The impact of the economic crisis on innovation activity of small enterprises

The modern world economy is increasingly faced with crisis phenomena that impact on the Russian economy. As foreign re- search shown, the economic crisis is not solely a negative phenomenon for the domestic economy. According to Schumpeter's conception of creative destruction, the crisis may have a stimulating effect on innovation activity of separate companies. In the article a review of innovation activity in the Russian economy is performed on the basis of official statistics. It is shown that in the short term of crisis is not providing a significant negative impact on innovation activity. During longer interval of time the crisis reduces innovation activity, however, companies of different size will be affected in varying degree. In small companies innovation activity is more volatile, is reduced to a greater extent, which may indicate not only their weaker resource base, but on a less sustainable competitive positions.