Foreign Practices for Innovative Development of Regions: Application Prospects and Socio-Economic Consequences

Purpose: The article considers the possibilities of combined use of foreign experience in innovative development of Russian regions, based on their current focus. Design/Methodology/Approach: The article reveals practical positive results for the economic system related to the deepening of its innovative focus, provides examples of positive experience of innovative development in the USA, Europe, South Korea, China, provides the analysis of current innovative focus of the Russian economy, its regions’ differentiation in terms of the severity of innovative development. The authors analyzed the difficulties in existing organizations’ solutions. Findings: Current positive experience of countries successfully pursuing the development of innovative economy, when evaluated and applied in Russian conditions, could contribute to the growth of innovative orientation of regional economies, affecting the improvement of Russia's overall position. Practical implications: The authors propose the introduction of the combined experience of a number of countries that are successful in innovative development of the economy, to enhance the innovation emphasis of the Russian regions in terms of attracting local businesses to finance innovation, stepping up initiatives of the business and scientific communities localized in the regions, along with adaptive state support expressed primarily in promoting the rapid commercialization of innovation. Originality/value: The authors’ approach could become the basis for the development of an innovative focus in the economy of the Russian regions by initiating innovative local incentives further supported from the center and creating an innovative environment through the involvement of youth, initially focusing on innovative thinking and entrepreneurial activity.