Paper Title
A Systematic Approach to The Innovation Process

This paper presents the innovation process, as such, in all its three phases for a new product: development, development and distribution. The authors note that in Georgia, a link between the development and development phases has not yet been formed. The authors explain that in the process of privatization, many scientific and technical complexes that were built on the principle of “institute - experimental plant” were destroyed, as a result, today the plant does not know what to produce, and the research institute does not understand who will implement the innovations. As a result of their research, the authors conclude that it is necessary to reduce the public sector of science, which should consist exclusively of scientific institutions conducting world-class fundamental research and organizations serving public administration and the public sector (healthcare, ecology and budgeting, defence and security, etc.). Keywords - Innovation Process, State Regulation, Privatization, Research Institute, Technical Complex, Transfer of Technologies