Public-private partnership in the innovation sphere as a basis for consolidated management of modern economy

Abstract

Purpose. This article discusses the content of public-private partnership as an institution of modern economy, as well as legal and institutional instruments for achieving partnerships between the Government and business, their development in terms of modernizing transformation of the economy. Methods. On the basis of the study of modern approaches to the definition of a public-private partnership entity, its forms and principles the authors proposed their own interpretation of the need for the introduction of public-private partnership in the research sector, on the basis of which they formulated directions of perfecting the relationship between the Government and business in order to intensify their mutual cooperation in the innovation sphere. Results. The results of this research can be used by local and federal authorities in the shaping of measures taken to implement the mechanisms of public-private partnership in innovation sphere. Scientific novelty. The authors identified the main principles of the State policy in the sphere of innovations aimed at ensuring import substitution, which will increase the sustainability of the national economy, improve the investment climate, and provide support for high-tech sectors of the economy. Recommendations to stimulate innovative business activity as a condition of economic modernization were proposed.