Regional system of financial support for innovation in the conditions of macroeconomic turbulence

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Abstract

Issues of regional development caused by significant volatility of macro-level socio-economic situation form new requirements to executive authorities, responsible for economic growth and the innovation activity increase in regions. The innovative sphere is one
of the main recipients of investment in the economy of developing countries, and the current need to increase the number of innovative developments in the context of import substitution in the Russian economy only reinforces this trend at the regional level. The purpose of this study is to form a set of measures to improve the regional system of financial support for innovation in an unstable economic situation. As elements of novelty, the author's interpretation of the concept of a regional system of financial support for innovation, which is an open, holistic and self-reproducing set of efforts of the main stakeholders of innovative development of the
regional economy, can be highlighted. This system develops under the influence of changing factors of exogenous and endogenous environment, which determine the financial constraints and institutional features of state financial support for innovation at the meso-level. The influence of the identified factors was analyzed by means of SWOT-analysis – the strategic planning tool. It allowed highlighting the key areas for the work of regional executive authorities in the sphere of innovative development of the economy. The authors proposed several measures to improve the regional system of financial support for innovation in the Rostov region in conditions of macroeconomic turbulence.