Institutional conditions and factors behind choosing industrial park for innovative business development

The paper studies institutional conditions and factors of industrial parks’ attractiveness, as well as the selection mechanism and its elements that guide the resident of industrial parks when deciding on the place to locate their business. The methodological basis embraces systems theory, organisational theory, the evolutionary concept of institutional theory and scientific theories of strategic management. The authors apply the methods of system-based, logical-structural, technical-economic analysis, decomposition, graphic modelling and expert assessments. Generalization of analytical studies allows identifying and evaluating the efficiency of the current methods for stimulating potential residents; compiling the list and establishing the order of measures aimed to attract residents to industrial parks; formalizing regulatory information into the system that governs the activity of the industrial park and accompanies the participating residents at all stages of business development. The research results demonstrate that both sufficient conditions and mobilization of the factors creating industrial parks’ attractiveness are not a one-time act. This is a continuous, multifaceted and consistent process of resolving the tasks of industrial parks’ development which implies participation of both the state represented by legislative and executive authorities and management companies.