A.Rudakov - Venture financing of innovative projects (1).docx

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MINISTRY OF EDUCATION AND SCIENCE OF UKRAINE STATE HIGHER EDUCATION INSTITUTION «VADYM HETMAN KYIV NATIONAL ECONOMIC UNIVERSITY» Faculty of finance Department of Corporate Finance and Controlling branch 07 Management and administration specialty 072 Finance, Banking and Insurance specialization Corporate finances Educational programm « Corporate finances » Module: «Financing of investment projects» Form of study: remote MASTERS QUALIFICATION STUDY on the topic «Venture financing of innovative projects» of Anton Rudakov Ihorovych ___________ (signature) Scientific advisor: professor , Doctor of Economics Polishchuk E.A. ___________ (signature) The work is admitted to presentation to examination commission of certification of higher education (EC) Head of department: Doctor of Economics, Prof.. _______________ Tereshchenko О. О. (signature)
Kyiv 2020 2
CONTENT page INTRODUCTION .................................................................................................... 3 CHAPTER I. CONCEPT OF FINANCING OF INNOVATIVE PROJECTS .......... 6 1.1 Innovative project: specifications, features and functions .................................. 6 1.2 Mechanism of venture capital financing ........................................................... 15 1.3 Venture capital model of financing of innovation project ................................. 26 CHAPTER II. ORGANIZATION OF VENTURE CAPITAL FINANCING: UKRAINE AND WORLD PRACTICE ..................................................................................... 30 2.1 Institutions and instruments of venture capital financing of innovation project30 2.2 World practices of venture capital financing ..................................................... 40 2.3 State of Ukrainian venture capital market ........................................................ 47 CHAPTER III. PROJECT OF ORGANIZING VENTURE CAPITAL FINANCING OF INNOVATIVECOMPANIES ................................................................................. 51 3.1 Organizational and legal aspects of the functioning and development of venture capital financing ...................................................................................................... 51 3.2 Public-private partnership model of venture capital financing ........................ 56 CONCLUSIONS .................................................................................................... 65 REFERENCES ....................................................................................................... 70 3
INTRODUCTION On the break of 1950s, venture investments became one of the main drivers of the economic growth of the United States. Specific focus of venture capital on the development of innovative, scientific and technical activities in economic systems, which includes coverage of high-profitable businesses, became one of the most important factors in positive results of economic transformation on the innovative type of development. Venture capital has become the basis for majority of discoveries and high technological achievements in the XX century. As of now, it continues to be this basis of such growth. The venture capital finance and business industries include various participants of economic life of the world: Corporations are interested in the development of new technologies, because they are in constant competition among themselves for market dominance. They allocate major amounts of their expenditures into small enterprises. Those enterprises are carrying out scientific and technical development, conduct research using its own resources. But not only corporations have the interest in investing, small companies are also interested in the industry as they can be the source of new ideas and became the object of venture financing. Such finances can be the driver of the growth for the small company and they can become leaders of industries. Such companies as Google, Apple

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