Page 73 - Theoretical and Practical Interpretation of Investment Attractiveness

regions from the financial and economic crisis, of course, is determined by the fact that the
innovative-investment capacity of these territories and regions has been correctly and clearly
assessed.
Indeed, the condition for the sustainable economic development of regions is precisely
the
development of innovative and investment capacities, as well as the rational use of
economic factors.
The difficulty of modern social, political, and economic changes in society, their
complexity, the existence of various contradictions, their novelty, and continuous change
necessitate the maximum use of the innovation and investment capacity of economic systems
under the conditions of market transformation. In the context of providing regular
technological and technological, socio-economic development of the regions' economy,
attention to science intensifies in its own right as a fundamental force.
According to
D.I. Kakurin, the concept of "innovative capacity" is understood as a "conceptual
phenomenon 97 that characterizes innovative activity." Before defining the essence of
innovative capacity, it is necessary to analyze the terms "innovatics," "innovation," and
"innovative activity."
For our Republic, there are two types of theoretical approaches to studying innovation.
The first direction of theoretical research is the development of innovation itself (life cycle),
i.e., the process of innovation from its inception to its application. The emergence of
innovative processes, their realization in life, and their impact due to the complex mutual
influence of factors occur.
The second direction is the process within the framework of innovation management.
This theory introduced the term "innovatics" and, in turn, led to the emergence of several
independent directions: the formation of novelties, dynamic innovation, the spread of
innovations (diffusion) 98 ; the adaptation of people to innovations and the adaptation of
innovations to people's needs; the creation of innovative decisions and others. However, it
should be noted that in this formulated concept, some important elements of innovation are
not included, such as the innovation market, innovative strategy.
In our opinion, the second theoretical research direction of innovation, called
"innovatics," should be understood as a comprehensive discussion of innovations in scientific
terms, the regularity of the development of innovative processes, the stage of innovative
processes, the innovation capacity, and the innovation infrastructure.
Studying innovatics and innovative processes from a theoretical perspective is
attracting attention from eminent Western scholars. Among them are J. Schumpeter, N.D.
Kondratiev, G. Mensch, and others. The scientific works, research, and analytical studies of
these scholars on innovations, their emergence, causes, and consequences, the factors

97 D.I. Kokurin. Innovation Activity: A Textbook. Moscow: Exam, 2003. 111 p
98 A.I. Prigogine. Innovation: Incentives and Obstacles. Monograph. Moscow: Politizdat, 1998
70