Development And Problems Of Financing Of Venture Business In The Modern Economy Of Russia

About the authors:

Irina A. Liman,
Irina V. Zhuravkova,

Abstract:

Nowadays research and development and elaboration of innovative activity of enterprises become particularly important due to ever increasing globalization, increasing competition in the global market and the fight for new technologies between firms. Thus, venture companies and venture capital financing from the state and a private sector provide innovative development of county’s economy, contribute to the development of new technologies and the promotion of high-tech products. The aim of this paper is to analyze the situation in the market of venture business in the Russian Federation as well as to work out recommendations for its further development. This goal has been achieved by determination venture companies’ position in the world economy and in the Russian economy, pointing out tendencies and prospects of their development; by identification key problems that prevent these companies to develop and elaborating recommendations to solve those problems. Modern concepts of market economy, management and innovative management were used as a methodological basis of the paper; the solution of tasks was carried out on the basis of the structural analysis, statistical analysis etc. The results of this work are the identification and analysis of the weaknesses of venture capital financing in Russia (ex. lack of special regulations in this sphere, insufficient funding support of innovators at early stages of projects, weak companies’ integration into the global innovative and venture ecosystem etc.) as well as development of recommendations for their solution, such as: expansion of carrying out venture fairs, using international experience and collaborating with relevant international organizations, creation of seed and early-stage funds to support small technology companies, the development of system of expertise and set of services. The results can be used by managers of public institutions as a measure of venture companies’ development in Russia; heads of various companies can apply those results in determination their economy strategies to survive in the conditions of the international competition and globalization.

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