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 Creating a Sustainable Policy Framework for Cross-Border E-Commerce in China

2019 ◽  
Vol 11 (4) ◽  
pp. 943 ◽  
Author(s):  
Weihua Su ◽  
Yuying Wang ◽  
Lan Qian ◽  
Shouzhen Zeng ◽  
Tomas Baležentis ◽  
...  
Keyword(s):  
Early Stage ◽  
Regulatory System ◽  
Three Dimensions ◽  
Policy Framework ◽  
Chinese Government ◽  
System Construction ◽  
Cross Border ◽  
Risk Monitoring ◽  
Stage Of Development ◽  
The Government

This paper aims to adapt the social network analysis method to explore the characteristics of 59 cross-border e-commerce policies promulgated by the Chinese government from January 2013 to July 2018. On this basis, the paper quantitatively analyzes the internal structure and dynamic layout characteristics of sustainable cross-border e-commerce policy documents focusing on three dimensions: policy service contents, policy regulatory targets, and policy measures. The results suggest that policies involving service contents lack long-term strategic planning, especially those related to taxation and warehousing. In addition, policies regarding service system construction and demonstration construction follow an upward trend, whereas policies related to international cooperation and risk monitoring are less prevalent. Finally, it is suggested that the government pays attention to the supervision of payments, transactions, and goods in the early stage of development, but began conducting comprehensive supervision over all aspects of the cross-border e-commerce supply chain in 2015. Thus, there has been a relatively mature regulatory system established in China with particular attention to the aspects of quality and safety.

scholarly journals Nurturing a Venture: A Venture Capitalist's Perspective

2003 ◽  
Vol 28 (2) ◽  
pp. 83-87
Author(s):  
Vishnu Varshney
Keyword(s):  
Venture Capital ◽  
Capital Investment ◽  
New Technologies ◽  
Early Stage ◽  
New Ventures ◽  
Expert Advice ◽  
Venture Capitalist ◽  
Great Success ◽  
Venture Capital Investment ◽  
Promotional Effort

The concept of venture capital originated in the US in 1946. A number of new technologies which could be commercially exploited had come up after the Second World War and funds given for such ventures were called venture capital investment. Though the venture capital movement has been in existence for more than three decades in India, it has only recently gained momentum. New ventures found it difficult to get funding from the banks as they did not have any collateral to offer. Hence, venture capital industry was started in India to fund such enterprises. Gujarat Venture Finance Limited (GVFL) was set up by the World Bank in 1990. Till date, it has funded 56 companies from all over the country. GVFL supports only technology-oriented companies. Funding is provided in stages. The money given at the seed or early stage is called angel funding. This paper documents how GVFL funded and nurtured a venture called Permionics which was involved in manufacturing an innovative water filter and helped it to grow into a commercially viable enterprise. This was not smooth sailing and the venture did not take off initially as the project required a lot of product innovation and market research for its feasibility. However, the venture capitalist persisted with the efforts in making the venture successful as he had faith in the product. Thus, he went beyond hand-holding and helped in the company's promotional effort, getting expert advice, solving internal disputes, coordinating strategic tie-ups, etc. After some trial and error, the product was finally relaunched and was a great success. The main conclusions emerging from this paper are: A venture capitalist's contribution is not just funding an enterprise but also seeing to its proper functioning. A venture capitalist provides necessary linkages to the entrepreneur for the growth of the enterprise. A venture capitalist not only provides moral support but also helps in forming the company. He is more of a partner than an outsider. A good venture capitalist sees the enterprise through its ups and downs until it becomes a commercially successful venture.

scholarly journals DISCOVERING SUPPORT NEEDED FOR STARTUPS IN THEIR EARLY STAGES USING ON PENTA HELIX FRAMEWORK

2020 ◽  
Vol 21 (1) ◽  
pp. 212-221
Author(s):  
Kiki Sudiana ◽  
Erni Tisnawati Sule ◽  
Imas Soemaryani ◽  
Yunizar Yunizar
Keyword(s):  
Economic Growth ◽  
Economic Development ◽  
Early Stage ◽  
Group Discussion ◽  
Policy Makers ◽  
Unit Of Analysis ◽  
Early Stages ◽  
Knowledge Based ◽  
Development Costs ◽  
The Government

Startup companies are expected to become the new engines of economic growth through the rise of new innovation-based entrepreneurs. The Penta Helix framework is widely used as a framework to analyse factors related to the development of innovation-based companies. The use of the Penta Helix framework as the unit of analysis is considered to be relevant because this framework offers a comprehensive perspective and is in line with the economic development innovation and knowledge-based startups. However, there is a lack of research that has been conducted that analyse the nature of support that can be given to startups at their early-stage of creation using the Penta Helix framework that consists of five stakeholders namely Academicians, Businessmen, Government, Communities. This study aims to propose a conceptual model about the nature of support needed by startups in order to survive in their initial stages by using the Penta Helix Framework. This study is a qualitative one using the Focus Group Discussion method, in which participants are made of six early stages technology-based startup founders and CEOs, who were gathered to conduct several discussions regarding the topics. Our results show that obstacles faced by startups include among other: difficulties in obtaining qualified yet affordable workforce in facing existing competitors, difficulties in increasing sales, difficulties in managing product development costs, no adequate support from the government, and ineffective incubation programs. A model that consists of lists of support that startups need, was depict as main contribution from the discussion, named Penta Helix support for startups. This model offers comprehensive practical guide for policy makers to support startups from five perspectives.

