Problems and Perspectives of Improving the Process of Innovations' Commercialization in a Modern University

The purpose of the work is to determine the problems and perspectives of improving the process of innovations' commercialization in universities of modern Russia. The theoretical and methodological basis of the research is the new institutional theory and the systemic approach to conduct of research within the economic theory. The work uses the method of structural and functional analysis, statistical analysis, and formalization. As a result of processing of statistical information on the innovational activities of Russian universities in 2016, we schematically presented the process of creation and commercialization of innovations in modern Russian universities in 2016. Based on the performed result, we determine the "institutional trap" of innovative activities of modern Russian universities. Its effect could be characterized as "innovations for innovations". In other words, Russian universities are separated from the national economic system and seek their own interests. The interests of scholars related to increase of authority in the scientific society and maximization of reward for innovative activities do not correlate with the national interests, oriented at import substitution of innovations and increase of innovational activity of domestic companies. The authors prove that the main reason of low effectiveness of the process of innovations' commercialization in modern Russian universities is underdevelopment of the institutional basis. Practical recommendations for solving the above institutional problems and improving the algorithm of innovations' commercialization in a modern university are offered - they will allow increasing the number of innovations that are successfully commercialized, i.e., patented and passed for implementation to the companies, and that are reflected in modernization of business processes and manufacture of innovational products.