Methodological approaches to evaluation the effectiveness of innovation

The article analyzes and the estimate of known techniques evaluate the effectiveness of innovation. It is proved that the economic effect of innovation is estimated profit from the sale of innovative products, introduction of inventions and improvements in capacity utilization. It recommended based on international experience economic assessment of effectiveness of the innovation carried out by the same parameters as the assessment of innovative projects, comparing the predicted (planned) and actual results of innovation. The general principle for evaluating the effectiveness of innovation recommended a comparison of the financial results and expenses for the accounting period. In assessing the effectiveness of innovation it is recommended according to the recommendations of UNIDO (United Nations Industrial Development Organization) to use the indicators to assess the effectiveness of innovation, which are based on accounting estimates (not take into account the time factor) and discounted estimates (take into account the time factor). The paper presents the formula of calculating the cost-effectiveness of innovative activity: The payback period for an innovation project, accounting rate of return, economic value added, net present value, profitability index, internal rate of return or IRR, discounted payback period (DPP), net terminal value. In addition to describing the formulas for calculating these indicators in the work and provides the rationale for the use of these indicators to assess the effectiveness of innovative projects.