scholarly journals Technology of establishing cooperation between venture investor and innovative enterprise

2021 ◽  
Vol 2021 (1) ◽  
pp. 167-176
Author(s):  
Olha Melnyk ◽  
◽  
Marta Adamiv ◽  
A. Omelianchuk ◽  
◽  
...  
Keyword(s):  
Venture Capital ◽  
Early Stage ◽  
Information Support ◽  
Domestic Investment ◽  
Stock Market Development ◽  
Foreign Experience ◽  
Low Level ◽  
Venture Investment ◽  
Investment Agreement ◽  
Venture Business

In the article it is established that today in Ukraine the development of venture investment of innovative enterprises is at an early stage and is characterized by a number of problems. The dynamics of venture capital in Ukraine shows that their number and capitalization have been growing rapidly during the research period 2011-2019, and this growth continued even after the crisis. It is worth noting that venture investments in Ukraine are made in points, in particular they are more concentrated in Kyiv and Lviv. The largest share of venture capital is international capital. The most attractive sectors for venture investment in Ukraine are software, online services and IT equipment. According to the results of studying domestic and foreign experience of venture investment, a number of obstacles in the development of venture business in Ukraine have been identified: instability of the external environment; underdeveloped venture infrastructure; low level of efficiency of regulation of venture investment at the legislative level; low liquidity of venture capital due to the low level of stock market development; the predominance of foreign origin of venture capital and the shortage of domestic investment resources; underestimation of the role of small and medium business in the innovative development of the economy; low level of quality of venture fund management; weak information support and insufficient transparency of venture business. Based on the best foreign experience of venture business and existing problems in the field of venture investment in Ukraine, a technology for attracting venture capital at the stage of negotiating and concluding a venture investment agreement has been developed. The proposed technology will provide an opportunity to form a unified and clear basis for concluding a venture investment agreement between foreign venture investors and domestic innovative enterprises. The use of the proposed technology in the domestic practice of venture investment will increase the attractiveness of cooperation with Ukrainian innovation organizations in the eyes of foreign investors. This, in turn, will intensify the attraction of foreign investment in the development of the innovative sector of the national economy.

scholarly journals IMPACT EVALUATION OF THE SCHOOL OPERATIONAL ASSISTANCE PROGRAM (BOS) USING THE MATCHING METHOD

2016 ◽  
Vol 31 (1) ◽  
pp. 33
Author(s):  
Eny Sulistyaningrum
Keyword(s):  
Human Capital ◽  
Student Performance ◽  
Urban Areas ◽  
Capital Investment ◽  
Early Stage ◽  
Average Treatment Effect ◽  
Assistance Program ◽  
Subsidy Program ◽  
The Government ◽  
The Impact

Investment in human capital, especially in children’s education, is considered to be among the most effective ways for countries to improve their national welfare and reduce poverty in the long term. The Government of Indonesia has promoted human capital investment, especially in children, by designing school subsidy programs. Since 2005, the school operational assistance program (BOS) has been the biggest school subsidy program in Indonesia during the last two decades. This paper evaluates the impact of BOS on children’s test scores at the early stage. This study uses Propensity Score Matching (PSM) to estimate the average treatment effect, in the absence of selection, on unobserved characteristics. The results confirm that BOS can increase student performance. The finding suggests that the Government of Indonesia needs to develop a subsidy program to provide a basic level of education for all students, especially for the poor, as the recent school subsidy program is only sufficient for school fees or even only enough for tuition fees if the students live in urban areas. The remainder of the education expenditures must be covered by the household.Keywords: School Subsidy, BOS, PSM, Test ScoresJEL: H52, I22, I25

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.

Diversification and Industrialization in the Economic Development of Turkmenistan

2021 ◽  
Vol 20 (4) ◽  
pp. 358-379
Author(s):  
Hoyoung Kwon ◽  
Jai S. Mah
Keyword(s):  
Economic Development ◽  
Textile Industry ◽  
Manufacturing Sector ◽  
Early Stage ◽  
Economic Development Policy ◽  
Rapid Economic Growth ◽  
Manufactured Products ◽  
Stage Development ◽  
The Government

Abstract In the early stages of its transition, Turkmenistan pursued a gradualist path. Diversification, industrialization, and market-based reforms led to very rapid economic growth particularly since the late 2000s. This article investigates the role of Turkmenistan’s economic development policy in diversifying industries and promoting the manufacturing sector. The government has diversified the destinations for the natural gas exports. Although its agriculture had been characterized as cotton monoculture, the share of wheat has risen since the 1990s. The textile industry has led the manufacturing sector, and other industries are not well developed. The government has successfully attracted foreign direct investment. Turkmenistan’s trade policy has contributed to supplying machines for manufactured products, although it might have been harmful to the early-stage development of the manufacturing sector. Turkmenistan, which is not a member of the WTO, may actively utilize its policy space to promote technology-intensive industries and must strengthen its level of human capital.

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