Upon the role of public-private partnership in innovation sphere

The article deals with the role of public-private partnership in the innovation sphere and the study of features of interaction of its elements. The paper describes the mechanism of forming the relationship between science, government and business. The significance of University as a subject of sustainable economic development of the region and an important component of the mechanism of state-private partnership is highlighted. The Institute for public-private partnership is characterized according to the following criteria: «the role in the innovation development», «impact on the formation of an innovation economy», «state participation». These reflect its importance and necessity in establishing innovation economy of the region.