Open AccessThe article discusses a hot topic concerning the organization and implementation of a proprietary method of the technical service aimed at solving the problems of technological modernization of manufacturing facilities, machines and equipment and more efficient use of financial means allocated by the government of the Russian Federation for these purposes through increasing a level of competitiveness thanks to growing quality and reliability of equipment. Based on the analysis the paper gives an accent on the factors that are capable to provide a rate of return sufficient for additional, along with the state support, investments of innovative development of the enterprise because of technological modernization of production. Such an approach to technological modernization of mechanical engineering plants allows 3–5 times enhancement of their development rates provided that a careful scheduling of activities is based on the organizational and technological design. The researches have allowed us to formulate the proposals for the project implementation on innovative development of mechanical engineering.