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In the society today, as well as in public administration and economic entities of the Russian Federation there is an awareness of the need to activate the innovation process and assess its quality. In addition, global challenges require the implementation of foresight management mechanisms aimed at forecasting technological development in the conditions of Russian reality. However, the existing system of indicators that is used in Russian practice does not fully meet the needs of the state and society in assessing innovation. The article proposes a Balanced system of indicators for assessing innovation activity (SSPOID) of economic entities, which is designed to combine the past and the present with the prospects of development, the objective function of which is to maximize the increment of the market value of the economic entity, taking into account the mission and strategic priorities of each particular company. SSPOID includes indicators, which are divided into nine groups that characterize the socio-economic development of the economic entity, human capital, financial condition, competitiveness, technology, competitiveness in the labor market, investment, innovation and sources of innovative development. The analysis of the development of industrial production in the Russian Federation for the period of 2011–2016 allowed to determine the strengths and weaknesses in innovation. The strategies of innovative development of a number of production companies (ALROSA, PJSC «NC “Rosneft”, JSC “United shipbuilding company”, JSC “BALTIKA”) were analyzed. The main areas of their innovation activities are as follows: improving energy efficiency, focus on strategic technology, the digitalization of production, the implementation of environmental innovations, improving production security, import substitution. The necessity in the creation of the integrated industrial and production complex, which will be optimum from the point of view of satisfaction of consumers’ needs for production, is justified. In the framework of the integrated industrial complex, the rationale for its focus on creating and maximizing the increment of the network added value is proved.

Nowadays, the introduction of innovative business models is a factor of sustainable development of the Russian economy and its regions. One of such models is creation of clusters. The cluster approach came into widespread use in the 80s of the last century. The innovative development and understanding of the importance of the economy at the regional level made it possible to apply the cluster theory to these problems. At present, the cluster approach is regarded as one of the most effective tools for the development of national and regional economies. This is the way to allow the country to maintain the domestic industry and promote the development of entrepreneurship in the regions. Although the budget funding of the country’s industrial potential is characterized by relatively high indices it is not sufficient for the concurrent implementation of many large-scale projects, including the creation of innovative regional clusters and ensuring high rates of economic development of the country and individual regions. The paper discusses the use of the cluster approach to boost the innovative development of the region, methods for building a cluster management system, organizational and financial mechanisms for the development of a cluster. The analysis of the Russian experience in the use of innovative financial and economic mechanisms for creation and development of regional clusters made it possible to identify the main trends in the application of such mechanisms, evaluate their effectiveness and outline possible areas of improvement.