Bìznes Inform (Dec 2023)
Regional Features of Foreign Experience of Investment Support of Innovative Transformations: The Specifics of Financing Research and Development Activities
Abstract
The article substantiates the expediency of borrowing advanced foreign experience of investment support of innovation activity to accelerate the processes of innovative transformations in the regional economic complexes of Ukraine in order to ensure accelerated post-war recovery and formation of the sector of high-tech industries. The authors summarize the best foreign experience (the USA, Japan, Germany) in financing research and development (R&D) in the context of the main trends in the development of the global economy. It has been found that the models of investment provision of innovation activity in the United States, Japan and Germany differ both in terms of subject-object base and in terms of financing priorities regarding the development of the material and technical base and the formation of human resources for university science and the research industry of the corporate sector. It is determined that in the context of interweaving of national economies and formation of international network structures, the key actors in financing innovation activities are transnational corporations, which, due to the high level of concentration of investment potential, finance the most capital-intensive innovative projects, thus decisively affecting the modernization of the basic links of the economies of the advanced countries of the world and the pace and scale of development of the natural wealth of the world economy. It is substantiated that in the context of borrowing advanced foreign experience for the domestic practice of financing innovative developments at the regional level, it is worth adopting the experience of financial and investment support for innovation activities in the Federal lands of Germany. It is proved that the implementation of the experience of financing innovation activities in the German Federal lands, specializing in the development of the agricultural sector, processing and food production and woodworking, will allow the regions of Ukraine of agrarian specialization to form poles of economic growth and ensure the effective use of local labor, production, technical and natural resource potential. It is substantiated that in the context of the deficit of local public finances, the basis for stimulating innovative development at the regional level is the creation of cluster-type network structures, allowing to consolidate the efforts of local authorities, higher education institutions, research institutions, design organizations and financial and credit structures in the direction of producing innovative products and their implementation in the practice of production, economic and commercial activities.
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