Introduction. The urgency of studying of the problems of correlation of regional development and Genesis of small innovative enterprises at universities is due to the strengthening of innovative orientation of national economic development. Theoretical analysis. The article considers the small innovative enterprises, which are one of the leading forms of commercialization of results of research activities of higher education institutions. The article presents the stages of development of business initiatives at the state universities of Russia. The article reveals the features of the small innovative enterprises at universities in innovative development of the region and the country. Empirical analysis. To determine the impact of small innovative enterprises on the development of the Volga Federal district built an econometric model. This model defines the dependence of the growth rate of the gross regional product of the values of indicators such as the number of staff employed in scientific research and development the costs of research and development, used advanced production technologies, the number of small innovative enterprises. Conclution. Although small innovative business in universities is an important part of the modernization of the region and of the Russian economy and plays a leading role in the implementation of University innovations, formation of intellectual elite of the region, the involvement of students in the business, its influence on the development of the region is not so clear and not immediately be accompanied by the positive effect. It depends primarily on how well-developed innovation infrastructure of each region, and what is taking innovative measures.