Science and Education Publishing International Journal of Econometrics and Financial Management 2 4 2014 08 27 Evolution of the Innovation Process Models 119 123 EN Mikhaylova Anna Alekseevna Immanuel Kant Baltic Federal University, Kaliningrad, Russia IJEFM2014241 10.12691/ijefm-2-4-1 2014 07 15 2014 08 05 2014 08 27 The article provides a review of the evolution of scientific concepts on the innovation process. Two main approaches to the innovation process are presented: linear and non-linear, and their distinctive features are defined. Within each approach the main types of models of the innovation process are considered. The stages of formation and development of a linear model of the innovation process are reviewed. Analyzed the influence of various factors on the occurrence of non-linear models of the innovation process. Highlighted the advantages and disadvantages of linear and non-linear approaches to the development of models of the innovation process. The effect of trends in the localization of the innovation process in the current models of the innovation process are studied. The modeling of the innovation process at the present stage is proposed to be considered as a complex, interactive, nonlinear localized learning process.