Baltic Journal of Economic Studies (May 2019)
FORMATION OF THE INNOVATIVE PROJECT FINANCING MODEL IN MODERN CONDITIONS
Abstract
The state of development of the leading countries of the world proves that its main factors are innovative high technologies, new equipment, a new organization of labour and production, a new motivation for entrepreneurship. They ensure the economic stability of micro and macro systems, their competitiveness both in the domestic and foreign markets. Given the limited nature of state financial resources, the problem of finding additional sources of financing for the purpose of activating the development of innovation activity in Ukraine is becoming increasingly urgent. Today, many countries are actively implementing modern models of financing of innovative projects. In many countries, hybrid financial instruments are transformed in the modern environment into hybrid investment models such as crowdfunding and crowdinvesting. Research of existing models of innovative economic development is always relevant, development tendencies are constantly changing under the influence of global conditions. In Ukraine, it is possible to predict the development of such innovative models as: a resource model without high-tech production (natural resources – production – money); innovative model (transformation of money for research into knowledge – transformation of knowledge into skills of workers and innovations – transformation of innovations into goods – money); intellectual-donor model. An analysis of the world experience of using such forms of activation of innovation activity in the USA, Japan, Western Europe, the CIS, and other countries proves their relevance and prospects for Ukraine. At the same time, the efficiency of the functioning of innovation centres is largely determined by the proper level of financing of their activities, especially at an early stage. The model “university – innovation centres” aims to overcome the gap between education and the implementation of the knowledge gained in creating innovation. Within the framework of this model, two blocks are key: a block of joint research centres “university – industry” and a block of the creation of innovation centres and startup. The advantages of such a mechanism are: firstly, for business – direct state support for innovations, the possibility of investing under the state guarantees; and secondly, for the state – reduction of budgetary expenditures at the expense of funds attracted in the sphere of innovation activity, increase of innovation activity of priority sectors of the economy, distribution of innovative risks. The model of joint research centres “university – business structure” provides two variants of financing of such centres. The first option is based on the formation of a research centre in the form of corporation, which may include universities, private investors, local authorities, other sponsors and stakeholders. Traditionally, Ukraine has significant potential in some important fields of science, such as medicine, physics, astronomy, biology, chemistry, materials science, space science, and Earth science. Participation in Horizon 2020 allows creating additional opportunities for the successful development of these branches of science.
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