The purpose of the article is to show the possibilities of applying the factor approach to assess the use of the regions' intangible resources as a component of their modernization potential. Based on the analysis of theoretical approaches to the study of the region's intangible resources, the article presents the structure of intangible resources, including human, intellectual, information, organizational and social resources. As the authors suggest, the effectiveness of the use of the region's intangible resources is determined by summation of management influences, aimed at their transformation into the tangible results (i.e., increase in competitiveness and investment attractiveness of the region, GRDP growth). Two hypotheses have been put forward by the authors: 1) the groups of intangible resources suggested in the research can be measured by a set of indicators, and implement a system of «non-material» factors for assessing the level of modernization of the region's economy; 2) selected indicators can be used to classify the regions by the level of use of intangible resources. Both hypotheses have been confirmed. To test the hypotheses, methods of factor analysis, correlation analysis and cluster analysis were used. Verification of the analytic tools has allowed the authors to classify the regions into four groups, depending on the use of the regional intangible resources, as well as to develop recommendations aimed at increasing effectiveness of their use. The research findings suggest that development of the institutional environment supporting the commercialization of research and development results is relevant to all Russia's regions. The conclusion is made that it is possible to use the tools proposed in the article to implement the regional development strategies, i.e., to identify the growth-shaping and limiting factors of modernization development, as well as to identify potentially flagman regions as the areas for the neoindustrialization projects implementation.