The article analyzes the relationship of innovative processes in Russian regions in the XXI century. The interrelation between innovation supply and demand is shown, the mechanisms of their interactions and influence on the development of innovative economy of the region is investigated. Before the upward phase of the wave of a new Kondratiev cycle, Russia's economy was on the kind of the bifurcation of ways.One of the sources of competitive advantages are innovations, created as a result of scientific and technological activities. Innovation potential of Russian regions should be considered in conjunction with the innovative processes in the region. Of particular interest are innovative competitive advantages. They are formed due to the implementation in the production of R&D results, aim to ensure rapid upgrade the range and the range of products. The paper analyzes the data on the specialization of certain regions in the production of certain kinds of products and export destinations of these products in the various parts of the globe. Under the conditions of inadequate development of the division of labor between regions, such specialization poses a threat to the centrifugal tendencies. The article describes the structure of the objects that make up the region's innovation infrastructure. The data on the number of innovative infrastructure organizations in the regions of Russia. The article reviewed the rating of innovation development of the Russian Federation. This ranking collectively explored different aspects of innovation development, between which, at first glance, there is no relationship. A comparative analysis of the dynamics of the Russian position in terms of annual international indices «Doing Business», «Global Innovation Index», «Global Competitiveness Index» for the 2008-2016. Despite the positive trend, significant reserves have been identified for their further growth.