INNOVATIVE SMALL AND MEDIUM-SIZED ENTERPRISES: THE PROBLEM OF DEVELOPMENT AND FINANCING

Abstract

The present article analyses the development and financing problems faced by innovative SMEs in the Republic of Moldova. Before considering some of the sources of funding available to small and medium-sized enterprises, it is necessary to determine what defines these enterprises, what their role and importance in the contemporary economy is, as well as their role in creating and promoting innovation. This paper analyses the ways in which the government tends to support SMEs and why they often face difficulties in developing and attracting resources to finance the activities. At the same time, special attention will be paid to modern sources of funding – venture capital funds and business angels. Finally, the measures to be taken to support the development of innovative SMEs will be identified.

Keywords

• small and medium-sized enterprises
• research and development
• innovation
• innovation infrastructure
• financing
• venture capital
• business angels