Elaborating a Methodology for Assessing the Impact of Innovation Entrepreneurship on the Development of the Region's Economy

Along with the transition of the Russian economy to innovation development, the role of innovation entrepreneurship as a driver of intensive economic growth has significantly increased. This type of entrepreneurship provides regions with competitive advantages. The purpose of the study is to assess the extent of influence of innovation entrepreneurship on the level of economic development of Russian regions by testing the technique of regression analysis of panel data. In order to achieve this goal, we addressed the following tasks: first, we reviewed scientific papers that investigate the influence of the innovation factor (including innovation entrepreneurship) on the development of the regional economy; second, we selected and scientifically substantiated the choice of statistical indicators that reflect, on the one hand, the development of innovation entrepreneurship and on the other - the development of the economy of Russian regions; third, we analyzed the impact of innovation entrepreneurship on the economic development of Russian regions on the basis of the indicators selected and with the use of econometric tools. We applied the following scientific methods: systematization, generalization, study of literature, documents, and results of activities. We should separately highlight the method of mathematical modeling that we used to perform a regression analysis. The following results were obtained: first, on the basis of the review, we found that innovation entrepreneurship has a significant impact on the development of the economy of regions, especially during recession periods; second, the results of the regression analysis allowed us to confirm the hypothesis that innovation entrepreneurship should be considered a significant factor in economic development of Russian regions. We also revealed that in the conditions of the modern domestic economy, the technological component of innovation entrepreneurship (the essence of which is the development of innovative solutions) is the most prominent one.