FORMATION AND DEVELOPMENT OF VENTURE FINANCING SYSTEM IN UZBEKISTAN

2020 ◽  
Vol 10 (3) ◽  
pp. 12-18
Author(s):  
Mehri Vokhidova ◽  
Keyword(s):  
Venture Capital ◽  
Financing System ◽  
Venture Financing

This article examines the first stage of the formation of venture capital in Uzbekistan and the possibilities of applying the experience of Israel in the development of venture financing in the country

scholarly journals The impact of lending availability and conditions for SMEs on the global development of venture financing systems

2021 ◽  
Vol 92 ◽  
pp. 07006
Author(s):  
Svetlana Balashova ◽  
Ivan Mikhaylov ◽  
Mikhail Lazyrin
Keyword(s):  
Venture Capital ◽  
Global Economy ◽  
Value Added ◽  
World Order ◽  
Innovation Activity ◽  
Financing System ◽  
Delegation Of Authority ◽  
Ict Development ◽  
Venture Financing ◽  
The Impact

Research background: The current situation, which caused global economy recession, has shown that all participants of the venture capital market are not ready for such occasions. Small and medium-sized businesses found themselves in a in a pickle that completely limited the ability to conduct business in most sectors of the economy and venture investors had to urgently reassess their capabilities and their requirements for investment objects. Different events have been constantly influencing the venture financing system to change and develop during decades of its existence. The most important changes are happening today in new world order dictated by COVID-19. Purpose of the article: The aim of this article is to analyse the current state of venture financing, find out how VC is related to the ICT development in European countries, compare VC to other lending mechanisms for SMEs and assume how the global venture industry may be changed by global isolation. Methods: The ARDL model for panel data is used to assess the impact of ICT developments on VC. Comparative and statistical analysis of available datasets on financing mechanisms is conducted. Findings & Value Added: The results show that the increase in value-added in the ICT sector is driving the growth of venture capital in leading countries in terms of innovation activity. Venture capital will be forced to transform towards globalization and centralization, but with the delegation of authority to local representatives, through new communication forms. Countries with high ICT development may be more attractive for venture financing.

scholarly journals Prospects for the Development of IT-clusters in Ukraine on the Basis of Venture Financing

2019 ◽  
pp. 190-195
Author(s):  
V. Mishura ◽  
V. Volodchenko
Keyword(s):  
Venture Capital ◽  
Capital Investment ◽  
Information Technologies ◽  
State Regulation ◽  
Cluster Policy ◽  
Innovation Ecosystem ◽  
Venture Capital Investment ◽  
Venture Investment ◽  
Venture Financing ◽  
The Impact

The basic principles of the development of IT clusters as a component of the national innovation ecosystem of the country were reviewed and analyzed. A conceptual model of organizational and economic state regulation of IT clusters in the national economy has been developed, which harmonizes the social and economic interests of the participants of the cluster association and is aimed at forming a state cluster policy based on improving the competitiveness of the IT sector. Practical recommendations for improving the state policy of development of IT-clusters in Ukraine on the basis of venture capital investment are substantiated. It has been established that despite the positive dynamics of venture investment in the IT sector in recent years, unfortunately, it is still in the process of becoming. The intensity of the impact of venture capital on the formation and development of the IT sector in Ukraine is estimated. The main factors that impair the development opportunities of this type of investment in Ukraine are investigated. Analyzed the structural and regional features of the development of IT-clusters. Based on the analysis, it was revealed that the development of IT clusters on the basis of venture investment is a promising and modern investment direction for Ukrainian enterprises. Keywords information technologies, IT cluster, IT sector, venture financing; innovation development, venture capital.

scholarly journals VENTURE CAPITAL IN THE FINANCIAL SUPPORT SYSTEM OF INNOVATIVE ECONOMY

2020 ◽  
Vol 1 (45) ◽  
pp. 24-38
Author(s):  
Ruslana Bilyk
Keyword(s):  
Venture Capital ◽  
High Efficiency ◽  
Developed Countries ◽  
Innovation Activity ◽  
The World ◽  
Venture Financing ◽  
Innovative Economy ◽  
The Developed Countries ◽  
Effective Development ◽  
Venture Business

