Institutional aspects of national innovative system development

Abstract

Determined by that innovative activity is characterized by a high degree of uncertainty and risk, so the important principles of development of the financial infrastructure is the diversity of funding sources, flexibility and adaptability to the environment is rapidly changing. Depending on the characteristics of the innovation process generating conditions for the mutual influence of innovation cycles and capital in the process of creating innovation. The necessary conditions are: optimum use of available funds, reduction in the duration of the innovation cycle, the allocation of capital in the phases of the innovation cycle with the purpose of risk sharing. It is shown that the institutional conditions for the development of the national innovation system will require significant changes in order to increase the activity of economic actors in relation to innovation. The main components of the institutional infrastructure of the national innovation system is the financial, personnel, legal, industrial-technological, information, consulting, and sales. Extensive financial component of the infrastructure of the national innovation system will contribute to its progressive development under the condition of smooth functioning of all subjects. A necessary condition for achieving high and stable rates of innovative development of national economy is to increase the share of mixed capital in the implementation of the innovation process. Institutional conditions for the development of the national innovation system, reflecting the organizational and economicrelations of the subjects of innovative activities, stimulate innovative activity and is one of the most important tools of modernization of the economy.