The article is devoted to the improvement of the state policy on the formation of the innovation system in Russia and abroad. It is shown that the growth of innovation activity, creation of favorable conditions for dynamic development, modernization and diversification of economy, increase of competitiveness of production is one of the key strategic objectives in socio-economic development of Russia. The article aims to show that the need for the development of the innovative sector of the economy comes from the fact that the Russian economy is experiencing the highest degree of dependence on the energy sector. At the same time, there are problems in the relevant industry structures that hinder the innovative activity of representatives of large businesses, small and medium-sized businesses. As a result of the analysis, the author proves that the most important goal of economic development at the present stage should be mainly to increase the investment potential through the growth of its innovative component and modernization of the economy through the introduction of innovative technologies. The key problem at the present stage is the formation of a favorable investment climate for the financing of various innovative research and development. Every possible attraction of investments, both Russian and foreign, is required. Currently, the state finances only the main, strategic directions of innovation. The reorientation of the country's productive potential to the innovative path of development requires an effective state policy aimed at creating a favorable investment climate, financing of applied sciences and stimulating entrepreneurship.
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