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On December 21, the Rector of the Azerbaijan State  Oil and Industry University (ASOIU), Professor Mustafa Babanli, reported "Innovative economy and innovative person" at a scientific seminar. At the event that the faculty and students of ASOIU attended, Professor Mustafa Babanli emphasized the importance of forming an innovative personality in our time for creating an innovative economy. Noting that the innovative economy is an economic doctrine of the XXI century, Rector M. Babanli spoke about the structure of the innovative economy, training in universities in this area, the main directions of modernization in education. According to Rector M. Babanli, the science of innovative economic models, the main principles of which are a high index of financial freedom, a high level of development of education and science, high value and quality of human capital in the broadest sense, innovative enterprises (more than 60-80%) and a large proportion of innovative products, a highly developed knowledge industry, requires harmony between education and industry. Emphasizing that a person is the basis of an innovative economy, Professor M. Babanli spoke about the benefits this economy will bring to industry, universities and the state. He emphasized that the university's priority in modern times is the rapid integration of new knowledge and scientific achievements into the educational process, ensuring the continuous improvement of education. In conclusion, the Rector, Professor Mustafa Babanli, answered the questions of teachers and students.