Home  Journals  Regional Economics: Theory and Practice  41(416) - 2015 November

The risks of innovation development territories: a comprehensive analysis for management purposes

Vol. 13, Iss. 41, NOVEMBER 2015

Article PDF Version

Received: 1 April 2015

Accepted: 7 April 2015

Available online: 8 November 2015

Subject Heading: INNOVATION AND INVESTMENT

JEL Classification: 

Pages: 13-32

Subject The article deals with the development of a risk management system as part of the creation of innovative development areas.
     Objectives The purpose of the study is to develop a system of activities aimed at minimizing the negative effects of the most significant and probable risks above the boundaries of risk tolerance. The research aims to justify the use of the functional approach to the formation of innovation development territories, as well as provide the necessary components in accordance with their core functions as of meso-economy actors.
     Methods The risk mapping method is a methodological basis of the research. On the risk system basis, we mapped risks for the individual components of the innovation development territories using the expert survey data processing.
     Results We studied system risks of innovative territories to form an integrated innovation-development-territory management methodology. We formed a comprehensive system of risk of innovation development territory, which takes into account the multilevel structure of a meso-economy subject. The analysis shows that most of the research-identified potential risks, in general, are below the risk tolerance, i.e. they are acceptable.
     Conclusions The developed system can be the basis for the development of innovative approaches to the management of innovative territories.

Keywords: innovative development territory, risk map, assessment, risk management, probability, significance

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