KEY FACTORS OF THE TERRITORY'S SOCIO-ECONOMIC DEVELOPMENT: INNOVATIVE ASPECT

Strategy of territorial development needs to be based on mutual influence of socio-economic and innovative factors. The paper discloses socio-economic determinants that provide to reinforce territory's innovative development. These determinants are higher education development, improving of social and transport infrastructure, growth in small business and trade. And author carried out a correlation analysis of the innovative environment factors, which have a decisive influence on the territorial development. The study revealed the main factors of territory's socio-economic development and, particularly, improving living standards. These determinants include improving of specific innovative infrastructure and innovative businesses, development of science, as well as the development of innovative economy in general. The results of this study may be used in the government practice of different territories (countries, regions) for decision-making in the field of socio-economic development.