SPECIFIC FEATURES OF INNOVATION SYSTEM FORMATION OF THE REPUBLIC OF KOREA

Achievements of the Korean economy are the result of performance of the Korean innovation system. The article describes the path of national innovation system development of the Republic of Korea. The study identifies factors of the Korean success: close cooperation between the state, business and scientific community; leading role in the innovation process of small and medium-sized enterprises; specific forms of technology transfer; the creation of innovation clusters; strategic government regulation of the innovation system. However, the Korean innovation model has revealed its limitations: the necessity of further restructuring of chaebol, the paucity of venture capital institutions, the necessity of creation of innovative potential in many fields of science and technology. The basic lessons that can be learned from the experience of the Republic of Korea are formulated