Science and innovation management is an activity related to transformation of research and developments, other scientific-technological achievements into a new or improved product brought to the market, into a new or improved technological process used in practice, or a new approach to social services.

According to the law “On Investment Activity”, Innovative activities are one of the form of investment activity performed for implementation of achievements of the scientific-technical progress in production and social sphere.

The world economy experiences some deceleration nowadays, and a wave of innovations can stop it and initiate the time of growth.

The situation in the native science is characterized by unemployment, drawdown of GDP share used for science, lack of scientific base of the main part of products reducing competitiveness of Ukraine and slowing down the scientific-technical progress.
The strategic resource of economic development and growth in this situation is information, formation, knowledge, latest technologies and management practices.

Creation of new markets can help to build the innovative economy:

• market of intellectual property ,
• market of investment,
• market of knowledge and ideas,
• market of new organizational forms рынка,
• market of services.

It is appropriate for government to create:

• venture funds,
• business- incubators,
• innovation centers,
• technology transfer centers,
• clusters of small and medium business etc.

Organizational and economic mechanism of economic development management includes two levels:

• macro- (state, regional, branch levels) and
• micro- (individual entrepreneur level).

Macrolevel includes mechanisms of state regulation of market relations, legal regulation of businessm social and political regulation.
Microlevel is actions of enterprises aimed at search of market opportunities based on development and bringing those novations to the market, which can provide the enterprise with competitive abilities.

Scientific achievements, the latest technologies and innovative factors of development have a great potential for the economic growth of Ukraine. Innovative economy can follow the industrial economy

The important problem at state level is implementation of intellectual ideas and their commercialization from intangible to tangible assets, and provision of the close correlation between scientific and business spheres.

Cluster model of innovative development is an effective way to improve enterprise’s competitiveness that can be considered as a potential model of investments in development and implementation of projects in the innovative scientific business.
Science and innovation management also allows for new approaches to human resources management. One of such approaches is talent management. The above mentioned method offers the more effective motivation of young scientists and the better use of their abilities in order to provide the economic growth of the country.