The purpose of this paper is to assess the impact of regional innovations on the productivity of enterprises. The authors put forward the following hypothesis: the level of regional innovative development has a positive effect on the productivity of Russian enterprises. For the analysis, the Orbis databases on Russian enterprises for 2005-2013, Statistical Collections of the Federal State Statistics Service “Regions of Russia. Socio-economic indicators” are used. To test the hypothesis, we have applied a model with fixed effects to eliminate the problem of endogeneity, which is related to omitted variables, a model with random effects, and the Levinsohn-Petrine method, which takes into account the intermediate resources used in production as a proxy variable. The results have shown that the increase in the number of advanced technologies in the region leads to the increase in the company’s revenues. This suggests that it is necessary to take measures regarding the development of innovation policy in the country, as well as to pay attention to a number of factors that may affect the innovation activity of firms. Further research may involve a number of factors that increase or decrease the capacity of companies that will develop and implement innovations, in particular, external factors such as competition, access to finance, environmental conditions, and so on.