Importance Business entities tend to introduce innovation in their operations more intensively, thereby generally contributing to active economic growth. In this respect, the research retains relevance and significance since it is important to correctly evaluate innovative activities. Objectives The objective of the research is to substantiate key paths for improving analytical tools to evaluate innovative activities of business entities, as stipulated in the Russian laws, focusing on an increase in the unbiased nature, accuracy and reliability of evaluation. Methods The theoretical and methodological framework of the research comprises proceedings of practical specialists, legislative documents of the Russian Government, materials of periodical editions covering issues of evaluating innovation and innovative activities. The methodological framework consists of logical, situational and scientific approaches to studying the analytical tools for evaluating innovative activities of profit-making organizations. Relying upon the analysis, synthesis, specification and generalization, sample-based observation, grouping, formalization, analogue method, abstract-logical method, economic and statistic method, monographs, analytical approach, comparative approach, expert assessment, we evaluate innovative activities of certain business entities, which are indentified to carry out the type of operations. Results The research is of significance for the theoretical framework since it amplifies a scientific understanding of theoretical and methodological approaches to evaluation of innovative activities of business entities, and provides a deeper insight into this subject. As for the practical significance of the research, it devises and applies specific approaches, techniques, methods, practical guidelines that constitute the methodological and practical framework for business entities to create analytical tools for evaluating innovative activities. The tools enhance the unbiased nature, accuracy and efficiency of evaluation. Conclusions and Relevance The Russian governmental authorities may apply the tools at the macro-and mesolevel in order to determine national strategic priorities in innovation. As for the microlevel, they may use them in relation to practical and managerial activities of business entities. The research expands analytical tools for evaluating innovative activities that allow for considering companies' innovative corporate culture, identifying a type of innovative activities, and assessing the innovative potential and opportunities.
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