The impact of innovation policy on effective regional development

Abstract

The aim of this paper is to analysis the impact of innovation policy on effective regional development in Ukraine. The main goal is to identify the role which innovation policy plays in regional development. We apply hierarchical cluster analysis for comparing the regions of Ukraine in terms of innovative development. Economic and statistical methods used to assess the level of innovative development in Ukraine’s regions. The adoption and application of innovation policy measures propose to reduce inequality smoothing and increase competitiveness in Ukraine’s regions. Substantiated the development and implementation policies taking into account the innovative components for each individual regions. The proposed regional innovative cluster policy is based on activity coordination, financing and investment attraction within the analyzed regions, and is stimulated innovations’ increase in regions. JEL: E02, E71, P 51, P 52, P 59.