Foreign experience in supporting innovation

Abstract

The article analyzed the foreign experience of supporting innovation. The authors of
the article were to consider the main financial, managerial and organizational-legal mechanisms used
by leading countries in the field of innovative development to stimulate innovation. A list of the most
frequently used measures to support and stimulate innovation is given. The scientific article outlines the
role of the state in enhancing innovation in the leading economies of the world. With the help of the rank
correlation coefficient of E. Spearman, the relationship between the share of GDP spent on research and
development and its place in the Global Innovation Index developed by Cornell University, INSEAD
Business School and the World Intellectual Property Organization was investigated. The result of the study
of this relationship was that there is a direct moderate relationship between these two indicators.