Akademik Məlumat İdarəetmə Sistemi
Economic and Social Development, 55th International Scientific Conference on Economic and Social Development, vol.7, no.Vol. 3/4, pp.44-50, 2020 (Conference Book)
The article proves that in modern conditions and in the long term,
maximizing innovative activities becomes a decisive condition for sustainable
development of modern economic systems.
Analysis of innovative activities of different companies showed
that unacceptable credit conditions, a lack of financial resources constrain
innovative activity in this direction. Financial institutions are not always
investing in the real economy. Therefore, the most important source of
financing of innovative activity are budgetary funds, which are used to Finance
research and development in the defense industries, and also for carrying out
fundamental and applied research in academic and University organizations.
The difficult financial situation of innovative enterprises is an
inevitable consequence of changes in the fundamental basis of the functioning
of the economy. Change existing organizational structures will facilitate the
formation of an adequate economy innovation. Therefore, in the modern period,
the role of the state.
It should be noted that a particularly significant should be the
role of the state in the creation of technoparks, technopolises, innovation
centers, the main investor of which must be that of the public sector. Initial
financial support from the state in the process of formation of these
institutions can be replaced by other forms of support and above all, tax
exemptions, given the risk of investments and their long-lasting nature and
also the benefits on the capital invested in innovative businesses to stimulate
technological developments and innovative.
Enhancing innovation should be considered as the most important
means of achieving the ultimate outcomes that improve the country out of the
crisis, stabilizing the economy and its subsequent growth.