| Summary: | The importance of the research, science and innovation as the key factors in prosperity is becoming increasingly relevant because humanity is on the verge of a new wave of transformational innovations, a new era in which digital technology is ever closer to the physical world. There is an urgent need to prioritize investments and to fill the gap with breakthrough innovations. It is important to formulate regulatory frameworks that will encourage, but not interfere innovation, and promote business innovation and business environments. A better understanding of the changes in the dynamics of science, research and innovation and their impact on the country will strengthen the response to a rapidly changing world, providing timely interference in the formation of innovation policy. The article presents the main features of nature of innovation changing: speed, complexity, concentration of benefits, consumers, costs. Identified and noted the most influential problems that hamper innovation development: hardware frameworks, blocked problems, inefficient multilevel governance. The advantages of introducing the concept of smart specialization in the regions are highlighted: the study of new market opportunities, the formation of easy knowledge sharing between different fields of knowledge, the use of appropriate diversity in the fields of knowledge, incentives for structural adjustment of the economy through the introduction of innovative practices in the economy and society. The innovation management model based on the interaction of Triple Helix, as synergy between all the innovation-related areas of social activity: research institutions, business, and government on regional level is presented. Social innovations as an instrument for implementing complex inter-sectorial interactions within the framework of strategies for sustainable development and economic growth of the region are noted.
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