Golikov V.V., Sitnikova S.E., Umbetkalieva A.A. Current State and Development Prospects of Innovation Market in Local Economic Systems of Volgograd Region

Vyacheslav  V.  Golikov
Volgograd State Medical University, Volgograd, Russian Federation
Svetlana  E.  Sitnikova
Volgograd State Medical University, Volgograd, Russian Federation
Ainur A.  Umbetkalieva
Volgograd State Medical University, Volgograd, Russian Federation

Abstract. Local economic systems are interdependent complexes of relations, processes, and structures that form the economic environment of a particular region. They include various industries, enterprises, institutions, human resources, and infrastructure, which interact with each other to define the specifics of the economy of the region. The totality of relations between participants of the innovation process, such as enterprises, scientific organizations, investment funds, government agencies, and citizens, represent the market of innovations within local ecosystems. This market determines the supply and demand for new technologies, innovative products, and services, as well as the mechanisms of their implementation and commercialization in the regional economic system. The article is devoted to the analysis of the current state and prospects for the development of the innovation market in the local economic systems of the Volgograd region. The study used methods of data analysis on the dynamics and structure of investment and content analysis of official documents and publications. The paper identifies the main factors affecting the development of innovation activity in the region, including investment attractiveness, geographical location, resource potential, infrastructure, and human capital. It analyzes the trends of innovation development in various sectors of the regional economy, including agriculture, industry, services, and tourism. The article substantiates that the development of local economic systems requires a comprehensive approach, including economic diversification, investment attraction, and human capital development. The Volgograd region successfully applies strategies to improve the business climate, which contributes to the growth of investment and unlocks the region’s potential in various areas. However, to realize this potential, it is necessary to make efforts to improve the investment climate and stimulate innovation activity.
Key words: innovation, innovation market, local innovation market, innovation ecosystems, local economic systems, regional economic systems, region, regional innovation market, investment, Volgograd region.
Citation. Golikov V.V., Sitnikova S.E., Umbetkalieva A.A., 2024. Current State and Development Prospects of Innovation Market in Local Economic Systems of Volgograd Region. Regionalnaya ekonomika. Yug Rossii [Regional Economy. South of Russia], vol. 12, no. 3, pp. 161-169. (in Russian). DOI: https://doi.org/10.15688/re.volsu.2024.3.15
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