Current trends in development of the higher education lead to activation of commercialization of research activity results obtained by universities. To this extents, universities become sources of scientific innovations; the implementation of these innovations is a subject of innovative process. Development of an innovation is a part of R&D process in the university. It is financed in accordance with the university’s financial and research plans similar to other scientific activities. A distinctive feature of financing is the scarcity of resources. The material base for R&D works is infrastructure of the university, ie its laboratories and personnel. This allows to organize R&D works with relatively low costs: wages of research fellows, amortization of laboratory equipment and administrative costs may be covered by university at the account of educational process or as costs of student in-service education programs. In this case, students are the best labor source in terms of cost to human capital ratio
Keywords: innovations, management, risks, commercialization, company