Russian Federation
Russian Federation
Russian Federation
employee from 01.01.2015 until now
Moscow University of Economics (Department of Economics and Business, Associate Professor)
employee from 01.01.2024 until now
Russian Federation
This scientific article is devoted to a comprehensive study of the mechanisms of financial support for innovation in the modern economy. The relevance of the work is due to the increasing role of innovation as a key factor of competitiveness and the need to optimize investment strategies for startups. The purpose of the study is to systematize existing approaches to financing and identify the most effective tools for various stages of the life cycle of innovative projects. The theoretical basis of the work was formed by the concepts of the "lean startup", disruptive and open innovations, as well as the works of leading economists in the field of technological structures. The authors conduct a detailed comparison of key sources of capital: venture financing, crowdfunding platforms, government grants, corporate venture funds and business angels. Specific advantages have been identified for each mechanism, such as smart money and strategic mentoring in venture capital, market validation of the product in crowdfunding, as well as significant limitations, including dilution of ownership interests and administrative barriers. The results of the analysis demonstrate that the choice of a funding source should be based on a multifactorial model that takes into account the stage of project development and its industry specifics. The advantage of the capital diversification strategy over the single-resource approach is proved. Special emphasis is placed on the fact that in the early stages, non-financial support in the form of expert support and networking often plays a more significant role than exclusively monetary injections. The practical significance of the work lies in the formation of methodological recommendations for entrepreneurs on building an optimal financial architecture. In conclusion, the prospects for the transformation of the investment market under the influence of digital technologies, including asset tokenization and the use of blockchain platforms, are outlined, which opens up new horizons for further scientific research.
innovative projects, venture financing, crowdfunding, government grants, investment attractiveness, financing mechanisms, innovative economy
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