Importance Integrated innovation policy of the State aimed at creation and implementation of innovative processes, significantly increases the inflow of investments into the country. Today, enhancing innovative activity, which will give an opportunity to lay the foundation of a strong competitive State, assumes priority for the Russian Federation and its domestic companies. In this aspect, the financial participation of the State in enhancing of innovation activity is absolutely essential. However, it is necessary to pay attention to big business as well, as its share in innovative undertakings should increase. Objectives The article considers the most important aspects of government and business activities aimed at increasing the Russian innovation activity over the past 20 years. I analyze the State policy in the field of support for science and involving large business organizations in scientific activities financing. Methods In order to determine the financial role of the State and private business, the paper provides an analysis of innovation activity data of the Russian companies since the 1990s. The article also assesses the efficiency of financing of the Russian innovation activity. Results The calculations have shown that Russia has not yet formed the institutional environment, which facilitates innovation activity and the introduction of innovations, and the financial role of the State in the implementation of innovative development remains a determining one. At the same time, big business is passively involved in the creation of the country's innovative capacity. Conclusions and Relevance I came to a conclusion that to enhance economic growth and innovation activity in the country it is necessary to substantially involve private businesses in financing of innovations and fostering their interest in changing raw material orientation of the Russian economy development.
Keywords: innovation, activity, financing, investment, research and development, R&D
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