Institutional and financial support for regional innovation development based on cluster approach

Economic Annals-ХХI: Volume 150, Issue 3-4(2), Pages: 37-40

Citation information:
Kropelnytska, S., & Vusyatytska, M. (2015). Institutional and financial support for regional innovation development based on cluster approach. Economic Annals-XXI, 3-4(2), 37-40. https://ea21journal.world/index.php/ea-v150-09/

Svitlana Kropelnytska
PhD (Economics),
Associate Professor,
Vasyl Stefanyk Precarpathian National University
57 Shevchenko Str., Ivano-Frankivsk, 76018, Ukraine
s.kropelnytska@ukr.net

Maryana Vusyatytska
Lecturer,
Vasyl Stefanyk Precarpathian National University
57 Shevchenko Str., Ivano-Frankivsk, 76018, Ukraine
m.vusyatytska@ukr.net

Institutional and financial support for regional innovation development based on cluster approach

Abstract. Introduction. In Ukraine, the most urgent task today is to increase country and regional competitiveness in the open European market. Many foreign and domestic scholars see the key to success in the innovative capacity development.

Purpose of the article is to prove the importance of innovation stimulating through the clustering of economics in order to implement the concept of «smart specialization» and to identify the main trends and potential sources of clusters funding in Ukraine.

Results. In our opinion, one of the key issues of cluster policy in our country is financial support. After identifying gaps and bottlenecks, we conclude that the problems of institutional and financial support of regional cluster-based innovative development should be resolved both at the state and local levels.

Conclusion. Ukraine should work out a cluster-based economic development strategy and elaborate support measures for its implementation. One of them should be favourable conditions creating for the financial resources consolidation by the non-profit organizations – cluster coordinating institutions.

Keywords: Regional Innovative Development; Smart Specialization; Entrepreneurial Discovery; Clusters; Clusters Financial Support Mechanisms

JEL Classification: G38; O31; H72

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Received 27.02.2015