REVISTA DE LA UNIVERSIDAD DEL ZULIA. 3ª época. Año 14, N° 39, 2023
Olexander Svitlychnyy et al/// State Policy for the Development of Innovative Entrepreneurship … 278-294
The choice and formation of instruments of state policy for ensuring the innovative
development of the business sector depends on the stage of economic development of the
country and provides the use of additional approaches to multidimensional aspects of innovative
and technological activities to solve specific problems.
In general, the instruments of state innovation development policy include: regulatory
tools (domestic and international law on intellectual property, economic competition, labor,
etc.), financial and economic tools (cash transfers, subsidies, loans, credits, state contracts,
taxes, customs duties, etc.) and so-called "soft tools" (market conditions, national and
international technical standards, cooperation agreements, means of communication with the
public, etc.) (Lyholat et al., 2019). It is important to note that the necessary volume and choice
of methods of formation of state policy instruments should be related to specific types of
innovative activity and be adapted to domestic conditions of use and, if necessary, be adjusted
according to changes in the global or national environment.
The innovative type of development, which achievement involves the implementation of
the state innovation policy, is characterized by shifting the emphasis to use of fundamentally
new progressive technologies, the transition to the production of high-tech products and
progressive organizational and management solutions in entrepreneurial activities (Fagerberg,
2016). Therefore, innovative activity involves first of all the creation and implementation of
innovations, conducting scientific research, creating and improving technological processes
used in the company's activities. Innovative activity is also characterized by new solutions in
the field of production organization and the social sphere as well as the search for sources of
financing the innovation process.
Active use of both effective mechanisms of financial support and constant improvement
of the regulatory sphere of these legal relations are important for the introduction of innovations
in the activities of enterprises. Thus, financial support mechanisms such as direct funding, tax
incentives, subsidies and loans are the main tools used to stimulate industrial research and
development. In addition, along with the mechanism of financial support, the quality of the
legislation regulating the development of innovations and their introduction into the production
process have great importance.