Importance Unbiased evaluation of innovation gets more important and contributes to effective innovative activities of business. Objectives We design a modern methodological toolkit for innovative businesses to evaluate innovation. Methods The theoretical framework comprises proceedings of Russian and foreign scholars in economics, national legislative documents, Oslo Guidelines on Substance, Content and Measurement of Innovative Capabilities, and periodical materials on innovation evaluation. We applied logic and situational approaches, analysis, synthesis, detailed elaboration and generalization, sample-based observation, grouping, formalization, analogy, abstraction and logic approach. Results We articulated categories of innovation evaluation reliability and specified definitions of innovative activities, capabilities, business, and project. The article provides a more thorough view of theoretical and methodological approaches to innovation evaluation and presents a toolkit to evaluate innovation. Conclusions and Relevance We formed the methodological toolkit to evaluate innovation, innovative culture, business, capabilities, product, project, risks, etc. Businesses can use the toolkit at the micro-level to prepare innovation evaluation regulation, considering the innovative business specifics.
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