The problem of development of entrepreneurship and entrepreneurial education in Russia

Abstract

Now in Russia the innovative model of development is implemented, so new instruments of innovative project financing are required. Hence, the necessary competences should be formed within the educational system. To study the influence of different factors on venture capital and entrepreneurial activity, the work considers the analysis of the different research papers, which study the determinants of the venture capital development. According to the results of testing, the possible hypotheses are outlined and verified. The analysis was performed on two datasets, which represent the annual data for Russia and the USA from 1994 to 2012. As the influence factors on the VC industry the model uses determinants both used in previous works and completely new. The latter are the level of small business development, the inventors' activity coefficient, and the level of information and communications industry development in a country. As a dependent variable, the total volume of venture investments, transformed into logarithmic scale is used. The result of the paper shows the primary factors of VC and technological entrepreneurship development, which also influence on the demand for entrepreneurial education.