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The quality of life is defined. The core and structure of the business-ideas contest is described. It is proved that the contests complement the standard educational program and enhance its effect, and as a result – influence positively on the quality of life. Nowadays we face difficult political, economic and social situation. International conflicts, wars, sanctions, embargo result in the tremendous drop of quality of life in many developed and developing countries. Governments of these countries need to solve the dilemma – to strengthen their positions in the international arena and to maintain the appropriate quality of life of their citizens at the same time. In accordance with the Oxford Dictionary the quality of life is defined as “the standard of health, comfort, and happiness experienced by an individual or group” [1]. The Collins Dictionary defines the quality of life is “the general well-being of a person or society, defined in terms of health and happiness, rather than wealth” [2]. In the Business Dictionary the quality of life is defined as follows: “Daily living enhanced by wholesome food and clean air and water, enjoyment of unfettered open spaces and bodies of water, conservation of wildlife and natural resources, security from crime, and protection from radiation and toxic substances. It may also be used as a measure of the energy and power a person is endowed with that enable him or her to enjoy life and prevail over life's challenges irrespective of the handicaps he or she may have” [3]. Thus, the quality of life is a complex category that depends on many factors. For example, the Organisation for Economic Co-operation and Development (OECD) Better Life Index is determined using the following factors: housing, income, jobs, community, education, environment, civic Мищенко Елена Сергеевна – доктор экономических наук, профессор, проректор по международной деятельности, e-mail: int@tstu.ru; Лукьяненко Маргарита Сергеевна – аспирант кафедры «Менеджмент»; Истомин Михаил Александрович – кандидат экономических наук, начальник управления инновационной деятельности, ТамбГТУ, г. Тамбов, Россия.

BUSINESS-IDEAS CONTEST AS A TOOL FOR RAISING THE QUALITY OF HIGHER EDUCATION AND THE QUALITY OF LIFE