs on the dynamics of change in the gross regional product.

Results. The current state of the innovation infrastructure as well as that of the innovation activities in the Republic of Mordovia has been assessed. The sources of financial support for the innovation process in a region have been identified. In order to find new sources of funding innovations, it has been proposed to use an innovation voucher that would stimulate commercialization of intellectual activities in small and medium-sized enterprises. A mechanism has been developed for regional authorities to subsidize promising projects through public-private partnerships, with a view to minimizing nonsystematic risks.

Discussion and Conclusion. The recommendations on the search for new instruments to attract financial resources for innovation and to stimulate demand for innovation have been developed and will help Mordovia to increase its innovation activity. The results of this research may be used by regional authorities to develop regional programs for scientific and innovative development.

Keywords: financial support of innovations, innovative development, region, sustainable development, economic growth, innovation voucher

The authors declare that there is no conflict of interest.

For citation: Semenova N.N., Chugunov V.I., Kolomasova R.A. Improvement of the Mechanism for Funding Innovation Activities in a Region in the Context of Sustainable Development. Regionology = Russian Journal of Regional Studies. 2020; 28(4):666-694. DOI: https://doi.org/10.15507/2413-1407.113.028.202004.666-694


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Submitted 16.06.2020; accepted for publication 24.09.2020; published online 30.12.2020.

About the authors:

Nadezhda N. Semenova, Head of the Department of Finance and Credit, National Research Mordovia State University (68/1 Bolshevistskaya St., Saransk 430005, Russian Federation), Dr. Sci. (Economics), Associate Professor, ORCID: https://orcid.org/0000-0002-2270-256X, Scopus ID: 55916311400, Researcher ID: A-7885-2019, nnsemenova@mail.ru

Victor I. Chugunov, Associate Professor, Department of Finance and Credit, National Research Mordovia State University (68/1 Bolshevistskaya St., Saransk 430005, Russian Federation), Ph. D. (Economics), Associate Professor, ORCID: https://orcid.org/0000-0001-8126-0645, chugunov65@rambler.ru

Regina A. Kolomasova, Student Pursuing a Masterʼs Degree in Economics, National Research Mordovia State University (68/1 Bolshevistskaya St., Saransk 430005, Russian Federation), ORCID: https://orcid.org/0000-0003-4828-1262, reg.kol@yandex.ru

Contribution of the authors:

Nadezhda N. Semenova – statement of the research problem; construction of the scientific hypothesis of the study; academic supervision; choice of research methodology, interpretation of the results.

Victor I. Chugunov – critical analysis of the results, drawing conclusions, production of practical recommendations.

Regina A. Kolomasova – collection and systematization of analytical information, preparation of graphical materials, building a regression model.

The authors have read and approved the final version of the manuscript.

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