Innovations as a Tool for Regional Economy Development: Efficiency Analysis on the Example of Kaluga Region

Abstract

Innovation is a key tool for regional economy development, ensuring its competitiveness, sustainability and the ability to achieve technological sovereignty. Regional economies development under conditions of import substitution and technological constraints requires revision of approaches to innovation stimulation. Innovation effectiveness is determined by a systematic approach including: substantiation of the priorities of regional development on the basis of the concept of smart specialization, creation of developed innovation infrastructure, use of flexible financial instruments, development of digital platforms and ensuring close cooperation between the region, business, science and society. The purpose of the article is to substantiate the importance of innovations for the development of the regional economy and to analyze the effectiveness of the example of Kaluga region for possible replication of successful practices in other regions of Russia. On the basis of the analysis of the dynamics of Kaluga region's positions in the ratings, the structure of support received and the content of implemented projects, success factors were identified: transition from "alignment" to "smart specialization", concentration of resources on a limited number of priorities, and integration of "nurturing" mechanism into regional economy. Conclusions are made about the necessary conditions for scaling this experience and the limitations associated with the initial development level of regional innovation systems.