Relationship of Innovation Management and Investments in State Policy Development
Authors: Kutovyi Oleksandr 
Published: May 2024

The conceptual-categorical research apparatus was further developed by clarifying the essence of the concepts, namely: "innovation" as a new or significantly improved product (goods, services) or process introduced into use, a new sales method or a new organizational method in business practice, work organization places or in external communications; "state innovation and investment policy at the regional level" as a complex, dynamically developing, hierarchically and spatially organized socio-economic system that functions within the boundaries of a certain territory, on which economic innovation and investment processes and dependencies between market entities are carried out taking into account the characteristic territorial features of the innovative development of the regions.

It has been established that the following are key technologies, the implementation of which will be important for creating a new basis for the development of the economy, financial and non-financial services: digital information processing technologies (creation of new products, upgrading of traditional industries, management efficiency, the Internet of Things), including including blockchain technology (financial innovations, smart contracts, sharing economy); 3D printing (production of new products, customization of production while maintaining the effect of scale); artificial intelligence (substitution of labor with capital - especially in the field of telecommunications, unmanned transport, finance; machine learning as a prerequisite for customization of production); virtual reality (production of new products, expansion of the spectrum of solvable tasks, especially in the sectors of entertainment, health care, education); 5G communication (communication services, management efficiency, Internet of things, unmanned transport).

It was noted that innovative activity is not a one-time activity, but is a system of measures for understanding the idea, introducing it into production, and scaling technologies. The innovation and investment policy must be implemented within the framework of the strategic plan. As a result of the evolution of theoretical views and accumulated practical experience, innovation and investment activities are understood as various scientific, innovative, investment, organizational, technological, financial and commercial actions that lead to the implementation of innovations.

It is noted that the nature of innovation and investment state policy at the regional level is determined by the degree of state intervention in economic processes, which is why the levels of regional development differ. Such interference is manifested through the implementation of tax, financial, credit, licensing, price, etc. policies.

Regardless of the scale, innovation and investment activity at the regional level is defined from the point of view of the following positions: from the standpoint of institutional theory - as a field of activity, that is, a set of institutions that ensure the production, distribution and use of new, economically beneficial knowledge; from the point of view of the network approach - as a process by which modern technologies and innovative businesses based on them are produced; from the standpoint of a structural-functional approach - as a hierarchically organized spatial system that ensures the maximization of scientific and technical progress while observing regional system limitations.