The subject of the research is factors accelerating the technological development of the country. The relevance of the subject is due to the low level of innovation activities in the Russian economy and high dependence on technology imports in a number of the most important manufacturing and mining industries while a number of government programs to promote innovation do not yield the expected results. The implementation of the goals for accelerating the economic development and Russia's entry into the top five largest world economies based on the technological breakthrough set forth in the May presidential decrees requires taking into account the real technological trends in the largest economies. The purpose of the research was to show that the modern technological development requires building a research base for business, especially for large companies, which is in line with provisions of the economic theory developed by a number of economists from J. Schumpeter to P. Romer who substantiated the special role of business research and development under the support of the state. It is empirically proven that it is the high level of R&D expenditures that distinguishes developed countries from those less developed. The paper analyzes the scope and sectoral structure of the R&D carried out by large leading-edge corporations. The statistical data related to technological leaders and other high-tech companies was used in the research. The data was supplemented by patent statistics. The specific features of the growing technological competition between the United States and China were considered.