CHALLENGES OF DEVELOPING THE INSTITUTIONAL ENVIRONMENT OF THE RESEARCH AND INNOVATION MARKET

In the context of the transition to a digital economy, it is not so much the financial or material resources that the economic entity has, but the ability to use them efficiently, that acquire great importance. The latter factor is determined by the level of development of technologies and scientific developments used by the business entity, as well as its human capital. A rather significant condition for the development of the economic activity of economic entities both at the macro level (state level) and at the micro level (enterprise level) is that personnel, their knowledge, skills, competencies, as well as innovations and scientific developments become means of production. However, the full development of such “means of production”, their involvement in the production process of economic entities is impossible without an institutional self-regulating market environment that ensures the financing of new developments and their introduction into the practice of economic activity. At the current stage, the state of the institutional market environment for the introduction of scientific developments into the practice of economic activity is different. One can note the countries of prompt and mass introduction of innovations in production (China), which has a positive effect on the development of the country’s economy. Many European countries (Austria, Germany) implement innovations and scientific developments in a planned manner, and the process itself involves ordering development, creating it, testing it, and then implementing it. This scheme allows you to focus on specific needs of production, but time-consuming. In the Russian Federation, the process of introducing innovations into production is practically not regulated, it is largely accidental, which significantly reduces the economic development of the country in the context of the transition to a digital economy. The study examines the problems of developing the institutional framework for introducing innovations into production and ways to solve them.

innovation, scientific development, human capital, digital economy, economy of the future, innovative production, enterprise, institutional environment, innovation market, crowdfunding

Sebbaggala T. M., Zaytsev A. A., Golovkina S. I. Challenges of developing the institutional environment of the research and innovation market. Business. Education. Law, 2022, no. 4, pp. 58—63. DOI: 10.25683/VOLBI.2022.61.413.