Social innovations as a strategic direction of the development of innovative activity in Ukraine and the financial mechanism of their implementation

Abstract

Purpose. The aim of the article is to substantiate the directions of social innovations and the model of the financial mechanism for their support in Ukraine on the basis of a synthesis of modern world practice of innovative activity. Methodology of research. A combination of cabinet and field research methods are used in writing the article. In particular, the methods of theoretical generalization: analysis, synthesis, abstract and logical method (when substantiating the essential features of social innovations and the model of the financial mechanism for their implementation); economic and statistical methods (when assessing the dynamics of costs for financing scientific research in the world); empirical research methods (in determining key areas for implementing social innovations in Ukrainian companies, taking into account leading domestic experience and international European practices); methods of graphic representation of the obtained research results. The main essential characteristics of social innovation are identified. Findings. It is determined that social innovation in modern conditions is one of the indispensable factors in the development of innovation and ensuring stable economic and social development of leading countries. The current level of innovative activity and the state of financial support of scientific developments of the leading countries of the world are analyzed here. The main essential characteristics of social innovations are identified. The key areas of social innovations in national companies for the future are substantiated, in particular, in human capital. Originality. Characteristic of the main essential features of social innovation was further developed. The model of the financial mechanism for implementing social innovations, taking into account leading domestic experience and world practice, is proposed. Practical value. The trends and priorities for financing research and development resulting from the conducted research are important and useful in the context of defining strategic objectives and areas of financial support for innovative activity in Ukraine. The proposed model of the financial mechanism for implementing social innovations can become a guideline for substantiating the sources, tools and levers of financing the innovation activities of domestic companies. Key words: innovative activity; innovations; social innovations; financial support; financial mechanism; human capital; companies.