Regional development strategy: cluster approach

The strategy of regional development and effective forms of management play the most important role in innovative development of the region. Innovative strategies for the development of a region are determined by its potential and involvement in the innovation process. The article discusses the conditions and factors for the formation and implementation of the innovative development strategy of the region, identifies the features of the region that affect innovation, and also identifies the essence and content of the region's innovation strategy. The authors propose using a cluster approach to implement the region's innovative development strategy. A classification of clusters in the economy is developed as well as a scheme for promoting cluster initiatives in the region's economy that outlines the advantages of this approach.