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The study is aimed at expanding the scientific discussion about the factors of investment efficiency in regional (Russia) and sectoral (processing industry) projections. The paper presents the results of the research on the process of investing into innovations of the Russian processing industry (sample of 2009–2017). The factors of economic efficiency have been identified for investment industrial projects. The theoretical statement was formulated that in today’s economy, innovation investment efficiency is not determined that much by the internal potential of the enterprise and the infrastructure it is surrounded with (however, their significance in the balance of potentials is not denied), but rather by external, market factors - industry consolidation ratio on the platform of new technology innovation. The identified nature of innovation investment efficiency is considered as a new research statement, which has objective limitations: region- and industry-specific ones. The practical side of the obtained result can be formulated as a criterion for selecting industries (markets, lines of business) for investing into innovations by enterprises of the processing industry.