The importance of institutions of the innovative economy to ensure the development of entrepreneurship

Relevance of the research topic. The COVID–19 pandemic has undoubtedly affected most areas of social, political and economic life. One of the most important areas, which, according to many researchers, political scientists and economists, has been hit hard by the COVID–19 crisis, is entrepreneurship. In this case, the effectiveness of the implementation of the functions of entrepreneurship depends on the protection of business by effective institutions, which, in our opinion, is a very important and urgent task not only for scientists, but also for expert institutions, politicians, managers, economists, etc. Formulation of the problem. To ensure the development of entrepreneurship, it is important to specify the role and significance of the institutions of the innovative economy, which have an impact on the future development of business. Adjusting and improving their activities is an important condition for the formation of a new type of economy based on knowledge and innovation. Setting goals and objectives of the study – to explore the role and importance of the institutions of the innovative economy to ensure the development of entrepreneurship. Research method or methodology. The article uses methods of abstraction, concretization, systematization, formalization, analysis, synthesis and theoretical generalization. Presentation of the main material (research results). It has been established that the presence of institutions in the innovation economy is an important condition for the development of entrepreneurship. Improvement and revision of the institutional matrix of entrepreneurship should be under the close attention of scientists and government officials. Field of application of results. The results of the study can be used in the practical activities of business entities, institutions of higher education, local governments to improve the institutional support for the development of entrepreneurship. Conclusions on the article. The role, significance and functional features of institutions in the innovative economy that stimulate the development of entrepreneurship are specified. The need for further improvement of state regulation of the institutional environment of entrepreneurship is determine