Features of the innovative approach in the formation of regional industrial policy

The article is considering the phenomenon of blurring boundaries between economic sectors, the merging of various stages and functions within the production process occurs, which is a distinctive feature of modern economic development. The authors emphasize imbalance in the distribution of capital: in conditions of excess financial resources throughout the national economy, there is a shortage of funds allocated for innovative projects. A key aspect of this problem is the lack of a long-term perspective and development strategy among economic entities. It is substantiated that insufficient attention to the development and implementation of risk management strategies leads to underestimation of the value of innovations with a long-term perspective, and in order to effectively overcome innovation shortsightedness, necessary an integrated approach that includes not only improving corporate culture and developing innovation infrastructure, but also improving legal and regulatory environment. The concept of innovative short-sightedness is considered, which reflects the underestimation of future benefits and the narrowing of the planning horizon of economic agents. Attention is focused on the fact that government policy and regulation can also have a significant impact on innovation activity; an imperfect legal framework in the field of intellectual property or unpredictability of tax policy creates uncertainty for entrepreneurs and investors, which can discourage investment in innovative projects. It is argued that in the context of industrial policy formation, the most significant aspects are the establishment and support of economic entities. It is emphasized that industrial policy should be focused on stimulating the primary links of production; it can be aimed at ensuring the development of high-tech sectors of the economy, which can become the driving force of innovative growth and increasing the competitiveness of national producers in world markets. In the realm of investment strategies, significant attention is directed towards crafting standards for utilizing approaches that simplify the integration of intellectual assets into economic systems, all while considering the expected duration of product viability.