The Institutional and Value-Based Environment for Innovation

Abstract

The article examines the problems of shaping the institutional environment for innovation activity. In the modern economy, particular importance is attached to institutions that regulate innovation processes. The study provides a theoretical and methodological analysis of the institutional factors that underpin the development of an innovation-driven economy and offers a conceptual examination of the mechanisms through which economic growth can be accelerated within an innovation system. Because the institutional environment of an innovation system evolves in response to a range of interacting factors, the article proposes an approach to structuring this environment according to the objects of institutional regulation and the actors involved in the institutionalization of the innovation market. The analysis of the institutional factors shaping the environment of an innovation-driven economy indicates that the current conditions do not contribute to the effectiveness of the institutional environment.