THE ROLE OF INNOVATION

Small business and private entrepreneurship have a special place in the world economy and the system of regions as one of the most important forms of highly developed efficient economic activity. In developed countries private entrepreneurship accounts for 60 percent of GDP and more than 50 percent of the employed population. Private entrepreneurship also hinders the development of monopolistic processes in the economy accelerates the development of science and technology and leads to structural changes in the national economy and its regions. Small business and private entrepreneurship actively cooperate with large business. It plays a key role in solving problems such as creating new jobs reducing unemployment and training qualified specialists at the national and regional levels.