In the article are considered the theoretical bases of venture financing. The economic essence and specificity of venture capital, as well as its main forms and influence on financial provision of innovative economy, are highlighted. Interaction of innovation development and venture investment is considered. The possibilities of using venture capital are determined as an additional source of financing for innovation activity. The world experience of formation and development of venture capital, mechanisms of organization of venture enterprises are analyzed. The present state and main tendencies of development of the venture capital market in the developed countries of the world are researched. The possibilities of using the experience of innovative economies for Ukraine are revealed, where venture capital with its distribution of risk can become one of the effective methods of raising capital to overcome the crisis and deep structural restructuring of the national economy. Conclusions regarding are made the conformity of development of Ukrainian venture financing to the world tendencies. The factors are revealed, which restrain the effective development of the domestic market of venture investments. The risks typical for venture financing are determined, which are conditioned by its features and specificity of the mechanism of such financing. The ways of minimizing and avoiding the risks of venture financing for the investor and the enterprise-recipient are set out. The practice of using venture financing in Ukraine is evaluated, on the basis of which conclusions are made about the high efficiency of venture financing for the newest innovative enterprises. The complex of measures was proposed and recommendations on creation of favorable investment climate for stimulating the development of venture business, activation of innovation activity in Ukraine, were given.

scholarly journals VENTURE CAPITAL FUNDING AS A FACTOR OF THE INNOVATIVE DEVELOPMENT

THE BULLETIN ◽  
2021 ◽  
Vol 2 (390) ◽  
pp. 169-176
Author(s):  
Ye. N. Nesipbekov ◽  
G. N. Appakova ◽  
Zh. S. Karabayeva
Keyword(s):  
Venture Capital ◽  
Innovative Activity ◽  
Innovative Development ◽  
Field Development ◽  
Stage Of Development ◽  
Venture Investment ◽  
Venture Capital Funding ◽  
Capital Funding ◽  
Venture Financing ◽  
Effective Development

The paper justifies the necessity to improve the mechanisms of venture capital funding in Kazakhstan for sustainable and effective development of the country. The role of venture capital funding in the innovative development of the countries is investigated on the base of study of the experience of such countries as USA, Canada, Europe, India, and China. The recent research works related to the venture capital funding in different aspects are reviewed. The innovative activity and venture investments in the Republic of Kazakhstan were analyzed. The paper investigates the features of venture capital funding in Kazakhstan. The investigation results show that Kazakhstan system of venture investment is at its initial stage of development, and there are no tangible results of venture field development yet. The conducted research allowed revealing the factors limiting the development of venture investment in Kazakhstan, these are: poor systematic monitoring of funds efficiency invested by the national institutes; lack of effective strategies of venture capital funding; low innovative activity and intensity of venture appearance; uncertainty and gaps in the legislative base related to venture financing; absence of tax concessions and preferences not tied to FEZ or technological parks; absence of strong institutional venture investors; low capacity of securities market and scarcity of its instruments. The work suggests a set of measures directed on activation of venture financing. The implementation of the suggested measures assumes the increased control over the effectiveness of quasi-public structures investments and venture incomes, and creation of conditions for venture capital funding development. The research results can be a cut-off point for further investigations in the field of venture capital funding related to the innovative development of the country.

scholarly journals VENTURE FINANCING OF INNOVATIVE PROCESSES IN AN AGRICULTURE OF UKRAINE

World Science ◽  
2018 ◽  
pp. 62-65
Author(s):  
Ilona Dumanska
Keyword(s):  
Venture Capital ◽  
Commercial Banks ◽  
Agricultural Sector ◽  
Basic Research ◽  
Foreign Investments ◽  
Research And Innovation ◽  
Venture Investment ◽  
Foreign Countries ◽  
Venture Financing ◽  
Favorable Conditions

The article reveals the peculiarities of ventures investigated the sources of their funding. The problems of venture financing innovation enterprises of the agricultural sector. The problems and prospects of development of venture investment in Ukraine. Found that in Ukraine is a source of venture capital organizations, large companies and commercial banks. Today, almost every company has its own venture capital fund that invests in innovative businesses related fields. Unlike the developed foreign countries in Ukraine basic research in the agricultural sector financed only by the state. This fact provokes the creation of favorable conditions for attracting private and foreign investments for the development of research and innovation in agriculture.

scholarly journals Sustainable development of industrial enterprises through the use of venture capital and technology

2020 ◽  
pp. 165-177
Author(s):  
Dmitry A. Stepanov ◽  
Keyword(s):  
Sustainable Development ◽  
Venture Capital ◽  
Research Process ◽  
Financing System ◽  
Economic Relations ◽  
Industrial Enterprises ◽  
Stage Of Development ◽  
Nomic Development ◽  
Analysis And Synthesis ◽  
Scientific Principles

