K. V. Nazvanova - Post-graduate Student, Institute of Economy and Management, Vladimir State University named after Alexander and Nikolay Stoletovs. E-mail: kalateya_flower@mail.ru
P. N. Zakharov - Dr.Sc. (Econ.), Director, Institute of Economy and Management, Vladimir State University named after Alexander and Nikolay Stoletovs. E-mail: pav_zah@mail.ru

The article presents the notion of innovation system and elements of regional potential growth. Innovation system presents the system of interrelated institutes, is oriented for creation, saving and transfer of knowledges, which determine new technologies. Development of the conceptions of national systems of innovation is one of the clue political and economic goals of any government. Participants involved into the process of innovation growth are subjects (firms), research institutes, regional authorities, financial institutions and others. Subjects of management of innovation growth and realization of scientific-innovation policy are public regional authorities (or local authorities), economic entities and population. All the regions are not equal, each entity has its own goals in the field of implementation of regional innovation policy. Over the last years a quiet active work on creation of innovation system is carried out in the Russian Federation, which is one of the major goals of government innovation policy. Effective management of innovative development of regional economic systems requires changes in approaches to regional policy and competent completion of the strategies of innovation growth based on the analysis of existing theories and practical experience. As can be seen from the above, in the current context the innovation regional potential becomes the determining factor for sustainable development of regional economic systems. Formation and development of innovation potential seems to be one of the priorities of regional policy and makes an effective economic development of both the region and the country as a whole.