Indian Journal of Science and Technology

Abstract

Background: The article presents the authors’ vision of the strategy selection process, according to which the external and internal conditions of the region development provide opportunities for sustainable competitive advantages in the formation of an adequate territorial innovation model. Methods: A refined methodology has been developed as a synthesis of system, evolutionary and spatial-temporal approaches. System approach allows studying the organizational and institutional structure of the region, all elements of which are interlinked and complement each other. Using an evolutionary approach one can understand and appreciate the internal dynamics of the system, the relationship between the actors and the basic blocks in the conditions of evolving internal and external environment. To expand and complement the ideas the spatial-temporal approach is proposed, which involves the use of a multi-dimensional system of spatialtemporal coordinates. Findings: In accordance with the proposed approach to the analysis of the territorial context of the innovative processes development the article singles out the main types of innovation territorial models and discloses features of the formation of the appropriate critical elements and relations of the innovation infrastructure. Holistic vision of the problem of the formation of territorial innovation models is proposed, the process of the formation of centerperiphery mechanisms for the innovation potential differentiation of the regions is discussed; the features of their place and role formation in the process of generating and using knowledge and technology are defined. It has been shown that the development of the innovative strategy is an effective way to develop competitive advantages of the territories and it is associated with the nonlinearity of the innovation process, with the need to accumulate and search constantly for new knowledge, as well as with the successful adaptation to the changing business environment. The article substantiates the need to develop an innovative strategy based on the individualization of territorial innovation models proceeding from the regional context. For this purpose, the analysis of secondary sources of information highlighted the main stages of the strategy creation and key success factors in the selection of innovative development strategy, which should help the region in the development of specific territorial capital, providing higher profits for certain types of investments that are best suited for this territory. Improvements: The provisions put forward in this article can be used as a theoretical model that defines the relationship between the factors and variables. On the basis of this model it is possible to develop specific hypotheses about the innovative strategy success.

Keywords: Innovative Strategy, Innovation Process, Model of Territorial Development