Subject/topic. At the present stage of development in the Russian Federation, all the necessary prerequisites for the implementation of venture activities in industrial enterprises have developed, which include: global factors (determined by global eco-nomic development and its evolution), macroeconomic (determined by the characteristics of the functioning of the national economy) and microeconomic (deter-mined by the specifics of individual business activities subjects). Goals/objectives. The purpose of this article is the development and scientific justification of theoretical and methodological foundations, methodological approaches and practical recommendations on the venture activities of domestic industrial enterprises in the con-text of their sustainable development. The object of research is the theoretical and methodological foundations of venture activity in industrial enterprises. The subject of the study is a complex of systemic ties and economic relations arising between subjects of venture activity. Research Methods. The methodological basis of the re-search is the dialectical method of scientific knowledge, the general scientific principles of conducting integrated research, the fundamental principles of modern eco-nomic theory, marketing, and the conceptual principles of managing innovative activities. In the research process were used: statistical analysis – in the study of the state of development of industrial enterprises; abstract logical analysis – when developing a conceptual model of venture financing; system-functional – in the study of the conceptual foundations of a breakthrough strategy for industrial enterprises and the essential characteristics and structural components of the economic mechanism of venture activity of industrial enterprises; methods analysis and synthesis – when substantiating the methodological aspects of the venture activity of domestic industrial enterprises. Results. The article suggests the process of attracting venture capital business to the development of industrial enterprises, which takes into ac-count the specifics of the activities of domestic economic entities. The author pro-poses to use the liability allocation matrix to account for additional organizational costs.

Stimulation of innovation in the public sector: foreign experience

2020 ◽  
pp. 22-27
Author(s):  
Anna Liubchych
Keyword(s):  
Economic Development ◽  
Venture Capital ◽  
Capital Investment ◽  
Early Stage ◽  
Information Support ◽  
Main Body ◽  
Financing System ◽  
Stage Of Development ◽  
The Government ◽  
Stimulation Of

Problem setting. One of the most important problems and obstacles to the innovative development there is an uncoordinated work of the government to identify and approve at the legislative level the main means of stimulating innovation. Target of research is to analyze some types of stimulation of innovation activities implemented in foreign countries. Disclosure of some features of the current legislation on stimulating innovation. Analysis of resent researches and publications. Problems of innovative activity are devoted to research of a number of well-known domestic and foreign scientists-lawyers and economists: Atamanova Yu.E., Balueva O.V., Berensa V., Burman G., Davydyuk O.M., Didenko N.G., Emelianova V.M., Goncharova Yu.V., Grechan A.P., Kvasnitskaya R.S., Mavroediya E., Ravski T., Remenprit K., Vashchuk N.F., Vlasova V., Voynarenko M.P., Zadikhayla D.V., Zafara A., Zaytseva L.O., Zhornokia Yu.M., however some questions of the problem still need clarification. Article’s main body. Over the past 30 years, a global consensus has emerged on the importance of innovation as the primary means of addressing economic development, health, national security and environmental issues. Many of the world’s leading countries are making unprecedented investments in promoting innovation through increased R&D funding and ongoing support from universities and innovative small and large enterprises. They implement new programs and public-private partnerships to stimulate the commercialization of new ideas in the market. There are eight effective incentives for innovation that are used by many countries, including: incentives for corporations investing in R&D; incentives to create R&D centers; technological zones; support for company modernization; support for innovative exports; government grants and preferential loans; support for innovative public procurement; patent boxes. Regarding the legislative aspect of promoting innovation in Ukraine, the following should be noted. The Ministry of Economic Development and Trade of Ukraine participates in the development of sectoral and crosssectoral export strategies. The corresponding initiative is foreseen in the Export Strategy of Ukraine (“Road Map” of Strategic Trade Development) for 2017-2021, approved by the Cabinet of Ministers of Ukraine No. 1017-r of 27.12.2017. Our state is taking some steps to stimulate innovation. However, the means enshrined in Ukrainian law have a very narrow range of influence on real relations. Tax and other benefits introduced at the end of the last century have been abolished. State guarantees for innovation are declarative in nature. The National Innovation System of Ukraine requires comprehensive use of all possible incentives. Conclusions and prospects for the development. Venture financing, which is effectively used by a number ofdeveloped countries in the world, should become an important area of development of the ID financing system in Ukraine. The key to the development of the venture capital market is the active position of the state on its support. In Ukraine, considering that venture capital investment is at an early stage of development, it is advisable, in our view, to develop a comprehensive State program for the development of venture investment in Ukraine, which has been repeatedly emphasized by scientists and practitioners. This program should include measures both for the development of information support for innovative businesses, for improving the regulatory framework of venture capital activities, and, last but not least, for a complex of tax incentives, as well as for the state’s direct involvement in financing venture investments.

