Institutional characteristic features of innovation systems development of BRICS countries

Abstract

New economic leaders of the future — emerging markets with significant growth potential, are attractive to the investment plan, and even during the crisis, their growth has not slowed. Despite the national characteristics of economic systems, the BRICS (Brazil, Russia, India, China and South Africa) countries are facing similar institutional and economic challenges: an active government regulation, the need for improvement of transport and energy infrastructure, corruption and intellectual property protection, as well as building effective national innovation systems. Modern innovation system of BRICS countries have gone through several phases and include the development of infrastructure (technology parks, technology transfer centers, venture capital funds), a clear scientific and technological policy and regulatory framework. But have yet to solve the problems of patenting and protection of intellectual property rights, without which there couldn't be a successful technology development. In this regard, Russia's economy is similar to India and China, where these problems are also the main inhibiting factor for innovative development.