Barriers to Innovation in the Implementation of the Investment Strategy: An Empirical Study

Abstract

The problem of inward investment to the innovative economic sector is very acute today. The investment determines the economic development, but nowadays the low efficiency of investment activity in the sphere of innovations is obvious. This indicates the need for correction of the strategy taking into account social processes. The implications of innovative changes are not always predictable. The society takes innovations with a great caution. The innovation resistance can differ by the degree of its manifestation depending on the scale of innovative changes. Barriers encountered in the innovative changes hinder the innovative activity of financial companies, prevent the creation of new institutions and formation of innovative strategies, hamper the development of the actors implementing investment projects. This article studies the causes of innovative resistance and the parameters of existing barriers. The existence of innovation barriers and their detailed classification is described for the first time. The aim of this study is to create a model that allows to assess the barriers to the innovative development basing on their parameters. The study justifies the factors of the investment strategy adaptation in order to create the environment of successful activity for a company in the innovative region. The study determines the influence of these parameters on the state investment strategy. The suggested model is based on the statistical data from the State Statistics Committee of the Russian Federation. It can be implemented to analyze the innovative situation in a region in order to provide a necessary adaptation of the investment strategies.