Comprehensive analysis and study of the economic growth opportunities and innovations of a country requires a large variety of data, as well as working with diverse information, both quantitative and qualitative. It is therefore necessary to create a comprehensive database of the subject domain for purpose of standardization, integration, and saving of such database in the long run, that will contribute to their widespread use. For the its successful development, one needs to decide which data elements and their attributes should be included, which factors affect the range of database application, as well as what design methods should be used to reflect accurately the specifics of the subject domain. When using the traditional methods of database design, it is difficult to determine all entities and objects, as well as represent complex semantic relations between objects. In this article, authors substantiate the feasibility of creating the required database based on ontology. In this case, all concepts of the database of innovations and its attributes, as well as semantic relations can be clearly and fully represented, and then converted into the Entity-Relationship (ER) model.