INNOVATION-BASED MODEL OF ECONOMIC DEVELOPMENT AS A STRATEGY FOR SUSTAINABLE GROWTH IN RUSSIA

The necessity of profound changes in many areas of innovation system is the primarily goal for a new economic model in Russia. For Russian reality the implementation of the tools of strategic innovation management, sustainable development, and entrepreneurship is highly important. However, lack of finance, the superimposed narrow strategic focus, the rigidities of local business networks, the weakness of external infrastructure for innovation and the absence of state support of innovative enterprises seriously impede attempts to implement radical changes. In this article we specify our understanding of innovation-based scenario of economic development where innovations are directly associated to the sustainability that moves from exploitation to exploration, from corporate environmental management to sustainable entrepreneurship, and from efficiency to innovation. We indicate the need for radical innovation via entrepreneurial start-ups or new ventures connected to science and educational institutions within existing corporations. Presenting conceptual research, this article addresses the theme of how we can create economic sustainability and produce innovative businesses. The article brings a broad discussion of the intersection of sustainability, innovation and entrepreneurship.