Innovative development is an essential component of economic development, responding to global challenges of our time. Please be aware that nowadays there is a great increase of not only the practical implementation of innovative technologies and processes, but also of theoretical understanding of these trends in theoretical studies. Exploring the nature of innovation processes and factors of their incentive economics focuses on the large-scale process of generating ideas and theories, issues of priority, issues of innovation, and economic and cultural backgrounds’ need for innovative ideas. Innovation is the result of the transformation of ideas, research, development, new or improved scientific and technical, socio-economic, political and other decisions that promote, improve the quality and standards of living of the population and national security through the harmonization of the economic interests of economic entities (profit firms), market of consumer interests (needs at the lowest cost) and interests of society (rationalization needs, environmental protection, reduction of unemployment, the growth of the tax base, increase in average household incomes, reducing their differentiation, growth of intellectual potential of society, increase in life expectancy, increasing competitiveness of regions, countries and so on. Therefore, it is necessary to identify the role of innovation in the development of regional and global economy, which this study is dedicated to.