Limitations of Technological Innovations in Modern Russian Industry

Abstract

The article discusses the economic growth in the conditions of current economic situation and the sanctions against Russia. The development of import replacement industries will allow rebuilding the Russian products competitiveness in quality and price in the domestic market and increasing the export to foreign markets. The author concludes that the strategy of the Russian Federation industries development is to modernize enterprises by implementing technological innovation programs. The main problems hindering the large-scale implementation of innovation policy were revealed on the basis of the analysis, and the possibilities of their solutions were offered. The study reveals that major factors hindering the large scale implementation of innovation policy are high risks and lack of finance. The diversity of approaches to programs efficiency estimation and the lack of a unified estimation methodology reasonably do not allow the enterprises to obtain additional funding from potential investors. To solve this task the author proposes to develop and adopt a single “recommended by the Russian Federation Government” methodology for estimating the technological innovation programs efficiency, which when applied by the company could attract potential investors due to clear and consistent indicators of project performance. The author reasons the necessity to consider some guidelines in this methodology: to estimate efficiency at each stage; to consider innovation process generation; to reflect operational, financial and investment efficiency and integral effect of the originator, producer, consumer and budget; to consider special characteristics of economic branches and technological innovation life cycles.

Keywords

• investments
• technological innovation
• economic growth
• financing of innovation
• potential investors