SOURCES OF FINANCING OF INNOVATIVE BUSINESS: VENTURE CAPITAL FUNDS

In the modern market economy aimed at innovative development, venture investment is one of the most promising tools. Considering the experience of the developed countries of the world, effective functioning of the venture market is a special mechanism for implementing the strategy of the national economic system innovative development and thus, is an objective necessity. The presented research characterizes the current state and problems of the Russian venture market, which is the goal of the research. During the research principles of systemic, structural and functional approaches based on the dialectical method were applied, and methods of analysis and synthesis were actively used. Because of the conducted research, the authors found that the Russian venture capital market is at the stage of primary maturity, which is determined by the presence of many objective reasons, both at the macro- and micro-levels. In addition, while the venture market is actively using state financial resources, and the activity of development institutions is assessed as “positive”, one of the key problems is the low activity of start-up “output”. Nevertheless, the national risk financing system demonstrates positive tendencies to renew the system of state support for innovations. The results of the research can be used in practice of a venture environment building and formation of its infrastructure elements, and, also, applied by participants of the national venture market.