INSTITUTIONAL CONSTRAINTS AND BARRIERS TO INNOVATION ECONOMIC DEVELOPMENT

The article shows that institutional barriers hinder the development of innovative entrepreneurship and the innovative economy as a whole. During the analysis of institutional barriers that hinder the development of innovation, it is revealed that innovative development enters the market, which, due to its monopolization, is not interested in its implementation. This is one of the main institutional pitfalls of developing innovative entrepreneurship. The paper substantiates that the institutional barrier is a low level of entrepreneurial activity in the high-tech sector, which means that the Institute of innovative entrepreneurship is not fully formed. It is shown that currently the country has favorable circumstances and opportunities to get out of institutional traps. Digitalization processes will help to overcome the existing problems of development of the Russian economy and move away from the model of catch-up development.