Importance In connection with the modernization of the Russian economy, innovation in Russia is developing much more slowly than in foreign countries. There is a need for effective tools to accelerate innovative development and shaping the national innovation model. Objectives The aim of the study is to support the trends of innovational development of the economy of Russia in modern conditions of managing. Methods We conducted the study by using indicators of innovation development and analysis of foreign and national statistics. Results We have specified the problems affecting the development of a national model of the innovation system, contradictions in the field of technology transfer, the causes of brain drain abroad, a weak innovation management mechanism, and little financial support of the State. All this hinders the innovative activity of the economy and puts Russia in a number of outsiders of the emerging global innovation market. On the basis of statistics, we have also analyzed the parameters of research intensity and research efficiency, as well as the growth of innovation products and R&D costs, compared with foreign countries. The result of our study is the substantiation of economic priorities for innovation policy and the proposed ways to address the problems and contradictions of the innovation development of the Russian Federation. Conclusions and Relevance We have concluded that most of the problems associated with innovative business and implementation of R&D in industrial production are the responsibility of the federal authorities. The innovative companies need a comprehensive government support, such as assistance for the promotion of products on the domestic and international markets through tax and customs privileges. This will consolidate the funds of enterprises to invest in innovation research and design, new materials, manufacturing processes, and products.
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