Role of innovation in the regional development

Innovation plays an important role in socio-economic development of regions. Given rapidly changing market conditions and technological progress innovation is becoming an integral and necessary factor for ensuring the competitiveness and efficiency of the regional economy. To implement innovative projects there is a need for comprehensive support of enterprises and organizations in introduction of innovations, advanced technologies and production processes. At the same time, a balanced regional investment policy should be formed, based on forecasting innovation processes and their effectiveness in achieving the strategic development goals of the region. It is also important to take into account the balance between the interests of enterprises introducing innovations and potential investors. The implementation of innovation processes necessitates the creation of a centralized system for their introducing.