Legal Regulation of Innovation Activity: Russian and Foreign Experience

In a modern, rapidly developing global economy, innovations and high technologies are the key to business success, as a result, their development and implementation contribute to enterprises gaining competitive advantages, which means they will continue to maintain their leading positions. In all technologically advanced countries, governments actively support innovation processes in the economy. One of the key factors of government regulation is the creation of conditions, including legal ones, for the active development of all infrastructure necessary for the creation, use, and commercialization of innovations, as well as its modernization and improvement. The aim of the article is to study the concept and legal regime of innovation, as well as to comprehend the legislative foundations of state regulation of innovation through a comparative analysis of domestic and foreign law. The methods of comparative law, the method of complex analysis, and general formal and logical methods (synthesis, analysis, and generalization) are used in the work. As a result, the author concludes that despite all the variety of measures to stimulate and support innovation, improvement of the legislative framework is required. There is a clear need for a separate special legal act dedicated to issues of state support for innovation activities.