State Innovation Policy in the Conditions of Structural Reorganization of the Economy

Abstract

Currently, the main role of the state in the implementation of the state innovation policy is to create infrastructure for innovation and to finance new developments and fundamental research. In today’s world, the speed of change is increasing, and the role of the state becomes even more important, especially in times of crisis and economic restructuring. State innovation policy can accelerate the pace of development of individual industries, stimulate inter-industry cooperation, and help to remove barriers to innovation (legislative and infrastructural). This study is devoted to the formation of effective innovation policy in the conditions of economic restructuring associated with the economic crisis, heavy international political and economic environment. In order to analyze and make recommendations on innovation policy, such main innovation factors are analyzed as: financing, creation of infrastructure, customer or initiator of innovations, development of competencies, as well as creation of innovation culture. The role of the state in the above factors is paramount. The study analyzes the data presented for the last 5 years and provides forecasts for 2023.