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Abstract

Contents

Introduction

Relevance of the topic. In the context of globalization and the intensification of the struggle for the leading positions in the markets between enterprises, the main factor of competitiveness, efficiency and ensure further development is innovation. Despite this, the innovative activity of Ukrainian enterprises remains at a low level due to a many of internal and external factors, including the lack of financial resources. That is why the problem of the financial support of innovation activity is relevant for today.

The purpose and objectives of the study. The aim is to further study the general theoretical foundations and develop guidelines for improving the financial support of innovation activity.

According to the aim objectives of the study were:

  • identify the role of financial support in the enhancing process of innovation;
  • identify the characteristics of innovation as an object of financing;
  • clarify the nature of the financial support of innovation enterprise;
  • summarize the characteristics of methods to estimate costs of innovative projects;
  • systematize forms of financing innovation;
  • analyze the features of attract venture capital to finance innovation;
  • provide recommendations for optimization the capital structure of the enterprise;
  • offer risk management methods of financing innovation;
  • justify the need to minimize free money funds.

The practical significance of the results. As a result of the study have provided practical recommendations for improving the financial support of innovations that will increase the efficiency of the search, attract and use financial resources and enterprises will improve their innovative activity.

Basic content

In the first section General theoretical foundations of financial support innovation enterprise researched the role of financial support in enhancing innovation activity of enterprises, defined characteristics of innovation as an object of financing, clarify the nature of financial support of innovation activities of the enterprise.

Analysis of factors that affect the rate and volume of innovations, show that the level of financing innovation determines innovative activity.

Innovation characterized by specific features, namely: a high level of risk and uncertainty, the high importance of the human resources, difficulty to predict outcomes and long-range funding.

According to a systematic approach, financial support of innovation can be defined as a system of economic relations about search, attracting and making effective use of financial resources, consider the specific features of innovation.

In the second section Organization of financing innovation in the enterprise shows generalized description of methods to estimate cost of innovative projects, systematized form of financial support for innovation activities, studied features of attract venture capital to finance innovation.

Organization of financial support begins with determining the volume of the necessary financial resources for the successful innovative project.

To cover the need for financial resources, available various forms of financial support for innovation (Fig. 1).

Financing innovation process at different stages of its development

Fig. 1 – Financing innovation process at different stages of its development
(animation: 9 shots, 5 cycles of repeating, 80 kilobytes)

The analysis features of attract venture capital, have founded that projects selected for funding must convince investors in opportunity to take leadership position in the employment market.

In the third section Recommendations for improving financial support of innovation activity of the enterprise will be given advice on optimization capital structure, risk management methods, justify the necessity of minimizing the free money funds.

Conclusion

  1. The rate and amount of the innovation is largely determined by the level of its funding. However, innovation characterized by specific features which must be considered.
  2. From the timeliness and adequacy of financing innovations depends the effectiveness of their implementation. Therefore, as a result of the study have given a generalized characteristic of methods to estimate the amount of financial resources needed to successful innovative projects. Provided advice of using forms of financial support at the different stages of the innovation process. And analyzed features of attracting venture capital.
  3. To improve the effective use of financial resources involved for the implementation innovation, enterprise need to optimize the capital structure, risk management, minimize the balance of free money funds.

References

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