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Strategic management of innovation development: insights into a role of economic policy

Author

Listed:
  • Mikhail Yakovlevich Veselovsky

    (University of Technology, Russian Federation)

  • Marina Alexeevna Izmailova

    (Financial University under the Government of the Russian Federation, Russian Federation)

  • Elena Nikolaevna Lobacheva

    (Bauman Moscow State Technical University, Russian Federation)

  • Pavel Pavlovich Pilipenko

    (University of Technology, Russian Federation)

  • Galina Alekseevna Rybina

    (Bauman Moscow State Technical University, Russian Federation)

Abstract

This article justifies the necessity and inevitability of the innovative development of the Russian economy in the transition to a new technological paradigm. The authors substantiate the determining influence of the innovation potential in Russia's GDP growth against the background of the insolvency of other factors – labor, capital – in giving a powerful impetus to economic growth and development. The paper presents the results of comparative analysis of labor productivity in Russia and in the most economically developed countries. The authors conclude that Russia has the greatest growth potential in the field of scientific research and development. Prognostic values of GDP growth are analyzed in three scenarios – basic, optimistic, and ambitious. The study reveals the key success factors and possible barriers to the creation and development of innovations, providing convincing evidence of their influence on the companies' efficiency. Moreover, the paper provides an expanded understanding of the modern innovation tools and stresses the critical importance of their correct choice in solving strategic tasks of the company's innovative development. The authors analyze the role of strategic target-setting in the scale and speed of innovative development of Russian industry. They stress the urgency of Russia's transition to a new technological paradigm, requiring innovative and technological renewal of the entire economic landscape, making the economy truly innovative.

Suggested Citation

  • Mikhail Yakovlevich Veselovsky & Marina Alexeevna Izmailova & Elena Nikolaevna Lobacheva & Pavel Pavlovich Pilipenko & Galina Alekseevna Rybina, 2019. "Strategic management of innovation development: insights into a role of economic policy," Entrepreneurship and Sustainability Issues, VsI Entrepreneurship and Sustainability Center, vol. 7(2), pages 1296-1307, December.
    • Handle: RePEc:ssi:jouesi:v:7:y:2019:i:2:p:1296-1307
    DOI: 10.9770/jesi.2019.7.2(34)
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    References listed on IDEAS

    as
    1. Robert M. Solow, 2005. "Flexibility and Endogenous Innovation," Springer Books, in: Albert N. Link & F. M. Scherer (ed.), Essays in Honor of Edwin Mansfield, pages 9-13, Springer.
    2. Yuriy MOROZYUK & Antonina SHARKOVA & Irina MERKULINA & Oksana VASILYEVA, 2017. "Innovative Aspects of Development of the Waste Recycling Industry in the New Economic Context Problems and Prospects," Journal of Advanced Research in Management, ASERS Publishing, vol. 8(3), pages 507-515.
    3. C. K. Prahalad & Gary Hamel, 1994. "Strategy as a field of study: Why search for a new paradigm?," Strategic Management Journal, Wiley Blackwell, vol. 15(S2), pages 5-16, June.
    4. repec:srs:journl:jemt:v:8:y:2017:i:3:p:507-515 is not listed on IDEAS
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    More about this item

    Keywords

    innovations; innovative development; industry; business; modernization of the economy; GDP; development scenarios; industrial policy; technological paradigm; Russia;
    All these keywords.

    JEL classification:

    • O31 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Innovation and Invention: Processes and Incentives
    • O38 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Government Policy

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