Home  Journals  National Interests: Priorities and Security  23(308) - 2015 June

The innovative potential of the Ulyanovsk region as an investee

Vol. 11, Iss. 23, JUNE 2015

Article PDF Version

Available online: 24 June 2015

Subject Heading: INNOVATION AND INVESTMENT

JEL Classification: 

Pages: 38-47

Importance The competitiveness of the regional economy depends on its innovative potential. The Russian regions and the country as a whole should increment and strengthen their innovative potential. However, it is rather complicated to reach leading positions among the competing regions without injecting relevant finance. Currently, innovative activities are an indispensable condition for investment. Investment in science-based sectors of the economy contributes to the region's development in the long run.
     Objectives The research pursues determining the main areas for increasing innovative and investing activities in the Ulyanovsk region. As its tasks, the research determines and compares the innovative potential and innovative activities of the regions located in the Volga Federal District, assesses the pace of growth in investment in the economy of the Ulyanovsk region, finds the correlation between investment in the capital stock and internal costs of R&D in the region, identifies the extent to which human innovative thinking, as part of professional activities, is significant for successful operations of entities.
     Methods Based on the ranking method, the article reviews various elements of the regions' innovative potential, determines their innovative activity. Drawing upon the regression analysis, I propose a single-factor model reflecting the correlation of R&D costs and investment.
     Results I figure out ranks and positions of the regions in terms of their innovative potential, identify the pace of growth in investment in the region's capital, propose a scheme for financing the innovative activity and measures to boost the investment activity in the Ulyanovsk region.
     Conclusions and Relevance I conclude on the correlation of investment and innovation, significance of innovative thinking of managers and employees, as well as the need to combine the basic and competitive financing of innovative activities in the region's universities.

Keywords: investment, innovative potential, innovative activity, innovative thinking

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