Importance The existing views on the finance of regional innovative systems need to be systematized and significantly extended, as their evolution should be considered through time. Objectives The research determines the specifics of the finance of regional innovative systems at different phases of their development. Methods The idea of conceptual modeling implies that theoretical knowledge of the development patterns of an ideal regional innovative system are interpreted in line with actors, finance sources and functions through logic reasoning. The research relies on the scheme reflecting unbalanced interaction of the system with its main components and the socio-economic environment. The system undergoes four phases of its development. Results The finance increases as the regional innovative system grows, and decreases when it stalls and accumulates internal reserves. It may grow afterward to cover costs arising from stagnation and renewal. Conclusions and Relevance There are several categories of finance sources of regional innovative systems. Each phase of their development requires certain amounts of investment, correlation of finance sources and priorities of the system functions to be financed. The conceptual ideas and respective conclusions can be used for practical purposes, analysis of regional innovative systems and preparing recommendations for their optimized development.
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