Innovation in the Republic of Cyprus and the Russian Federation: Comparative Analysis

Abstract

The current state of legal regulation of the sphere of innovation in Cyprus and Russia and the prospects for improving it become the cornerstone of the countries’ economic development. The comparative analysis of two systems resulted in the identification of common points as well as contradictions in the countries’ modern regulation of innovation in the economy and the innovation ecosystem as a whole. The number of problems of subordinate regulation of the sphere have been identified. The existing Russian system of regulatory regulation of the innovation sphere appears to be fragmented. Cyprus model seems to be more organised, logical and structured.