This article provides information on the main directions of development of the innovative economy in the region, the impact of higher education institutions, and analysis. Innovative activities of higher education institutions, various approaches to them, indicators of financing innovative activities are analyzed. Also, the principles and conditions of innovative development of higher education institutions were researched. Scientific conclusions and
recommendations have been developed on further expansion of mutual relations between
education, science and business, commercialization of innovative developments and scientific research results of higher educational institutions.

This article provides information about the main directions of development of the innovative economy of the region, the role of higher educational institutions. The innovative activity of higher educational institutions, various approaches to it, and indicators of financing innovative activity are analyzed. The principles and conditions for innovative development of higher educational institutions were also studied. Scientific conclusions and recommendations have been developed for further expansion of the relationship between education, science and business, commercialization of innovative developments and results of scientific research in higher educational institutions.