PROSPECTS FOR FORMING A DOMESTIC MODEL OF INNOVATIVE ECONOMIC DEVELOPMENT

Abstract

Researching innovation potential at the national level is a basic prerequisite for forming innovation strategies of business entities. The directions and scope of innovative activities of enterprises are largely determined by state policy, the level of development of scientific and technological potential, the state of innovation infrastructure, and a set of other macroeconomic factors. Assessing a country's innovation potential allows us to identify its strengths and weaknesses, determine the prospects for the development of individual industries and sectors of the economy, and analyze the effectiveness of state support mechanisms for innovation. In the process of evaluating and selecting instruments for regulating the innovative development of the national economy, it is advisable to form a system of indicators that

provide a comprehensive description of this process. It is advisable to carry out a microeconomic analysis of the innovative activity of business entities, starting from the macroeconomic level, which involves assessing the state of Ukraine's innovative potential and determining the level of business readiness for the implementation of strategies for the development of the innovative environment in crisis conditions. Research into the state's innovation climate serves as a methodological basis for developing effective enterprise development strategies and mechanisms for their practical implementation. The strategies proposed in the article are aimed at ensuring adaptability, sustainability, and maintaining the viability of business entities in an unstable economic environment. The article highlights the key principles of forming an effective innovation financing system. The role of the state, municipal bodies, banking institutions and foreign investors in ensuring financing of innovation projects is considered, highlighting the main problems. A necessary condition for ensuring financing of innovations is the presence of a developed financial market infrastructure, in particular non-bank financial institutions – insurance, leasing, factoring, finance companies, joint investment institutions, credit unions. A reserve for innovative development is also financing through non-traditional (alternative) instruments: venture funds, business incubators, business angels, and crowdfunding. The need to form a domestic model of innovative economic development is substantiated, which would take into account national characteristics, the level of development of production and scientific and technological potential, institutional limitations and strategic priorities of the socio-economic development of the state.