scholarly journals ESSENCE AND ECONOMIC NATURE OF COUNTRY-REGIONAL BENCHMARKING MODELS IN ORDER TO DETERMINE THEIR COMPETITIVE FACTORS

2021 ◽  
Author(s):  
Antonina Lahun
Keyword(s):  
Venture Capital ◽  
Market Model ◽  
High Tech ◽  
Bank Capital ◽  
Regional Models ◽  
Corporate Sector ◽  
Capital Financing ◽  
Venture Financing ◽  
The Impact ◽  
Venture Capital Investments

The article is devoted to the current typification of country-regional models, which is based mainly on criteria for the scale and structure of venture financing, the degree of development of national financial markets, the level of concentration of bank capital and participation of banks in corporate sector management, the availability of venture capital financing. structures, share of bank capital in venture financing of investment projects, share of corporate sector in financing of venture funds, tupenya of mergers and acquisitions, the protection of minority investors and the concentration of ownership in the real economy. The criteria of classification of country-regional models of venture financing of innovative projects that cannot fully reflect its impact on the structural dynamics of national and global innovation development and should be supplemented by a number of additional criteria are considered. It is also the market model most widely used in the Anglo-Saxon countries. The presence of the best international business schools in the world is also a major competitive advantage of the market model of venture financing for innovation; deep cooperative links between universities, government laboratories and private companies. The role of the state in supporting the venture industry is analyzed, since in the market model it consists in direct investment of state funds into innovative companies (ie participation in capital) and high-tech programs and projects, as well as implementation of guarantee programs for the development of venture activity and creation of proper regulatory, organizational-economic, financial-investment and credit-tax conditions of its support. The strategic goal is most realized today in countries with a market model of venture financing, where it has long proven its high efficiency as a significant source of innovative development. And, the deepening of the processes of technoglobalism gives the venture business a powerful impetus for development, transforming it in accordance with the impact of global economic trends and stimulating the scale-up and diversification of the regional and sectoral-sectoral structure of venture capital investments.

scholarly journals VENTURE INVESTMENTS AS A PROSPECTIVE DIRECTION OF ACTIVATION OF INNOVATIVE ACTIVITY

2020 ◽  
Vol 1 (2) ◽  
pp. 45-51
Author(s):  
Halyna Hrynyshyn
Keyword(s):  
Venture Capital ◽  
Maximum Effect ◽  
High Tech ◽  
Main Function ◽  
Advantages And Disadvantages ◽  
Venture Investment ◽  
Methods Of Analysis ◽  
Venture Financing ◽  
Structural Methods ◽  
Innovation Processes

The purpose of this article is to study the intensification of venture investment in innovation processes in Ukraine, to identify problems and promising areas of development of the venture industry. The article considers the essential characteristics of the economic category "venture investments" and "investments", comparative analysis and the relationship between them. The main advantages and disadvantages of venture investment, values and main forms are highlighted. The sequence of stages of venture financing and types of schemes of venture financing are given. Venture capital entities are considered. The main stages of formation of the venture industry in Ukraine are revealed. Methods of analysis and risk assessment of the investment project are offered. The main types of strategies for minimizing risks in venture investing are presented. Among the considered strategies the most promising are strategies implemented with the participation of third parties, as in this case the maximum effect from a point is reached view of the national economy. Object of research. Venture capital in the system of financing innovation processes in the modern economy. The subject of the research is theoretical methodological and applied aspects of the functioning of venture capital as a source of financing innovation processes in Ukraine. The methodological basis of the study is a set of general and special methods of cognition. Methods of analysis and synthesis, generalization and scientific abstraction were used in the formation of the conceptual and categorical apparatus. The analysis of approaches to understanding the essence of venture investment, its components was carried out using dialectical and systemic-structural methods. The application of the historical-logical method, induction and deduction made it possible to study the genesis of the theory of economics and enterprise management, the factors of the strategy of development of venture investment of business entities. Within the framework of the study of the current state of venture investment, calculation and analytical methods of observation, measurement, analysis and comparison are used. Conclusions. It is proved that venture investment only has a positive effect on accelerating innovation processes in the economy when it performs its main function – investing in small innovative enterprises that implement their progressive ideas, providing positive innovative changes in the production structure in favor of high-tech systems. The essence of the influence of venture capital on innovation processes is manifested only through its main function – venture investment.

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