Innovation Ecosystem as a Factor in Sustainable Development of the Regional Economy

Abstract

Relevance. The innovation ecosystem is currently the vector for the development of innovation activity in the regional economic system. In the context of the emergence of destabilizing external factors and economic instability in the state, innovative activity acquires a key role associated with the formation of economic stability at the macro, meso and micro levels, helping to counter external threats and challenges. It has a particular influence on the development of the regional economic system, ensuring the growth of the level of enterprises and economic sectors through the production of high-tech products. Thus, stimulating the growth of competitiveness, both at the level of enterprises and the region as a whole. The innovation ecosystem is a condition for achieving the effectiveness of innovation, thanks to the process management system in the innovation cycle, from the generation and production of an innovative product, to its implementation and promotion, thereby expressing the relevance and practical significance of this phenomenon in conditions of economic instability. The purpose of the study was to determine the functional characteristics and influence of the innovation ecosystem on the processes of innovation in the region, as a necessary condition for the integration of elements of the Concept of Sustainable Development.Objectives. The study set and consistently solved the following objectives: conduct a theoretical review of the concept of “innovation ecosystem” and study approaches to its theoretical understanding; identify its structural units and relationships between its elements and formulate a model of the functioning of the region’s innovation ecosystem; assess the impact of the innovation ecosystem in the process of integrating elements of sustainable development and test it using the example of the Vladimir region.Methodology. The work used methods of statistical, graphical and logical analysis, generalization, and systematization of data.Results. Based on a theoretical review, a model of the functioning of the region's innovation infrastructure was obtained, and its influence was determined when integrating elements of the Concept of Sustainable Development into the regional economic system of the Vladimir region.Conclusions. When conducting the study, it was concluded that the integration of the innovation ecosystem into the regional economic system helps to increase the indicators of innovative products produced, and will create conditions for the implementation of the goals of the concept of sustainable development in the region.