Research Article Open Access

Intellectual Capital as a Key Factor in the Economic Development of the Region

Abstract

Modern economic development under globalization and increased competitiveness requires the availability of intellectual capital. Nowadays, intellectual capital has become one of the most demanded resources, which is explained by its ability to generate new ideas and find creative approaches to existing economic processes. Intellectual capital is developed in two ways: education – skilled personnel training, and involvement of foreign specialists. In the article that relies on existing approaches intellectual potential assessment model is formed and cаn be applied to the regions of the country. With the help of this model the intellectual potential of the Samara region is assessed. In the article the quantity level link of gross regional product and intellectual regional potential is analyzed. Built regression model shears that intellectual capital significantly affects a regional income level. The Samara Oblast has many skilled specialists that form its intellectual capital. New educational institutions should be established and innovative projects should be funded to improve the level of the oblast's intellectual capital.

Maria Konovalova, Olga Kuzmina, Alexander Mikhailov, Rustam Hansevyarov and Natalia Persteneva

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