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Abstract:The article considers the factors of regional innovation development, such as the share of innovative products in the total volume, the costs of technological innovation, the innovation activity of organizations, the internal costs of research and development, the patents and inventions, the number of organizations performing research and development,
the developed advanced technologies, in order to allocate significant for the gross regional product. The results of the work showed the relationship of various factors of regional innovation development. Two main factors that significantly affect the gross regional product of the Republic of Mordovia have been identified. The aim of the work is to study the factors of innovative development of the region, the allocation of priority areas of investment of public and private funds. The study was conducted on the basis of comparison of theoretical and practical aspects of regional innovative development, as well as analysis of open statistical data. General scientific research methods, correlation and regression analysis were used. The methodological basis of this study were the works of Russian and foreign economists on the investments and innovations.
Keywords:correlation and regression analysis, factors of innovative development, GRP
JEL-Classification: O33, R11, R12, R13
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