AN INSTITUTIONAL APPROACH TO INTELLECTUAL CAPITAL IN OPEN INNOVATION SYSTEMS

The rapid acceleration of change of existing economic and institutional conditions confronts business entities with new problems. Their resolution requires new ways and approaches that subsequently accelerate innovation and modernization transformation. Thus, innovation policy is a key factor for economic, technological and social development at the national and international levels. For these reasons, there is a demand to develop and implement new methods for the formation of innovative strategies and the management of the innovative process. Open innovations provide a broader base for new ideas and technologies, and have become a strategic tool for the study of new growth opportunities. This article examines the framework of institutional models and their conformity to the transformation of intellectual resources into intellectual capital. The research is based on the economies of Europe and Russia.