ABSTRACT
The prospective of Russia's economic development is a debated topic among its leading experts. Today, the most challenging task is to choose a proper trajectory that involves both solving current problems and outlining strategic goals. Recently, the much-debated trajectory "scenario innovative development for Russia" is considered to be most promising, which requires a major breakthrough in the industry. This chapter discusses an important problem related to the absence of a consistent approach to innovative development of regions. It deals with the growth pole approach and its application in innovative development of a region. First, the chapter outlines and describes all the components of the growth pole involved in innovative activity. Then, it proposes a new model for regional innovative development as well as the implementation of a stepwise algorithm for the model. Finally, the chapter specifies the value of the growth pole approach in the complex assessment of regional innovative development.
