Importance The article discusses the innovation of economic entities, which is clearly an important condition for change. Objectives The purpose of this article is to describe the position of the Ulyanovsk oblast in the social and economic space of the Russian Federation and provide the rationale for the innovative development of the oblast to ensure a long-term and sustained economic growth. Methods For the study, we used a dialectical approach, methods of comparison, analysis and synthesis, inductive and deductive methods, and other theoretical methods. Results We propose a model of regional innovative development, involving the joint interaction of the Triple Helix actors (University-Industry-Government relationships) needed to generate innovative products and technologies. We have identified the position of the Ulyanovsk oblast among the constituent entities of the Russian Federation and provide an overview of the oblast's innovative development projects. The paper shows the constraints to innovation of economic agents. Conclusions The article reaffirms the need to innovate and move towards a knowledge-based economy that emphasizes human intelligence, professionalism and competence, as well as the widespread use of information technology.
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