In recent years, the concept of the “fundamental triangle” of the strategic economic development has become an increasingly relevant tool for developing innovative policies in the developed countries of the world, including Russia. The demand for this concept is determined by the processes of integration of scientific, educational and innovative activities on which it is based. The aim of the article is to analyze the functioning mechanisms of the “fundamental triangle”, determine the role of its participants (universities, research organizations, industrial enterprises, public authorities) and their joint strategic goals, as well as to research the state’s support and incentive tools for participants in this system. The study applied general scientific and special methods, such as content analysis, comparison, systematization and generalization of the results. The article shows that the “fundamental triangle” is a unifying basis for other popular models, such as “knowledge triangle”, “triple helix”, “third mission” and “innovative university”. We analyzed the concept of the “fundamental triangle” as a functional model characterizing the interaction between the fields of education, science and innovation. We studied the role of all participants in the functioning of the “fundamental triangle” and identified their joint strategic goals, such as increasing the aggregate intellectual potential of society, creating conditions for the accelerated development of high technologies by the Russian industry, and improving the quality of training in the field of high technologies. We revealed that the implementation of institutional and organizational transformations in universities requires appropriate incentive tools: management of universities and their financing based on competitive programs and special measures for the allocation of public funds; transfer mechanisms related to the transfer of knowledge between all participants in the triangle and forming an innovative environment; federal or regional development strategies. The considered model can be applied as an effective tool for the formation and strategic development of the national economy in general and all its participants in particular.