Innovation as a factor of sustainable development of the region

This article discusses the features and the need for innovation for the effective development of economic systems. It stands out as a problem bringing innovation to the organization, as well as issues that affect their creation. The factors affecting the creation of the innovation activity of organizations and the process of creating innovative products «from scratch». The author cites as an argument figures finance spending on education and R & D leaders in the production of innovative products. In order to enhance innovation activity of organizations and increasing sustainability of economic systems in the article proposes measures to increase R & D funding at the regional level: associations in the economic cluster, improvement of tax legislation, the creation of competition between universities and research institutions by type of production.