The reasons for the low innovation activity of Russian small enterprises are presented in the article from the standpoint of institutional theory. According to the authors, today the degree of influence of the institutional environment on meso- and mini-levels, as well as informal rules for the development of small forms of entrepreneurship, including their innovative activity are underestimated. The influence of informal component of mini-level institutional environment on the implementation of formal institutions in the examples of the phenomenon of «Old Believers» Entrepreneurship and institutions of the shadow economy is shown. The authors suggest that the shadow nature existing in Russia on mini-level informal institutions to be explained not only by the low level of trust in society (including trust in authority and leadership) and the differences between the national mentality, but also inadequate distribution of transaction costs of doing business (including innovation) between economic agents. Features of the institutional system of Russia as well as transaction costs of the domestic system of patenting inventions are investigated as the key causes of the problem. Methodological principles of institutional support of small innovative businesses are presented.

The article is devoted to the study of the relationship of innovation and investment activity of Russian regions. On the basis of the statistical data, the system of indicators and designed complex indices of innovation and investment activity of regions are proved. The level of investment and innovative activity of regions in the last four years are analyzed, the basic tendencies and structural changes are revealed. The dependence between innovation and investment activity of regions is investigated. Based on the analysis, the map of the region’s position demonstrating the high level of differentiation of Russian regions in terms of both investment and innovation activity is developed. Also, the authors proposed a matrix distributing regions into four groups depending on the correlation between a level of innovation and investment activity, and recommendations on the selection of priority directions of economic policy for the subjects of the Russian Federation taking into account their current position are developed. The research results have practical significance and can be used to improve existing regional economic development programs for both individual regions and the country as a whole.