Financial support of the innovative process development: institutional approach

The paper analyses general principles of the innovation system construction from the standpoint of the systematic approach to innovation and justifies the role of the institutional environment in the innovative development. It is noted that to master the modern techno-economic paradigm it is necessary to establish standards and institutions of a new quality. One of the key issues in solving problems related to the innovation system development is financial support. The expediency of the tax incentives usage in regard to the financial support of the innovative development investment process has been justified.