Now that the world economy is becoming increasingly globalized, innovation is the name of the game if a sustained economic growth is to be achieved both in medium and long term perspective. As in the case of many countries, it is innovation that becomes the key factor ensuring stability in global competition. Nowadays it is commonly believed that the role of innovation and the importance of innovative development are high. According to one of the leading experts in the area of studying the nature of competition, Mr. Porter M., “companies achieve competitive advantage through innovation” and “innovation and entrepreneurship are cornerstones of the national competitive advantage”. Mr. Sergei Glazyev (a Russian economic guru) opines that “the implementation of innovations has become a key factor behind market competitiveness, allowing innovative firms to make super profit through appropriation of the intellectual rent created when more efficient products and technologies are used on an exclusive basis” [5, p. 1]. Innovation is one of the key factors producing a significant effect on long-term growth of Russia’s economic well-being under limited access to other resources. Although, main elements of the national innovation framework have been created in recent years, the potential for innovation in the country remains huge.

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