Research Full Article

UDC 334.012

Annotation. In the context of rapid technology updates and the emergence of new players in the market, the issue of sources and methods of financing startups that can ensure their sustainable development is becoming relevant. The support and development of domestic startups has become one of the problems of national technological sovereignty. Based on the way the innovation process is organized, there are three models of innovative entrepreneurship: on the basis of an internal organization, when an innovation is created and mastered within the company; on the basis of an external organization with the help of contracts; on the basis of an external organization with the help of VCS, attracting additional third-party funds. This study focuses on the concept of venture capital investment. Research methods. The paper considered the venture capital method, in which the evaluation of an innovative startup is based on the return on investment expected by investors. Results. The dynamics of venture capital investment from 2016 to 2023 inclusive is given. The structure of the volume of investments in the Russian startup market by its stages of implementation is given. The structure of investments in startups is presented depending on the sector of activity. A comparative analysis of the structure of investments in startups in the world and in Russia is presented. A diagram of the structure of internal research and development costs by funding sources is provided. A diagram of the structure of venture capital investments by type of investors in Russia as of December 2023 is provided. A sociological study was conducted to assess the availability of venture capital investments for Russian startups. Conclusions. It is necessary to change the mechanism of state participation in innovation, but this should be done not by reducing the volume of public investment, but by developing and supporting other categories of investors. Venture capital investment needs to be revived and developed, as it is currently in a rather difficult situation in Russia. At the same time, with the support of the state, it is necessary to increase the pace of private investment development.

Keywords: innovative entrepreneurship, venture financing, startups, venture capital method.

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