This paper is intended to investigate the current status and prospects of the development of an innovative environment for a knowledge-driven economy in Belarus. The estimation of the innovative environment is based on Belarusian official statistical indicators and state program documents. The results indicate the need to further improve the environment for the development of innovations in Belarus on the basis of the institutional framework formation for stimulating innovations. The new innovation coordination model in consideration of the “innovation council” is put forward with regard to Belarus. The authors take into consideration the accomplishment of the EU concept towards innovations driving a knowledge-driven economy. The substantial benefits for various Belarusian actors that could be ensured by the open innovative development are determined.